Cement News tagged under: corporate
YTL posts higher 3Q pre-tax profit, Malaysia27 May 2011, Published under Cement NewsYTL Cement Bhd posted a higher pre-tax profit of MYR127.258m (US$4.4m), for the third quarter ended March 31, 2011, from MYR105.708m recorded in the same period last year. Revenue increased to MYR542.261m, during the period under review, from MYR428.982m, registered previously. In a filing to Bursa Malaysia Thursday the company said the increased revenue and pre-tax profit was contributed, among others, by higher demand for cement and improved operational efficiency. |
Lafarge selects few bids for plaster business26 May 2011, Published under Cement NewsLafarge has chosen a handful of bids, including those of investment funds Cinven and Bain Capital, for its plaster unit Lafarge Gypsum, among at least 10 offers, according to Bloomberg. Belgian building material group Etex is also reportedly still in the race, while Advent, Carlyle and TPG have been ruled out. According to sources close to the matter, quoted by French daily Les Echos, the amount of the bids ranges around EUR900m on average. Lafarge Gypsum’s operating profit jumped 80% on ... |
CI Capital cuts Sinai Cement rating to Hold25 May 2011, Published under Cement NewsCI Capital cut Sinai Cement by 29%, to EGP53/share, leaving 17% upside potential and downgraded its recommendation from Strong Buy to Hold. CI Capital said that given the political and economic repercussions of the Egyptian uprising, it has negatively revised our estimates for the local cement market indicators (utilisation rates, demand, and prices). Being one of the existing local cement players, it revised Sinai Cement model by lowering its own KPIs. Additionally, SCEM’s plant was shut... |
Lafarge Malayan Cement pre-tax profit rises25 May 2011, Published under Cement NewsLafarge Malayan Cement Bhd’s pre-tax profit increased by 21 per cent to MYR69m (US$22m) in the first quarter ended March 31, 2011 from MYR57m in the same period last year. Revenue was higher by ten per cent to MYR602.77m from MYR548.42m previously, it said in a filling to Bursa Malaysia today. The group said the increase in revenue was mainly attributable to better selling prices coupled with higher domestic sales volume. Going forward, the group is optimistic of a stronger demand i... |
Bim Son Cement first-quarter net profit, Vietnam20 May 2011, Published under Cement NewsBim Son Cement JSC (BCC), listed on the Hanoi Stock Exchange, made a net profit of VND22.88bn (US$1.12m) in the first quarter, dropping 47% from the same period last year. Revenues rose 36% YoY to VND825bn during Jan-Mar, BCC said in its quarterly financial report. This year, it targets a pretax profit of VND243.9bn on revenues of VND3.58trn. The Thanh Hoa province-based cement producer has a registered capital of VND956bn. |
China Shanshui: Sold US$400m bond, China19 May 2011, Published under Cement NewsChina Shanshui Cement Group Co Ltd has sold a US$400m five-year global dollar bond at par to yield 8.50%, the company said Thursday in a stock exchange announcement. The yield was in line with final guidance. The company had earlier suggested a yield of 8.5% to 8.75%, and initially "mid-8%," people familiar with the deal said. The bond had been expected to be US$300m-$500m in size. The bond is callable after three years, and has an expected rating of BB- by both Fitch Ratings and Standard ... |
BoF-Merrill Lynch upgrades Lafarge’s rating to "buy"19 May 2011, Published under Cement NewsBank of America-Merrill Lynch upgraded French cement maker Lafarge (EPA:LG) to "buy" from "neutral", raising the share price target to EUR 53 from EUR 47 today. The broker commented that the sector fundamentals are improving. Recently, Lafarge agreed to sell its cement and concrete assets in the southeast of the USA with an enterprise value of US$760m (EUR 533m) to Colombian cement maker Cementos Argos, in a bid to cut its debt. |
Italcementi unit approves cap hike for EUR51m19 May 2011, Published under Cement NewsItalian Calcestruzzi, a unit of Italcementi, has given the green light to a recapitalisation of EUR50.8m (US$72.5m), thus raising its capital to EUR110m, Italcementi said on Tuesday. The shareholders’ meeting of Calcestruzzi also cleared the entire subscription of the capital hike. The recapitalisation will help the company improve its debt and will have a positive effect on its figures, a statement read. It is also a concrete contribution of Italcementi, which is working on the rationalis... |
Anhui Conch to issue CNY9.5bn corporate bonds??19 May 2011, Published under Cement NewsAnhui Conch Cement plans to issue CNY9.5bn worth of corporate bonds, including CNY5bn (US$768m) of five-year bonds and CNY4.5bn worth of seven-year bonds, reports stcn.com, citing a company filing. The coupon rate of the five-year bonds will be 4.8-5.3 per cent while that of the seven-year bonds will be 5-5.5 per cent. The seven-year bonds will be offered only to institutional investors. Fifty per cent of the total funds to be raised will be used to repay bank loans and to restructure... |
Cemex heads for more debt refinancing19 May 2011, Published under Cement NewsFour years after Cemex’s biggest-ever acquisition, the Mexican cement maker is still not generating enough cash flow to pay down its debts and an US$8bn repayment bottleneck threatens to undermine investor confidence, Reuters reports. Cemex has covered almost all its obligations until 2013 with a string of bond issues, but needs to repay US$8.3bn of mainly bank debt in 2014 to avoid defaulting, its latest effort to juggle US$18bn of debt since its takeover of Australian rival Rinker in 2007... |