Cement News tagged under: corporate
Holcim rises on Credit Swiss upgrade25 August 2011, Published under Cement NewsHolcim Ltd rose more than three per cent after analysts lifted their recommendations on the shares. Holcim advanced 4.3 per cent to 46.24 Swiss francs. Shares of the world’s second-largest cement maker were lifted to "outperform" from "neutral" at Credit Suisse Group. |
Egypt’s Sinai Cement 1H net profit falls 27%24 August 2011, Published under Cement NewsEgypt’s Sinai Cement posted a 27 per cent fall in 2011 first-half net profit to EGP269.9m (US$45.1m), the stock exchange said on Tuesday. The firm made consolidated net profit of EGP367.4m for the same period in 2010. |
Bamburi pretax profit rises 22%, Kenya24 August 2011, Published under Cement NewsBamburi Cement Co, the Kenyan unit of Lafarge, said first-half pretax profit advanced 22 per cent from a year earlier. Pretax earnings in the six months through June rose to KES4.3bn (US$47m), the Nairobi-based company said in an e-mailed statement today. Sales increased 26 per cent to KES16.4bn, the company said. |
Taiwan Cement and Asia Cement first-half rise24 August 2011, Published under Cement NewsTaiwan Cement’s subsidiary in China said it registered HK$932m (US$119.6m) in earnings in the first half, up 6.11 per cent YoY. Meanwhile, Asia Cement’s subsidiary, Asia Cement (China) Holding registered CNY665m (US$104m), in first-half earnings, up 369% from a year earlier. Asia Cement chairman Douglas Hsu said China’s cement industry looks promising despite credit-squeezing policy, increased production costs and electricity shortage. Asia Cement China CEO, TH Chang, said the company will... |
Venezuelan government approves loan for cement plants23 August 2011, Published under Cement NewsVenezuelan President Hugo Chávez has announced that his government has given its approval for a loan of US$183m from the Chinese Fund and a loan of over US$98m granted by state-run bank Banco de Venezuela for the expansion of cement plants in the states of Aragua and Falcón. The state run Venezuelan Cement Industry (Invecem) will be responsible for managing the resources. An amount of US$167m has already been invested in cement companies in Venezuela this year. The Venezuelan Presiden... |
Cimsa to seek arbitration over GCC’s sale of Soboce stake23 August 2011, Published under Cement NewsBolivian investment holding Cimsa, the majority shareholder of the Bolivia’s largest cement firm, Soboce, has said it will seek arbitration against Mexican cement firm Grupo Cementos Chihuahua for allegedly violating a partnership agreement. GCC withdrew from Bolivia last week after completing the sale of its 47% share in Soboce, a private firm, to Peru’s Consorcio Cementero del Sur, a subsidiary of Grupo Gloria. Cimsa, owned by Bolivian opposition politician Samuel Doria, had a preferred ... |
Asia Cement to meet investors on bond issue plan23 August 2011, Published under Cement NewsAsia Cement (China) Holdings Corp is meeting with investors starting Tuesday on a proposed yuan bond issue in Hong Kong, people familiar with the situation said Monday. The Hong Kong-listed company has hired HSBC Holdings PLC as a lead manager for the bond issue, while Mizuho Securities Asia Ltd. and another European bank are co-arrangers for the deal, sources familiar with the situation said. The people said that the size and tenor of the planned bond issue will be decided following the i... |
Citi cuts Holcim price target after weak 1H23 August 2011, Published under Cement NewsCiti cuts Holcim’s price target to CHF48 from CHF60 (EUR42 from EUR52.6), citing market turbulence and lower estimates for the cement maker. Holcim’s first half results came in below expectations and were hit hard by the strength of the CHF and the lack of cost recovery through higher prices, says analyst Clyde Lewis. "We continue to believe that the cement stocks remain relatively risky within the sector at present due to the price/cost balance and uncertainty over infrastructure spending i... |
China cement sector now more consolidated23 August 2011, Published under Cement NewsDaiwa Securities says that compared with previous downcycles, the China cement industry is now more consolidated – there is far less capacity growth and supply discipline exists. "The sector provides selective investment opportunities with good returns, despite macroeconomic headwinds globally." The house says should investors want only one China cement stock in their portfolios, it recommends China Resources Cement, given its strong management team and that its key market, southern Chin... |
Sinoma first-half net profit rises23 August 2011, Published under Cement NewsSinoma International Engineering recorded a 17.29 per cent YoY increase in interim net profits to CNY738m (US$115.3m), according to a company filing. Sales revenues during that period hit CNY10.49bn while earnings per share hit CNY0.81, up 236.29 per cent. The Nanjing-based firm plans to distribute cash dividends of CNY4.5 (including taxes) for every 10 shares held. |