Cement News tagged under: corporate
Misr Qena Cement posts 1H rise, Egypt09 August 2010, Published under Cement NewsNet profit at Egypt’’s Misr Cement Qena, which has been boosting capacity in southern Egypt, rose 14.2 per cent in the first half of 2010, the stock exchange said on Tuesday. Profit rose to E£19.6m (US$38.6m) from E£192.3m in the first half of 2009. This implies a second-quarter profit of E£104m, down from E£115.4m in the first quarter. Misr Cement Qena agreed on Monday to buy a stake in a new cement company and in May formed a joint venture with ASEC Cement, a unit of private-equity firm... |
Oman Cement appoints new acting chairman09 August 2010, Published under Cement NewsSaleh Nasser al-Aaraimi has been appointed acting chairman of Oman Cement Company following the death of Sayed Qahtan Yarub al-Busaibi, the company said on Sunday. Al-Aaraimi, the vice chairman, will take the role until Oman’s government nominates a new chairman, it said in a statement on Muscat’s bourse website. |
Portland Valderrivas advances in Tunisia09 August 2010, Published under Cement NewsThe Spanish market leader Cementos Portland Valderrivas saw its turnover decline by 19.0% to €435.4m in the first half, with most of the reduction taking place in Spain. The EBITDA was off by 27.1% to €109.6m and the trading profit (EBIT) fell by 45.7% to €109.6m and the net attributable profit dropped by 88.3% to €2.4m, or a margin of just 0.6%. The deterioration in margins was primarily related to the reduction in prices, and the cash flow net of capital expenditure was off by 39.6% to... |
Lafarge’s Kenyan unit, Bamburi, reports 1H profit of US$41.5m06 August 2010, Published under Cement NewsLafarge SA’s Kenyan unit, Bamburi Cement Co, reported first-half earnings per share of KES6.52. The company recorded operating profit of KES3.3bn and posted revenue of KES13bn, the company said in a statement e-mailed by its external investor relations agency today. It didn’t provide comparative figures. “Stronger sales, efficiency gains through continued cost containment along with the start up of a new production line in Uganda is expected to positively impact performance” in the secon... |
Caribbean Cement Company (CCC) posts ‘disappointing’ loss05 August 2010, Published under Cement NewsCaribbean Cement Company (CCC) blamed the recession and the State of Emergency for its "disappointing" J$218m net loss in its second quarter, despite internal operational challenges related to its Mill-5 plant. Additionally, the cement manufacturer was operating with negative working capital of $140 million as at June 2010, whilst the deficit on its cash flow worsened some 66 per cent to $100 million compared with the prior year’s quarter. For the review period, revenues were down 8.4 per ... |
Vietnam Cement Finance plans listing05 August 2010, Published under Cement NewsCement Finance Joint Stock Co. (CFC) plans to list all 61 million shares on the Hochiminh Stock Exchange (HOSE) in the fourth quarter of this year, the Thoi bao Kinh te newspaper reported Wednesday. The company has a registered capital to VND61bn, with Vietnam Cement Industry Corporation (Vicem) holding a 40 per cent stake, the Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) 11 per cent and Vietnam Steel Corporation (Vnsteel) 10 per cent. It plans to scale up the capital size t... |
Morgan Stanley raises Indocement target05 August 2010, Published under Cement NewsMorgan Stanley raises Indocement target price to IDR18,000 from IDR16,850, on strong 2Q results, potential for consensus earnings upgrade. "With strong GDP growth and rising capex, we find it hard to see Indonesia cement demand faltering"; adds while stock trades just below its price target, eyes upside risk toward bull-case value of IDR22,000 on strong earnings momentum, rising Indonesian stock market. |
Cementos Portland extends maturity of EUR150m loan05 August 2010, Published under Cement NewsSpanish cement producer Cementos Portland Valderrivas reached an agreement with its creditors for the extension of the maturity of a EUR150m loan to February 2014 from February 2011, the company said today. The deal is in line with the company’s debt refinancing plan. The new loan has an annual interest rate equal to Euribor plus 295 basic points. Portland will repay the loan in five tranches starting August 2011 and the final payment on the maturity date will be for 50% of the loan’s sum... |
Vicat: solid performance in a mixed environment05 August 2010, Published under Cement NewsFirst half 2010 consolidated sales at French-based Vicat were €985m, up 2.4% compared with the corresponding period of 2009. At constant scope and exchange rates, sales were virtually stable (-0.7 per cent). Over the same period, sales for the cement activity held up better, recording a rise of 0.5% at constant scope and exchange rates, while Concrete & Aggregates and Other Products & Services reported sales declines of two and 1.7 per cent respectively at constant scope and exchange rates... |
ACC appoints new CEO, India05 August 2010, Published under Cement NewsThe Board of Directors of ACC have today appointed Kuldip K Kaura as CEO & Managing Director of ACC Limited with effect from 13 August 2010. He succeeds Sumit Banerjee who is taking up a new assignment. Prior to this Mr Kaura was CEO of Vedanta Resources Plc, where he is still acting as an advisor. He worked with the Vedanta Resources group for seven years. Before that he was Managing Director & Country Manager of ABB India, a group where he served 18 years holding various management posit... |