Cement News tagged under: corporate
Lafarge denies UK asset disposal11 May 2011, Published under Cement NewsLafarge has denied a report in the Financial Times that it and joint-venture partner Anglo American are lining up asset disposals to pay down debt and avoid anti-competitive action as they seek to combine their UK cement and general construction businesses. "The information in the Financial Times is a rumour, on which we do not wish to comment," Claire Mathieu, of group communications in Paris, said yesterday. In February, Lafarge and Anglo American announced an agreement to combine their ... |
China Resources Cement positive guidance10 May 2011, Published under Cement NewsChina Resources Cement is up 3.3% at HK$7.54, after releasing positive guidance on its 1Q11 operating data. South China Research notes although 1Q is the low season for the cement industry, sales of China Resources Cement still rose 60% on-year, while its average cement price increased 15% on-year. "The strong demand is expected to continue to be driven by commercial housing and affordable housing construction." According to the historical trend, 4Q cement average selling prices are normal... |
Siam Cement Group reports 34% 1Q profit gain10 May 2011, Published under Cement NewsThailand’s Siam Cement Group (SCG) registered 34% increase in net profit to THB9.2bn during 1Q ended March 2011 owing to the increase in the capacity utilisation of the second petrochemical complex. The sales also grew by 35% to THB92.49bn. SCG Cement’s profit increased by 16% to THB2.24bn on 11% increase in sales to THB14.24bn. |
Cementir advances in Scandinavia and Turkey10 May 2011, Published under Cement NewsCementir increased turnover by 19.6% to EUR188.6m during the first quarter of the year, which is a more pronounced movement than the 16.4% decline a year ago. The good advance in turnover in most areas was partially offset by a reduction of some 8% in Italy. EBITDA, however, did decline by 12.3% to EUR 8.5m because of higher fuel costs, reduced activity in Egypt and losses in Italy. The trading loss widened by 11.6% to EUR12.3m, but the pre-tax loss narrowed by 78.5% to €2.3m. Net debt at th... |
Italcementi first quarter 2011 improves09 May 2011, Published under Cement NewsItalcementi’s first quarter turnover improved by 9.7% to €1,153.2m, while the running EBITDA declined by 6.4% to €130.4m as the company reported advances in France, but declines in Egypt. The trading profit recovered by 17.6% to €35.6m and, at the pre-tax level, there was a swing from a €5.7m loss into a profit of €23.4m after a net interest charge 58.9% lower at €16,1m and there was a net attributable profit of €127.6m compared wit a loss of €8.6m, helped by a €109.1m gain on disposals, chi... |
HeidelbergCement upgraded to ‘BB+’ by Fitch09 May 2011, Published under Cement NewsFitch Ratings raised HeidelbergCement’s long-term Issuer Default Rating (IDR) and the senior unsecured ratings to ‘BB+’ from ‘BB‘. Fitch highlighted the company’s improved maturity profile and liquidity as well as the view that the stringent execution of cost-cutting programmes and working capital management should allow HeidelbergCement to improve cash flow from operations (CFO) in both 2011 and 2012. “We are very happy that the successful implementation of our programmes to improve cas... |
Shanshui mandates four banks for five-year non-call three bond09 May 2011, Published under Cement NewsChina Shanshui Cement has mandated Barclays Capital, Credit Suisse, Deutsche Bank and Standard Chartered for a proposed Reg S/144a five-year non-call three bond. A roadshow will take place shortly in Asia, Europe and the US. |
Outlook for Indian capacity utilisation levels09 May 2011, Published under Cement NewsAn interesting correlation has been made between Indian cement stocks and capacity utilisation rates: the higher the utilisation level in a company, the better its stock price. Over the last three quarters, cement stocks have outperformed the Nifty, as capacity utilisation improved from 71.4 per cent in the September 2010 quarter to 77.9 per cent in the March 2011 quarter. As utilisation levels improved, cement stocks were re-rated despite unprecedented increase in raw material prices. A ma... |
S&P rates China Shanshui Cement ’BB’, proposed notes ’BB-’09 May 2011, Published under Cement NewsStandard & Poor’s Ratings Services (S&P) assigned its ’BB’ long-term corporate credit rating and ’cnBBB-’ Greater China credit scale rating to China Shanshui Cement Group (Shanshui), a China-based cement producer. The outlook is stable. At the same time, Standard & Poor’s assigned its ’BB-’ issue rating and ’cnBB+’ Greater China credit scale rating to the company’s proposed issue of senior unsecured notes due 2016. The rating on the notes is subject to our review of the final documentation f... |
MI Cement makes upbeat debut, Bangladesh09 May 2011, Published under Cement NewsMI Cement started its first trading day with positive note and was traded above the indicative price level at the Chittagong Stock Exchange (CSE) Sunday. A total of 647,600 shares were traded on the day. In value terms, the amount of total traded shares was Tk 84.49 million. After a repeated listing proposals from the MI Cement authority, CSE board of directors finally decided to allow MI Cement listing last Thursday although the country’s prime bourse Dhaka Stock Exchange (DSE) turned d... |