Cement News tagged under: corporate
RAK Cement posts US$1.08m loss11 March 2011, Published under Cement NewsRas Al Khaimah Cement Company made a loss of almost AED4m (US$1.08m) last year, as inventories fell on a tighter market that saw cement sales volumes and values decline. The listed cement maker and trader said revenues fell to AED 227m in 2010 against AED 283.5m – down 19.7% - though cost of sales increased to give gross profits of AED 4 million and an overall net loss of AED 3.94 million. Financial results for the year, published Thursday, show that the company’s inventories at the end o... |
Five pakistan producers report losses11 March 2011, Published under Cement NewsFive leading Pakistan producers have announced their financial results for the six months period ending 31 December 2010. Each incurred losses due to a fall in sales plus increases in administrative, financials and coal costs. In addition, capacity utilisation was reduced. Local players said they had to contend with high interest rates, increasing fuel and power costs and a rise in duties, taxes and royalty on raw materials. However, selling prices during the period have shown signs of impr... |
Credit Suisse cuts Lafarge’s share target to EUR 4210 March 2011, Published under Cement NewsCredit Suisse reiterated its "neutral" rating on Lafarge, cutting its share price target to EUR 42 from EUR 48. The broker pointed out that the consensus expectations of analysts for an improvement in margins on EBITDA in 2011 and 2012 are too optimistic. Now Credit Suisse prefers companies like HeidelbergCement, which are less exposed to emerging markets and whose cost-cutting efforts are seen to produce results soon. |
Sino Cement Buys Shaanxi Shehui Cement Co10 March 2011, Published under Cement NewsSino Cement, Inc., announced that effective on February 21, the Company completed its acquisition of Shaanxi Shehui Cement Co. According to a release, also, on February 21, the Company appointed Shehui Shi, Lei Shi, John Chen and Keith Zhen to its Board of Directors. In addition, its board of directors appointed Shehui Shi to serve as its CEO, and Lei Shi to serve as its President and Qingyan Wang as its CFO. Shehui Cement was incorporated in the People’s Republic of China on January 17, 2... |
Sephaku Holdings interim trading statement, South Africa10 March 2011, Published under Cement NewsSephaku Holdings expects an increase in net asset value per share (NAVPS) of between 40% and 50% for the six months ended December 2010, compared with February 2010. The company on Wednesday reported that the increase in NAVPS resulted mainly from the corporate actions undertaken during 2010, including the issue of shares for cash by Sephaku Cement to Dangote Industries, Nigeria’s largest cement company, to settle a loan of ZAR75.6m and the subscription of shares for an amount of ZAR703.4m.... |
Sagar & Amareswari Cements merger, India09 March 2011, Published under Cement NewsSagar Cement’s Scheme of Arrangement for the proposed merger of Amareswari Cements has been by the equity shareholders and unsecured creditors of the respective companies at meetings held on March 07, 2011. The merger is subject to the confirmation in due course by the Hon’ble High court of Andhra Pradesh. Sagar Cements operates a modern, mini cement plant in the state of Andhra Pradesh. |
China cement makers surge on social housing plan09 March 2011, Published under Cement NewsShares in Chinese cement makers surged to all-time highs in Hong Kong on Wednesday, extending gains for a third consecutive session as investors flooded the sector following a central government plan to increase social housing. China National Building Material Co was up 5.6 per cent, while Anhui Conch Cement Co Ltd had jumped four per cent by 0344 GMT. Premier Wen Jiabao vowed on Saturday during the annual parliamentary session that China would increase spending on public housing, in an at... |
Cemex to offer US$1.2bn in convertible notes09 March 2011, Published under Cement NewsCemex said Tuesday that it plans to offer US$1.2bn in convertible notes and use the money to pay down debt. Cemex said it plans to offer US$600m in notes due 2016 and US$600m in notes due 2018, as well as giving underwriters 30-day overallotment options for US$90m of each of the two series. The notes will be unsecured and subordinate to Cemex’s senior debt. The plan to issue equity via convertible securities has weighed on Cemex’s share price since the company announced the plan in January... |
Cementir suffers from the poor Italian market09 March 2011, Published under Cement NewsCementir Holding, the Italian cement group that controls Aalborg Portland in Denmark and Cimentas Izimir Cimento Fabrikasi in Turkey, has announced a turnover 2.4% higher at €842.3m in respect of 2010. This was helped by a recovery in volumes in both Scandinavia and Turkey from the spring onwards in addition to good volumes from Egypt and the Far East for the whole year. Italy, on the other hand, suffered from a poor performance throughout the year. Shipments of grey and white cement in... |
Italcementi looks for improved overseas volumes in 201108 March 2011, Published under Cement NewsItalcementi’s turnover declined by 4.3% to €4790.9m in 2010, the underlying EBITDA fell by 13.9% to €836.3m and the trading profit dropped 20.1% to €353.8m. Net financial charges were reduced by 3% to €95.6m. Lower exceptional costs and an increased contribution from the Canadian associates left the pre tax profit 16.3% lower at €259.2m, but the net attributable dropped by 35.8% to €45.8m as the large minorities’ charge rose by 5%, to €151.3m, or more than three times net attributable pr... |