Cement News tagged under: corporate
Lafarge Malayan pre-tax profit drops25 February 2011, Published under Cement NewsLafarge Malayan Cement Bhd reported a lower pre-tax profit of RM345.397 million for the financial year ended Dec 31, 2010, from RM441.9 million registered in the same period of 2009. Revenue slipped slightly to RM2.324 billion, during the period under review, from RM2.483 billion registered previously, it said in a filing to Bursa Malaysia. It attributed the lower revenue to lower export volume and prices coupled with a weaker US dollar and reduced sales in Singapore. "The lower profit (a... |
Egypt’s Torah Cement 2010 profit rises 29.6 per cent25 February 2011, Published under Cement NewsEgypt’s Torah Cement’s 2010 net profit rose 29.6 per cent, the stock exchange said on Thursday. Net profit rose to E£443m (US$75.2m) from E£341.7m in 2009. Torah is a subsidiary of Egypt’s largest listed cement maker, Suez Cement, whose 2010 net profit declined 4.9 per cent. Suez, a subsidiary of Italcementi , holds approximately 26 per cent of Egypt’s market share for grey cement and 42 per cent for white cement. |
Zambrano: exchange moves so far have favoured us25 February 2011, Published under Cement NewsLorenzo Zambrano, CEO of Cemex, said Thursday that foreign exchange market volatility has favored the company so far, particularly gains against the U.S. dollar by the euro and the Mexican peso. At a press conference ahead of the company’s annual shareholder meeting, Zambrano said that past experience has shown the company it can’t predict exchange rates, even supported by analyst estimates. Cemex cited uncertainty in some markets and exchange rate volatility when declining this year to est... |
Cemex To Swap Perpetual Debt For New Dollar Notes25 February 2011, Published under Cement NewsCemex said Friday it has reached a private agreement to swap perpetual securities for dollar-denominated notes due 2020 that will lower its obligations by around US$41m. The agreement with an institutional investor involves the exchange of EUR119.4m, equivalent to US$162.4m, of 6.277% perpetual debentures for US$125.3m of 9.25% senior secured notes due 2020, Cemex said in a press release. Cemex had net debt plus perpetual notes of US$17.05bn at the end of 2010 |
EAPC to convert yen loans, Kenya23 February 2011, Published under Cement NewsEast African Portland Cement Co (EAPC) plans to convert its yen-denominated loans into other currencies, Business Daily reported, citing managing director Kephar Tande. A currency swap is expected to be completed by mid-March, the Nairobi-based newspaper said. PricewaterhouseCoopers LLP was appointed to advise the company on the conversion, it said. EAPC has KES3bn (US$36.6m) to settle after it took a KES1.7bn loan in 1990, the newspaper said. |
Lafarge Morocco 2H profit drops as revenue falls23 February 2011, Published under Cement NewsLafarge Ciments, the Moroccan affiliate of Lafarge, posted a 17.6 per cent drop in second-half profit after under-performing rivals in sales amid a slowdown in demand which it expects to overcome this year, Reuters reports. The company reported a net profit of MOD726m (US$88.5m) for the six months through December, down from MOD881m a year earlier, based on Reuters calculations. For all of 2010, it earned MOD1.68bn, compared with MOD953m during the first half of last year and MOD1.86bn for... |
Handelsbanken raises target on FLSmidth22 February 2011, Published under Cement NewsHandelsbanken Capital Markets has hiked its share price target on Danish cement and mineral systems provider FLSmidth A/S to DKK590 from DKK560 and has confirmed its "buy" rating on the stock. |
JK Cement reports 96% drop in profits, India22 February 2011, Published under Cement NewsJK Cement reported a marked drop in standalone net profit for the quarter ended December 2010. During the quarter, the profit of the company declined 96.06% to INR18.30m (US$0.4m) from INR464.90m in the same quarter previous year. The company’s net sales for the quarter for the quarter rose 10.31% to INR4733.13m, while total income for the quarter rose 10.32% to INR4733.38m, when compared with the prior year period. |
Egypt’s National Cement 6-month profit up 50 per cent21 February 2011, Published under Cement NewsEgypt’s National Cement’s six-month net profit rose 50 percent from a year earlier to E£201.8m (US$34.32m), the stock exchange said on Sunday. The cement firm posted a net profit of E£134.7m for the July-December period in 2009. National Cement, majority controlled by state-owned Chemical Industries Holding Co, produces and trades cement, clinker and other related construction materials. |
Binani may succeed in bourse exit21 February 2011, Published under Cement NewsBinani Cement, a part of the Braj Binani group, may succeed in delisting its shares from Indian bourses with public shareholders tendering nearly 80 per cent of their shares in response to a recent buyout offer, according to persons familiar with the matter. Binani Industries, which owns 69.9 per cent stake in the cement maker, wanted to buy back the remaining shares from the public shareholders and de-list the company’s shares from the National Stock Exchange (NSE) and the Bombay Stock Exc... |