Cement News tagged under: corporate
Sharjah Cement sees sharp fall in 1Q turnover30 April 2010, Published under Cement NewsSharjah Cement & Industrial Development reported sales turnover of AED173m (US$47m) for the first quarter of 2010, a sharp fall from AED297.5m for the same period last year. The reduction in sales is partially attributed to decrease in demand of cement and, to a much larger extent, to the reduction in selling price of cement. Production costs also increased due to rising energy costs and production stoppages on account of power shortages. The company posted a profit of AED23.89m for the p... |
Fitch Rates CRH’s EUR4bn EMTN Programme ’BBB+’29 April 2010, Published under Cement NewsFitch Ratings has affirmed Ireland-based CRH Plc’s (CRH) euro medium-term note (EMTN) programme at a senior unsecured rating of ’BBB+’ following an increase of its amount to EUR4bn from the previous EUR3bn. At the same time, Fitch Ratings has assigned a short-term rating of ’F2’ to the notes to be issued with a maturity of less than 12 months under the EMTN programme. The ratings on the programme are in line with CRH’s ’BBB+’ Long-term Issuer Default rating (IDR) and Short-term IDR at ’F2’... |
Deutshe Bank initiates coverage on cement with a Buy29 April 2010, Published under Cement NewsDeutshe Bank initiates coverage on Cemex with a Buy rating. Deutsche analysts says: “In our view, Cemex’s turnaround is about to start, bolstered by a recovery of volumes in the US, Mexico’s solid housing sector and expected pick up in infrastructure spending, and by government stimulus spending in several other regions. Under our conservative assumptions we anticipate Cemex will yield FCF in 2010-12E of US$2.8bn, enough to meet scheduled debt repayments during the period.” |
Pahang to buy YTL Cement shares, Malaysia29 April 2010, Published under Cement NewsThe state assembly of Pehang unanimously passed a motion to purchase shares in YTL Cement Bhd. The state government will purchase 906,344 units of YTL Cement shares at MYR4.18 each worth MYR3.788m (US$1.18m). At the same time, the state assembly also passed a motion to buy shares in Malaysia International Shipping Corporation Bhd (MISC Bhd) whereby it agreed to purchase 3,432,720 units of MISC shares at MYRM7 each, worth MYR24.03m . Mentri Besar Datuk Seri Adnan Yaakob said the purchas... |
Cimpor shareholders poised to name incoming board29 April 2010, Published under Cement NewsShareholders of Cimpor are close to agreement on a new board of directors, Caixa Geral de Depositos chief executive Fernando Faria de Oliveira said. Faria de Oliveira, whose state-owned bank holds 9.6% of Cimpor stock and effectively has the final nod on the makeup of the new board, told reporters in Lisbon: “I think that an enormous effort has been made to reach consensus and I believe this is practically concluded.” Cimpor investors, including new arrivals Votorantim and Camargo Correa of... |
Jefferies initiates coverage of Cemex with Buy rating29 April 2010, Published under Cement NewsJefferies International is initiating coverage of Cemex with a Buy rating and sets a US$15 target, 25 per cent above the current share price. The broker believes the cement major will be a leveraged beneficiary of a recovery in US housing markets. About 85 per cent of the decline in Cemex’s profitability has been in the US, where its profits have fallen due to the collapse in the housing market in the southern states. In Jefferies’ view, these markets are beginning to recover. Cemex’s 1Q E... |
Prosperity receives completion notice for disposal, China29 April 2010, Published under Cement NewsProsperity Minerals Holdings Limited announced that on 29 April 2010, it has received, together with Pro-Rise (a wholly-owned subsidiary of the company) an irrevocable completion notice from TCC International Holdings Limited to complete the disposal of the majority of Prosperity’s cement business. The specified completion date for the disposal is 30 April 2010. |
HeidelbergCement secures liquidity until end-201328 April 2010, Published under Cement NewsHeidelbergCement said it has signed a new, self-arranged EUR3bn syndicated credit facility with a group of 17 banks. The new credit facility will be used for repaying bank debt remaining under the old credit facility which had been agreed with 60 banks in June 2009 with a maturity in December 11. The new, syndicated credit facility has been concluded with the following 17 banks: Bank of America / Merrill Lynch, Bayern LB, BNP / Fortis, Citigroup, Commerzbank, Deutsche Bank, Svenska Handel... |
Siam Cement 1Q beats forecasts, Thailand28 April 2010, Published under Cement NewsSiam Cement posted a 32 per cent rise in quarterly net profit on Wednesday after the economic recovery pushed up revenue and petrochemical spreads improved. The company, which earns up to half of its profits from petrochemicals, reported a January-March net profit of THB6.86bn (US$212.7m), up from THB5.2bn a year earlier. The profit was above the THB6.58bn forecast by six analysts polled by Reuters. Siam Cement had posted a THB5.3bn profit in the 4Q09, turning round from a loss a year ear... |
Cemex increases first quarter loss28 April 2010, Published under Cement NewsCemex first quarter turnover declined by 10.2% to US$3,042.6m, which represented an underlying reduction of some 16%. EBITDA declined by 22.8% to US$515m, which becomes 29% once taking changes in structure and currency movements into account. The trading profit fell by 50.3% to US$148.4m and, after net interest charges that were 55.2% higher at US$308.3m and other financial items, the pre-tax loss emerged just 0.2% higher at US$231.7m. Equity shareholders’ funds recovered by 16.4% to US$... |