Cement News tagged under: corporate
Industry appointment – Italcementi new deputy chairman19 September 2011, Published under Cement NewsThe Italcementi board has approved the appointment of director Renato Guerini to the position of Italcementi S.p.A. deputy chairman. Mr Guerini will be responsible for supporting the Group’s international growth activities. |
S&P cuts outlook on Italcementi to "negative"16 September 2011, Published under Cement NewsCredit rating agency Standard & Poor’s (S&P) has lowered the outlook on cement maker Italcementi to "negative" from "stable" and confirmed the BBB-/A-3 rating. The agency has also downgraded the outlook on Ciments Francais to "negative" from "stable". |
Saudi Eastern Province Cement net profit drops16 September 2011, Published under Cement NewsSaudi cement producer Eastern Province Cement Company (EPC) booked a net profit of SAR184m (US$49.1m) for the first half of 2011, down from SAR196m a year ago. The earnings per share (EPS) stood at SAR2.14, versus SAR2.28. The decrease in the company’s bottom-line results was attributed to lower sales. The operating profit dropped to SAR186 m in the first half of 2011 from SAR193m a year earlier. For the second quarter of 2011, the company’s net profit was SAR101m, down from SAR104m a ye... |
Natixis cuts Italcementi price target15 September 2011, Published under Cement NewsNatixis has reduced the share price target on Italian cement maker Italcementi to EUR 4.50 from EUR 7. |
Daiwa starts India’s cement sector at Positive15 September 2011, Published under Cement NewsInvestment bank Daiwa Securities initiates India cement sector at Positive. "We see cement stocks as long-term plays, and believe they face some near-term headwinds," it says in a report, adding "a recovery in demand and greater discipline among industry players should enhance their pricing power." Daiwa expects cement capacity additions to slow over the next three years, after the industry added about 120Mta of capacity over the past four years. The house also finds cement companies’ bala... |
Saudi Eastern Province announces early repayment of loan15 September 2011, Published under Cement NewsSaudi cement producer Eastern Province Cement Company (EPC) said in a bourse filing that it paid last week the last SAR25m (US$6.7m) installment of a loan from the Saudi Industrial Development Fund (SIDF). The loan, which was scheduled to mature on January 9, 2012, was extended in 2009 and was used by EPC to boost production capacity. |
Boral may exit Indonesia, Thai operations14 September 2011, Published under Cement NewsBoral is looking to offload some assets after fully acquiring Lafarge Boral Gypsum Asia. UBS will look to help offload PT Jaya Readymix in Indonesia and Concrete & Quarries in Thailand. Potential takers could include Siam Cement, TPI Polene, Holcim Indonesia, Semen Tonasa or Indocement. Chief of Boral Mark Selway said he would try to maximise the potential of the businesses with the proceeds possibly going to improve the downgraded Moody’s outlook suffered by Boral. |
HeidelbergCement higher on Citigroup upgrade14 September 2011, Published under Cement NewsShares in German cement maker HeidelbergCement gain 0.5 per cent, as Citigroup upgrades its stance on the group to "buy" from "hold" in review of the European building materials sector. Citigroup points to a valuation discount for HeidelbergCement compared with its peers as a reason for its upgrade. HeidelbergCement trades at 8.6 times 12-month forward earnings, equity research firm StarMine shows, a discount to Holcim’s 14.4 times and Lafarge’s 9.3 times. Citigroup downgrades its rating ... |
Pressure on Boral as lower demand hurts, Australia13 September 2011, Published under Cement NewsAnalysts warned that the customers of Boral, which issued a profit downgrade yesterday, were suffering under the current trading climate and were less capable of absorbing price rises from the cement maker. "[Australian Bureau of Statistics] data is showing the concrete price index was up six per cent or thereabouts year on year," David Leitch, analyst at UBS, said. Citi analyst Hugh Dive commented that: "The end demand is not great, their customers are hurting." Deutsche Bank analyst Em... |
Attock Cement full-year profit declines, Pakistan13 September 2011, Published under Cement NewsPakistan producer, Attock Cement Pakistan Ltd, posted a decline of PKR684.429m in the year ended June 30, 2011 (FY11) compared to PKR1,016.685m earned in FY10. The company’s earning per share stood at PKR7.90 in the period under review against PKR11.74 in the same period last year. According to the financial results sent to Karachi Stock Exchange, the company’s net sales increased to PKR8.553bn in FY11 against PKR7.668bn in FY10. The cost of sales increased to PKR6.823bn against PKR5.710bn.... |