Cement News tagged under: corporate
Cemex posts huge net loss for 201004 February 2011, Published under Cement NewsCemex’ turnover declined by 3.3% in 2010 to US$14,069.4m, while in Mexican peso terms the turnover came down rather more, or by 9.9%. EBITDA was down by 12.9% to US$2313.8m and the trading profit fell by 26.5% to US$855.8m. The net charge interest rose by 22.9% to US$1,252.06m, but the cost of ’other’ expenses was reduced though the pre-tax loss still jumped by 156.5% to US$904.1m. Rather than a tax credit, as in the previous year, a US$355.9m tax charge had to be borne, giving a net loss fo... |
Cimentos Liz applies to hold IPO, Brazil04 February 2011, Published under Cement NewsBrazilian cement company Cimentos Liz has filed a request with securities regulator CVM to hold an IPO on the São Paulo stock exchange Bovespa, news service Agência Estado reported. Details such as a schedule, the quantity of shares and an estimated price range have not yet been stipulated. The operation is being managed by Itaú BBA and will be held on Bovespa’s Novo Mercado forum. Cementos Liz has an estimated 8% share of the national cement market, focusing on the southeastern states of ... |
Italcementi’s Asian volumes improve04 February 2011, Published under Cement NewsItalcementi’s turnover declined by 4.3% last year, or by 6.6% on a comparable basis to €4,790.9m, of which consolidated Italian operations contributed €619.6m, a reduction of 15.2%. Group cement shipments were 2.4% lower at 54.4Mt and the turnover from cement was off by 6.9% to €3,388.7m, with cement volumes being down mainly in Europe and in international trading, while increasing in Asia. The western European turnover was down by 9.1% to €2,407.3m. Cement and clinker volumes in weste... |
Exane, Jefferies lift share price targets on Buzzi Unicem02 February 2011, Published under Cement NewsExane and Jefferies revised up their share price targets on Italian cement producer Buzzi Unicem. Exane lifted its target to EUR 8.00 from EUR 6.00 and kept the "underperform" rating on the stocks. Jefferies increased its share price target on Buzzi Unicem to EUR 9.40. The analysts also lifted the share price target on the company’s savings shares to EUR 5.50. |
Sri Lanka cement firm rated ’A’ by RAM Ratings02 February 2011, Published under Cement NewsSri Lanka’s Tokyo Cement Company (Lanka) Ltd has been rated ’A’ by Ram Ratings on its strong market position and balance sheet against its dependency on the cyclicality of construction and government price controls. Tokyo has been able to strengthen its market position, supported by its well brand and dealer network. RAM said Tokyo has managed to maintain its premium pricing due to its strong branding. Tokyo and Holcim operate local plants in a market where the others are importers. RAM s... |
Japanese producers’ FY10 Op profits likely to top forecasts01 February 2011, Published under Cement NewsJapanese cement producers Taiheiyo Cement Corp and Sumitomo Osaka Cement Co are both on track to beat their consolidated operating profit projections for the year ending March 31, buttressed by better-than-expected demand in the domestic market. Taiheiyo Cement’s operating profit is likely to triple on the year to around JPY11bn, which would surpass a JPY10.5bn forecast. Sumitomo Osaka’s is expected to jump 90% on the year to nearly JPY6bn, besting its JPY5.5bn prediction. Sales at Taiheiy... |
Cemex plans major share issue31 January 2011, Published under Cement NewsCemex said on Friday it would propose issuing up to 6 billion new shares to raise funds to pay its hefty debt, more than investors expected, prompting a slide in its stock price. The Mexican company said the issue would be proposed during a shareholders meeting on Feb. 24 and used to back a planned public offer and convertible bonds. The proposal, representing a fifth of Cemex’s float, would be worth about $1.9 billion at Friday’s closing share price, double what analysts forecast the comp... |
Attock Cement profit declines31 January 2011, Published under Cement NewsThe profit after tax of Attock Cement Pakistan Limited (ACPL) has declined to PKR235.101m in the half-year period ended December 31, 2010 as compared to PKR623.815m earned in the corresponding period in 2009. The board of directors of the company in its meeting held on Thursday at Damascus, Syria declared that the company’s earning per share stood at Rs 2.72 in the period under review against PKR7.20 in the same period a year back. According to the financial results sent to Karachi Stoc... |
Morgan Stanley cuts Lafarge rating to "equal-weight"28 January 2011, Published under Cement NewsMorgan Stanley has downgraded its rating on Lafarge to "equal-weight" from "overweight", although it raised its share price target to EUR 53 from EUR 50.40. The broker highlighted some negative factors affecting the company, namely strong exposure to emerging markets, more intense competition on some local markets and higher growth in costs. Morgan Stanley noted that last year Lafarge generated 53% of its operating profit from African and Asian operations. However, the broker also said the... |
Chaodong expects eight-fold rise in 2010 profit27 January 2011, Published under Cement NewsAnhui Chaodong Cement predicts its net profit for fiscal year 2010 jumped eight-fold, according to a company filing. The firm attributed the estimated growth to recovering cement sales price and volume, rapidly growing fixed assets investment in the cement industry, and government policies on saving energy and reducing emissions. |