Cement News tagged under: corporate
Cemex sells US$800m in floating-rate notes12 April 2011, Published under Cement NewsCemex issued US$800m in floating-rate senior secured notes denominated in US dollars, the company said late Tuesday. The notes priced at Libor plus 500 bps, with an OID of 99, bringing the total yield to Libor plus 525 bps. Bank of AmericaMerrill Lynch, JPMorgan and RBS served as the bookrunners. The company will use the proceeds to prepay outstanding debt under a credit facility it received in 2009. It expects to avoid a 50 bps increase in the annual interest rate of the debt, which has r... |
Mediobanca lowers Cementir’s price target, Italy12 April 2011, Published under Cement NewsAnalysts at Mediobanca lowered on Monday morning the price target on the shares of Italian cement maker Cementir Holding to EUR1.95 from EUR2.10, reiterating "underperform" on the group’s stock and reminding that the management had difficulties making forecasts on the group’s business in Egypt. Mediobanca slashed its estimates on Cementir’s gross operating profit in Egypt to EUR11m from EUR23m, as a reflection of the temporary freeze of production in February and the strong cement market co... |
Qassim 1Q beats expectations, Saudi Arabia12 April 2011, Published under Cement NewsQassim Cement Company said it has seen net profits rise more than 30% against the previous quarter. Net profit increase by 1.3% YoY and 30.5% QoQ to SAR147.2m. Gross profit was up by 3.8% to SAR162.7m and operating profit increased 2.9% YoY to SAR151.7m. Qassim’s results exceeded Global Investment House’s (GIH) 1Q11 net profit estimate of SAR138.7m by 6.1%. The company cited increase in average realisation price and improved operating performance of the subsidiary company as the reason behi... |
Fitch assigns ‘B’ to Cimento Tupi, Brazil12 April 2011, Published under Cement NewsFitch Ratings has assigned the following ratings to Brazilian producer Cimento Tupi S.A. (Tupi): -- Foreign Currency Issuer Default Rating (IDR) ’B’; -- Local Currency IDR ’B’; -- Long-Term National Rating ’BBB-(bra)’. Fitch has also assigned a ’B/RR4’ rating to Tupi’s proposed US$150m senior unsecured note issuance due 2021. The proceeds from this issuance will be used to refinance existing debt and to fund a portion of the company’s expansion plan. Tupi’s ratings reflect the volatili... |
Cemex announces senior level changes12 April 2011, Published under Cement NewsCemex announced today changes to its senior level organisation, effective April 12, 2011 that includes the departure of Chief Financial Officer Rodrigo Trevino, whose responsibilities will be assumed by Fernando Gonzalez. Cemex’s operations, now organised in six regions will be led by the following executives, all of whom have served previously in various senior level operating positions within the company: • Juan Romero, President of Cemex Mexico, who will also oversee Global Technolo... |
Mixed results for Yanbu and Yamama, Saudi Arabia11 April 2011, Published under Cement NewsTwo leading Saudi Arabian cement producers, Yanbu Cement and Yamama Cement, have posted mixed first-quarter 2011 results. Yanbu Cement reported that its 1Q11 profit declined to SAR101m (US$27m), down 17.9 per cent YoY. Gross profit fell 13.3 per cent to SAR111m and operating profit decreased 14.8% YoY to SAR104m. Analysts at Global Investment House (GIH) note that Yanbu’s performance continues to be held back by old, inefficient lines as cement dispatches declined by 2.2% YoY to 607,000t ... |
Nomura keeps "reduce" rating on Buzzi Unicem11 April 2011, Published under Cement NewsAnalysts at Nomura have confirmed their "reduce" recommendation on the stock of Italian cement producer Buzzi Unicem considering the developments in the cement sector still difficult in 2011, worsened by the rise in energy costs. The broker keeps a price target of EUR7.00. Credit rating agency Standard & Poor’s lowered on Thursday Buzzi Unicem’s outlook to "negative" from "stable", saying the cement maker’s credit measures were considered weak and hardly probable to recover to levels commen... |
Jiangxi Cement expects marked rise in 1Q net profit08 April 2011, Published under Cement NewsChina-based Jiangxi Wannianqing Cement Co Ltd said yesterday that it expected its net profit for the first quarter of this year to surge to between CNY80m-90m (US$12m-13.7m) . The company said in a statement that the figure was 20.64 times to 23.32 times more than the CNY3.7m in the same period of 2010. The cement producer attributed to robust growth in net profit to a share increase in cement price and an expanded production capacity. Jiangxi Wannianqing Cement said earlier that its net p... |
Conch to issue CNY9.5bn in bonds in 201108 April 2011, Published under Cement NewsAnhui Conch Cement Co Ltd, the biggest cement producer in Asia by output, plans to issue CNY9.5bn (US$1.5bn) in corporate bonds in mainland China this year, sources reported, citing Executive Director Guo Jingbin as saying. The exact timetable for the bond offering will depend on market condition, said Guo. Currently, the company’s liability ratio is 41%, which is lower than the industry average of 60%, Guo noted, adding that the company has options to raise more money for its business exp... |
Conch’ upside likely capped despite profit guidance, China07 April 2011, Published under Cement NewsAnhui Conch Cement’s upside is likely to be limited despite its upbeat profit guidance; the company expects its 1Q11 net profit to rise "over 150%" YoY, implying at least CNY1.98bn given 1Q10 net profit of CNY792.3m, which represents 23% of full-year earnings forecast of CNY8.54bn now pegged by Thomson Reuters, suggesting that a strong earnings growth is expected already. In addition, the sector has had a tremendous rally in the past one month, and is likely more or less priced in the stro... |