Cement News tagged under: corporate
Suez Cement first-half net profit down 37%, Egypt03 August 2011, Published under Cement NewsSuez Cement’s first-half net profit dropped 37 per cent because of a fall in local cement consumption and political instability in the region, the company said in a statement. Suez, a subsidiary of Italcementi, said first-half profit was EGP412.4m (US$69m), down from EGP653.8m for the same period in 2010. "Local consumption of regular Portland cement declined by 4.9 percent in the first-half of 2011...whereas Suez Cement’s sales declined by 14.3 per cent," said Suez. Industry analysts sai... |
Tangshan Jidong Cement to issue bonds, China02 August 2011, Published under Cement NewsHebei Province-based cement manufacturer Tangshan Jidong Cement Co Ltd announced on July 29 that it has obtained approval to issue up to CNY2.5bn (US$388m) worth of corporate bonds in two tranches. The first batch will be worth CNY1.6bn and will be issued within six months. The second batch will be issued within 24 months of the date of approval. |
Citi maintains view on Indian producers02 August 2011, Published under Cement NewsCitigroup keeps ACC, Ambuja, Ultratech at Sell as it expects cement prices to continue falling due to sluggish demand growth; but keeps Grasim at Buy as it trades at an enterprise value of US$55/t less than half of the others. The house targets ACC at INR975 (US$22), Ambuja at INR108, Grasim at INR3010, and Ultratech at INR985. "We spoke to cement dealers to get a sense of prices across India. Our contacts in Mumbai (western India) and Jaipur (north India) indicated that prices were down b... |
Anhui Chaodong Cement private placement, China02 August 2011, Published under Cement NewsAnhui Chaodong Cement Co Ltd is planning to issue 40 million A shares of common stock at an inductive price of CNY19.51 ($3.04) per share to raise approximately CNY584m (US$91.15m) in private placement. Anhui Chaodong Cement plans to use the funds for engineering works on a 9MW waste heat power generation program and invest its cement production capabilities. The remainder will be used to repay bank loans. |
Shree Cement registers 9% growth, India02 August 2011, Published under Cement NewsIndian-based producer, Shree Cement, registered nine per cent growth in net sales in the first-quarter at INR1034 crore, compared to INR945 crore in corresponding period previous year. EBITDA for the said quarter declined to INR259 crore as against INR306 crore in the previous corresponding quarter mainly due to increase in input costs, the company stated in a release issued on Monday. The company has, over the last couple of years, undertaken multiple initiatives to increase its cement an... |
Lucky Cement profit rises by 26.59 per cent, Pakistan02 August 2011, Published under Cement NewsPakistan cement producer, Lucky Cement, on Monday reported a rise of 26.59 per cent in fiscal 2010/11 profit to PKR3.97bn (US$45.8m) over the previous year, as it managed to achieve a larger share in the domestic market that offset fall in exports. The company announced a cash dividend of 40 per cent per share and said that it is establishing an international footprint by setting up a 1Mta in Congo under a joint venture. Overall sales were down by 12.21 per cent to 5.82Mt as Pakistan’s... |
Ashaka net profit up 85%, Nigeria02 August 2011, Published under Cement NewsAshaka Cement Plc chairman, Brigadier Emmanuel Ikwue announced that the company made a profit before tax of N4.39bn (US$15.7m) in 2010 as against N2.37bn in 2009, which represents an increase of 85.23%. Ikwue disclosed this at the 36th annual general meeting of the company (AGM) in Abuja, stating that the gross turnover of the company increased to NGN19.15bn in 2010 compared to NGN17.19bn in 2009, an increase of 11.40. “The unsteady power supply and the poor quality from PHCN has conti... |
Arabian Cement: dividend payout at 10%02 August 2011, Published under Cement NewsThe board of directors of Arabian Cement has approved distributing cash dividend for the first half of the financial year 2011 at 10% of capital, at SAR1 a share. |
JK Cement buys production assets of Nihon Nirman, India02 August 2011, Published under Cement NewsJK Cement has acquired the production facilities of Nihon Nirman Ltd from IDBI for INR42 crore. Currently the Company has two Grey Cement plants at Nimbahera and Mangrol with an aggregate installed capacity of 4Mt. The production facilities were auctioned off by Industrial Development Bank of India as Nihon had defaulted on its loans to the financial institution, JK Cement said. JK Cement stressed that it has bought only Nihon Nirman’s production facilities, and not taken over the entire c... |
Lafarge says inflation, currencies to impact profit growth01 August 2011, Published under Cement NewsLafarge current operating profit declined to €702m (US$1bn) from €838m a year earlier, the Paris-based company said in a statement today. Analysts surveyed by Bloomberg had estimated €741m. Sales were unchanged, and net income dropped 12%. The company is “working to improve results” this year, CEO Bruno Lafont said on a conference call with journalists. “But we have to take into account an environment that’s more contrasted more complex and more volatile than forecast.” Standard & Poor’s... |