Cement News tagged under: corporate
ACC’s margins plunge on falling realisations22 October 2010, Published under Cement NewsCement maker ACC Ltd’s performance for the September quarter was much below expectations. The stand-alone entity’s net profit plunged by 77 per cent YoY to INR100 crore. That was half of what analysts had estimated, as the firm took a beating on both price realisations and costs. ACC’s net sales fell 16.9 per cent YoY to INR1637.2 crore, mainly due to a 3.7 per cent contraction in despatches to 4.8Mt. Weak market conditions and lower cement prices, especially in the west and south where AC... |
Huaxin Cement to issue CNY600m notes20 October 2010, Published under Cement NewsHuaxin Cement Co today that it will issue CNY600m (US$90.2m) in five-year mid-term notes on the interbank market on October 22, sources reported. The company said in a statement that the coupon rate of the notes will be determined during the process of book building. CNY400m from the proceeds will be used to pay back bank loan, and CNY200m will be allotted for its subsidiaries to purchase raw materials, said the firm. China Chengxin International Credit Rating Co has rated the issuer and the... |
Equita cuts Italcementi 2010-2012 estimates20 October 2010, Published under Cement NewsAnalysts at Equita revised down their forecasts of Italcementi’s 2010-2012 results and cut the cement producer’s price target by 3% to EUR 6.90, in expectation of a weak third quarter. The broker reiterated a "hold" rating on the Italian group’s stock. The expected worsening in the cement maker’s performance in the third quarter is to blame on: 1) the Italian market where the prices remain at their minimum levels, 2) the Indian market where price pressurse heightened in the summer period an... |
Semen Gresik lower performance, Indonesia20 October 2010, Published under Cement NewsPT Semen Gresik (Persero) Tbk indicated 13 and 16 per cent lower revenue and net profit compared to last year. Finance director of Semen GresikCholil Hasan said the fall is particularly attributed to improved spending for PT Semen Tonasa since the beginning of the year. But he was optimistic to meet the targeted profit and revenues. "Up to end of September, Semen Gresik net profit is estimated IDR2trn with above IDR9trn revenue and IDR3.06trn business profit. We target IDR10trn revenue thi... |
Sinoma International sees profit rising 80-90%20 October 2010, Published under Cement NewsSinoma International Engineering predicts its net profit attributable to shareholders will increase 80-90 per cent YoY during the first three quarters of 2010, reports China Securities Journal, citing a company filing. Operating revenue in the same period is expected to increase 30-50 per cent YoY. During the first three quarters of 2009, Sinoma posted net profit attributable to shareholders of CNY511.024m, while operating revenue reached CNY11.21bn. The Beijing-based firm attributes the r... |
Dangote Cement lists 100m shares next Tuesday, Nigeria18 October 2010, Published under Cement NewsA total of 100 million shares of Dangote Cement Plc will be listed by introduction, on a special offer, on the Nigerian Stock Exchange, NSE, at N135 per share. The listing is sequel to the approval from Federal High Court Lagos sanctioning the merger between Dangote Cement Plc, DCP, and Benue Cement Company, BCC, whereby shareholders of BCC will get one of DCP share in exchange for two of BCC. The enlarged Dangote Cement will constitute over 25 per cent of the entire market capitalization ... |
Siam Cement: strong Baht has minimal impact on earnings18 October 2010, Published under Cement NewsSiam Cement PCL, Thailand’s largest industrial conglomerate by sales, said Monday that the surging baht will have minimal impact on earnings. President Kan Trakulhoon reiterated earlier statements that the company’s profit will fall by less than THB700m (US$23.5m) for every THB1 the local currency gains against the U.S. dollar. He said the impact of the strong baht is cushioned by the fact the company imports a lot of raw materials, particularly petrochemical products. |
Taiwan Cement to raise capital by NT$10bn14 October 2010, Published under Cement NewsTaiwan Cement Corp, Taiwan’s leading cement producer, has resolved to issue 400m new common shares for capital increment by NT$10bn (US$322.58m), a move that ever seen in a decade. The issuing price for the common shares is temporarily set at NT$25 per share. Company president CC Huang said Taiwan Cement will use the proceeds of the capital-increment project to redeem bank loans for cutting expenditure in interest. Taiwan Cement said 10 per cent of the newly issued 400m common shares wil... |
Ireland: building materials group Readymix in talks about takeover14 October 2010, Published under Cement NewsBuilding materials group Readymix has announced that it has received approaches for the company and is in discussions that could result in a takeover. “Discussions are at an early stage and there can be no certainty that these will lead to an offer for Readymix nor as to the terms on which an offer, if any, might be made,” the company said in a brief statement to the Irish Stock Exchange yesterday. It said further announcements would be made when appropriate. Analysts said that it was lik... |
Texas Industries, Inc appoints new directors13 October 2010, Published under Cement NewsTexas Industries, Inc today appointed Dorothy C. Weaver and John D. Baker II to fill two vacancies on the TXI Board of Directors. Their term of office will expire in 2012. Ms. Weaver presently serves as the Chairman and CEO of Collins Capital Investments, LLC, and has been in that capacity for the past 15 years. Mr. Baker is the Executive Chairman of Patriot Transportation Holding and former President and CEO of Florida Rock Industries, Inc. Ms. Weaver is the former Chairman of the Board o... |