Cement News tagged under: corporate
Lafarge plans Brazil IPO25 March 2011, Published under Cement NewsLafarge is hiring banks to launch the initial public offering of its Brazilian subsidiary, according to Friday’s edition of local daily O Estado de S. Paulo, which cited a report by Reuters. It’s uncertain if the IPO will be completed this year, the newspaper said. |
Lafarge research arm begins first joint project, India24 March 2011, Published under Cement NewsThe first joint project by Lafarge’s research arm and the Indian Institute of Technology-Madras (IIT-M) is expected to kick start soon, an official said Wednesday. Speaking to reporters, Revindra Gettu, professor at IIT-M’s Department of Civil Engineering, said the research project will test the durability of concrete as a building material in different climatic conditions. The Lafarge Research Centre, and IIT-M last year signed a Memorandum of Understanding, under which the IIT’s civil e... |
Taiheiyo Cement Up; first dividend In two years24 March 2011, Published under Cement NewsTaiheiyo Cement Corp rose into a fifth day Wednesday morning, after the firm said Tuesday it will pay a dividend of 2.5 yen per share for the year ending March. The firm paid no dividend last year. The announcement of the company’s first payout in two years sent the stock higher, up 25 yen at 173 yen, its highest point since the start of 2010. The firm said its streamlining efforts will likely boost profits starting in the October-December quarter of 2011. |
Union Cement posts US$6m loss, UAE24 March 2011, Published under Cement NewsUnion Cement Company said it made a net loss of AED 22.3m (US$6m) last year, with sales declining just over a fifth against 2009. The Abu Dhabi-listed maker of cement and clinker said the loss compares to an AED65.1m net profit the previous year. Revenues fell 20.7% to AED 554.7m from AED 699.8m, with gross profits falling to AED 31.9m from AED132.2m. UAE cement companies have seen profits erode over the last 12 months as a drying up of projects – mainly in Dubai – has seen steep falls in ... |
Gansu Qilianshan to issue CNY400m in bills, China23 March 2011, Published under Cement NewsGansu Qilianshan Cement Group Co Ltd announced today that it plans to issue CNY400m in short-term bills with maturity of 365 days on the inter-bank market on Mar. 25, sources reported. The company said in a statement that the batch of bills will be issued at face value, and the coupon rate will be determined during the process of book building. The value date will be Mar. 28. Proceeds from the issue will be mainly used to replace bank loans for its subsidiary and replenish working capital, a... |
Cimpor secures financing for investment plans23 March 2011, Published under Cement NewsThe financing of the investment projects of Portuguese cement producer Cimpor is guaranteed, chairman Castro Guerra said yesterday. The company has sufficient liquidity, some EUR 1bn, to secure its investment plan, Guerra underscored. The biggest part of the financing was raised in the international market. Cimpor has carried out some refunding operations abroad. CEO Francisco Lacerda, in turn, pointed that in 2010 the company generated over two-thirds of its turnover outside Portugal. Ci... |
S&P cuts Vulcan Materials to BB22 March 2011, Published under Cement NewsS&P on Friday cut to BB from BBB- its corporate credit and senior unsecured debt ratings on US construction materials firm, Vulcan Materials Co. The agency also lowered to B from A-3 the short-term rating on the company. The rating actions end a downgrade review on the company initiated on December 20, 2010. While Vulcan will retain its satisfactory business risk profile, it is unlikely to strengthen operating results and credit metrics to investment-grade levels over the next 12 to 24 mon... |
Arabian Cement Net profit up by 48.5%, Saudi Arabia22 March 2011, Published under Cement NewsArabian Cement Company (ACC) posted a net profit SAR9.9m (US$2.6m) compared to Global Investment House’s (GIH) estimate of SAR70.8m in 4Q10. The discrepancy relates to losses from associates of SAR25.3m which have been recognised in the 4Q10. In addition, the cost of sales jumped substantially to SAR140.9m, which translates to 76.5% of sales from SAR91.8m, 51.2% of sales revenue in 4Q09. However, on a YoY basis the company came into profits after it posted a loss of SAR87.2mn in 4Q09. The n... |
Jiangxi Wannianqing Cement’s profit jumps 131.91% in 201021 March 2011, Published under Cement NewsJiangxi Wannianqing Cement Co announced that its net profit skyrocketed 131.91% YoY last year, sources reported. The Shenzhen-listed company said in a statement that it realised CNY3.85bn in revenue last year, surging 34.26% year on year. Earnings per share were 38.7 cents. The company produced 11.22Mt and 13.03Mt of cement, reflecting a YoY increase of 21.94% and 13.36%, and it sold 12.98Mt of cement in 2010, increasing 13.26% YoY. Separately, the company plans to issue 65 million sha... |
Lafarge credit rating trimmed to junk bond status21 March 2011, Published under Cement NewsStandard and Poor’s (S&P) has downgraded its credit rating on Lafarge to junk bond status. The agency slashed to BB+/B from BBB-/A-3 its long- and short-term corporate credit ratings on Lafarge. At the same time, S&P cut to BB+ from BBB- the senior unsecured notes rating on the company. The agency explained its rating action with the fact that Lafarge’s cash flow is rather weak. At end-2010, it represented only 15% of the group’s net debt, whereas S&P requires at least 20% so that the com... |