Cement News tagged under: corporate
Cement Industries (Sabah) addresses cement shortages, Malaysia15 August 2011, Published under Cement NewsCement Industries (Sabah) Sdn Bhd (CIS) will be delivering 35,000t of cement this week to meet the demands in the State Capital of Sabah. Sabah is located on the northern portion of the island of Borneo. It is the second largest state in the country. General Manager, Kenny Yong Haw Ngen, hoped the amount would clear the 10,000t) cement shortage. "We obtained the supply of 10,000t from peninsula to cover the shortage in Kota Kinabalu (KK) that can last for two weeks. But for the whole ... |
Fitch affims Cemex ratings15 August 2011, Published under Cement NewsFitch Ratings has affirmed the Issuer Default Ratings (IDRs) of Cemex and its subsidiary, Cemex Espana SA (Cemex Espana) at ’B’. In conjunction with these rating actions, Fitch has affirmed CEMEX’s long-term national scale rating at ’BB-(mex)’ and its short-term national scale rating at ’B(mex)’. |
Taiheiyo Cement’s firm outlook, Japan15 August 2011, Published under Cement NewsTaiheiyo Cement reported a smaller-than-expected 1Q loss and projected its operating profit will rise 64% from a year earlier to JPY27bn (US$351m) for the full year through March. Credit Suisse says the forecast tops its own estimate of a full-year operating profit of JPY24.4bn. "We attribute this to management’s greater optimism concerning recovery at overseas operations," analyst Jun Yamaguchi writes in a client note. But he adds that the full-year forecast seems to rely heavily on the FY ... |
Egypt Misr Cement Qena plans dividend15 August 2011, Published under Cement NewsThe board of Egypt’s Misr Cement Qena plans to pay a dividend of EGP5 (US$0.8) per share from first-half profit, the firm said in a note to the stock exchange on Monday. The company, which will hold its ordinary shareholder meeting on September 10, posted an 11 per cent decline in first-half net profit to EGP194.6m, down from EGP219.6m for the same period in 2010, based on Reuters calculations. |
India Cements net rises fourfold14 August 2011, Published under Cement NewsIndia Cements Ltd said on Friday its net profit rose over fourfold to INR102.03 crore for the quarter ended June 2011. In the year ago period, the company had a profit of INR24.98 crore. The first quarter profit was higher than the Rs 68.1 crore the company earned in the the whole of 2010-11. Revenues for the quarter rose 16.78% to INR1061.72 crore, compared with INR909.16 crore in the same quarter last fiscal. The growth was primarily due to smart recovery in selling prices. Gross realisa... |
Goldman Sachs downgrades Buzzi, Italcementi12 August 2011, Published under Cement NewsGoldman Sachs has lowered the share price target on Italian cement maker Buzzi Unicem. The US bank revised down its price target on Buzzi Unicem to EUR 6.80 from EUR 8.00 and cut the rating on Italcementi to "sell" from "neutral". |
Egypt’s Misr Beni Suef H1 net profits fall 21%12 August 2011, Published under Cement NewsEgypt’s Misr Beni Suef Cement posted a 21 per cent drop in first half net profit to LE152.8m (EGP25.6m), the bourse said in a statement on Thursday. The company posted a net profit of LE193.5m in the same period last year. The statement did not add further details. |
CRH increases its financial flexibility12 August 2011, Published under Cement NewsThe arbitration tribunal to which CRH and Semapa took their dispute has ruled that Semapa was within its rights to demand the exercise of a call option on the 49% stake that CRH holds in the Portuguese-based cement joint venture Secil. The two parties are now obliged to complete the sale of the 49% stake in Secil for €574m within 120 days, though the time limit for the completion of the deal may be extended to 180 days. The price was set by three independent experts and is legally binding on... |
Exane cuts Ciments Francais recommendation to "neutral"10 August 2011, Published under Cement NewsExane BNP Paribas lowered today the recommendation on French cement group Ciments Francais to "neutral" from "outperform". The company’s stock performed well in the past month, but there are not catalysts for growth, Exane commented. |
Cemex rolls over receivables securitization program10 August 2011, Published under Cement NewsCemex said Tuesday that it rolled over a program in Mexico to securitise accounts receivable for MXN2.5bn (US$202m) that will provide it with resources at a longer maturity and better rate. Cemex said a fund at the Mexican unit of HSBC Holdings PLC issued the MXN2.5bn in receivables-backed bonds due Oct. 5, 2015, at a spread of two percentage points above the 28-day TIIE interbank rate. The TIIE was 4.81% Tuesday. Cemex said the sale of receivables doesn’t represent debt for the company, a... |