Cement News tagged under: corporate
Chaodong Cement Posts 1H earnings, China27 July 2011, Published under Cement NewsAnhui Chaodong Cement reported a net profit of CNY167m (US$25.9m) and earnings per share (EPS) of CNY0.7 in the first half of 2011, according to a company filing. The company posted a loss of CNY14.13m, a per-share loss of CNY0.06, in the same period last year. Chaodong Cement attributed the increase in net profit to an average 54.84 per cent growth in product price during the accounting period. |
Jidong invests CNY240m into subsidiary, China27 July 2011, Published under Cement NewsTangshan Jidong Cement plans to inject capital into Tangshan Jidong Cement Investment Development with Jidong Development Group, according to a company filing. The firm will invest CNY240m (US$37.3m) in cash while Jidong Group will contribute CNY250m. That will raise the subsidiary registered capital rose to CNY1.99bn, and Jidong Cement will have a 49 per cent interest in it. |
Citigroup downgrades Cemex shares27 July 2011, Published under Cement NewsCitigroup has downgraded Cemex’s shares to hold from buy, according to reports. In the face of worse than expected Q2 results and a slower than expected recovery in the US, Citigroup analysts downgraded their recommendation and set a US$9.50 target price on the stock. Other reasons for the downgrade include tight margins in Mexico and Asia and corporate expenses. Citigroup also cut the company’s projected Ebitda for 2011 by 11% to US$2,37bn. |
Cementir is more hopeful for the year27 July 2011, Published under Cement NewsCementir’s turnover improved by 13.2% to EUR450.9m in the first half, while the EBITDA declined by 5.0% to EUR47.6m, as higher energy costs had to be absorbed. The trading profit fell by 22.9% to EUR12.3m and a pre-tax loss of EUR1.9m was incurred. The net debt at the end of June stood at EUR359.2m, 4.2% lower than a year earlier, giving a modest gearing of 36.0%. A good trading performance was achieved in the Nordic area and in Turkey and the increased capacity in China also boosted sa... |
JK Laskhmi first quarter turnover rises, India27 July 2011, Published under Cement NewsJK Lakshmi Cement Ltd has reported a turnover of INR4.41bn in the first quarter of the financial year 2011-12 an increase of 21% over the corresponding quarter of the previous year. Company’s Operating Profits were also better at INR80.21 crores as against INR581.1m, registering a growth of 38%. Profit Before Tax at INR336.4m were 38% higher over INR243.8mn achieved in the corresponding quarter of the previous year. Company’s Managing Director, Smt. Vinita Singhania, has said that company... |
Taiwan Cement to Acquire Chinese Cement Company26 July 2011, Published under Cement NewsTo achieve annual output of 55Mt of cement in China this year, Taiwan Cement Corp. has decided to acquire a 100% stake in Kaili Shiu On Co. from Shui On Construction and Materials Ltd. Taiwan Cement’s subsidiary Upper Value Investments Ltd. announced the acquisition valued at HKD218m a few weeks ago, showing its parent company’s ambition to reinforce its footholds in China’s southern and southwestern regions. Taiwan Cement indicated that Kaili Shiu On is located in Guizhou Province, ... |
FITCH affirms Siam City Cement at A(tha); outlook stable26 July 2011, Published under Cement NewsFitch Ratings (Thailand) has affirmed Siam City Cement Public Company Limited’s (SCCC) National ratings at Long-Term ’A(tha)’ and Short-Term ’F1(tha)’. The Outlook is Stable. At the same time, Fitch has affirmed SCCC’s senior unsecured debentures at ’A(tha)’. SCCC’s ratings continue to reflect its leading position as the second-largest cement producer in Thailand with strong brands in cement, ready mixed concrete and wood replacement products, as well as its stable domestic market share of... |
Raysut 1H11 pretax profit declines25 July 2011, Published under Cement NewsOman’s largest cement producer Raysut Cement posted a pre-tax profit of OMR7.59m (US$19.7m) for the six months ended June 30, 2011, compared with earnings of OMR13.65m during the corresponding period of last year – a 44 per cent decline blamed on intense price competition from UAE suppliers and volatility in the export market. (However, the pre-tax profit of last year included the price subsidy of OMR1.59m.) Total sales by the company declined 17 per cent to OMR29.97m during the period und... |
More downside risk for European producers25 July 2011, Published under Cement NewsCemex’s somewhat disappointing Q2 results announced late last week suggest that there is further downside risk to estimates for the European cement companies, especially from likely price increases not offsetting cost increases. Consensus estimates still look too high, think analysts at Jefferies, particularly for Holcim. It does however remain positive on Saint-Gobain and on companies like CRH, the third largest aggregates company in the US. In fact, Cemex reported average price increases... |
Cimsa launches a new terminal, Spain25 July 2011, Published under Cement NewsCimsa Cementos España, based in Seville, launched in June its new cement terminal in the Port of Alicante, a packaging facility and a silo with a capacity of 10,000t. After the commissioning of this facility has been completed, the company’s agreement with Cementos Colacem España to distribute its product in the Levant has been rescinded, as planned. The company also has packaging facilities and a silo with a capacity of 11,000t at its headquarters in Seville. In addition to Levante and An... |