Cement News tagged under: corporate
Cemex mulls sale of stakes27 April 2010, Published under Cement NewsCemex is considering selling off minority stakes in some of its worldwide operations in a bid to cut its debt, the Financial Times reported in its Tuesday edition. Cemex chief executive, Lorenzo Zambrano, told the paper that the company was considering other ways to reduce its US$19.1bn debt. “We are analysing selling minorities in some areas,” Zambrano told the FT. “So instead of having 100 per cent of X company in a country, we are going to have 51-plus per cent…it is one of the things ... |
Eagle Materials finished a poor year on a weak note27 April 2010, Published under Cement NewsIncluding its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the financial year to the end of March fell by double digits for the third year in a row and was down by 23.6% to US$533.3m. Of the total turnover, cement accounted for 42.0%, plasterboard for 39.5%, plasterboard liner for 10.1% and aggregates & concrete for 8.4%. The trading profit declined by 29.1% to US$76.6m, but corporate expenses were reduced by just 6.0% and interest charges were down by ... |
Jefferies International give Lafarge Hold rating27 April 2010, Published under Cement NewsInvestment banking advisor Jefferies International Ltd is initiating coverage of Lafarge with a Hold rating and a EUR58 12-month price target. The EUR58 price target is one per cent above the current share price. Lafarge has a substantial presence in the Middle East and Africa. This region accounted for 42 per cent of the company’s operating profit in 2009 and for 35 per cent of Jefferies’ estimate of its mid-cycle profitability. It expects Lafarge’s significant presence in these higher gr... |
Binani Cement Q4 net dips 15%26 April 2010, Published under Cement NewsBinani Cement reported a 15% dip in net profit for the fourth quarter ended March at INR17 crore due to a rise in raw material costs. Net sales for the quarter stood flat at INR491 crore against INR497 crore in the year-ago period. The company could not translate the volume growth into higher income as it failed to increase prices. Sales volume rose by 12% in the March quarter. Its consolidated net profit for the fiscal ended March has almost doubled to INR292 crore from INR146 crore, wh... |
Cemex seen posting first quarter loss26 April 2010, Published under Cement NewsCemex is expected to post a US$140m net loss for the first quarter after a harsh winter in the United States and Europe and few signs of a recovery in global construction, according to a Reuters poll of six analysts. Cemex reported a profit of US$3m for the same period a year ago. This weak earnings report is being largely factored in by the market," BBVA Bancomer said in a report to clients, adding that Cemex) warned last month it could post a loss for the first quarter. Cemex said in J... |
Lafarge seeks approval to transfer US$12m, Zimbabwe23 April 2010, Published under Cement NewsNext month, Lafarge will seek shareholder consent to transfer US$12m from its non-distributable reserves to issued share capital and retained income, making the funds available to support operations. The request is to be tabled at the company’s Extraordinary General Meeting scheduled for May 20, during which shareholders would consider other requests. Larfage wants shareholder consent to transfer US$12,335,182 from the non-distributable reserves to US$800,000 issued share capital of nomina... |
Tarmac targetted by Marwyn23 April 2010, Published under Cement NewsPrivate equity-backed acquisition vehicle, Marwyn Materials Ltd (UK), is in talks with Anglo American, the UK-based global mining giant, over a proposed bid to acquire its Tarmac building materials arm, or take management control of the business, according to UK press reports. AIM-listed Marwyn’s approach is being led by Peter Tom, former CEO of Aggregate Industries, now a subsidiary of Holcim Group (Switzerland), and Simon Vivian, ex-chief of Hanson PLC’s building materials arm, acquired... |
Shiva Cement board to issue 10m warrants22 April 2010, Published under Cement NewsShiva Cement said on Wednesday that the board of directors of the company will meet on April 29 to issue 10 million warrants to the promoter group at INR11/share totaling INR11 crore. In a filing to the Bombay Stock Exchange, the company said the board would also consider the proposal for setting up a 25MW captive power plant, the filing added. It would also review the ongoing capacity expansion plan and would appoint Vivek Chawla as nominee director of ACC on the board. |
Oman: Raysut posts lower earnings in first quarter22 April 2010, Published under Cement NewsRuysut Cement, Oman’s largest cement producer, reported a 32 per cent decline is sales revenue for the first quarter of this year, heightened by competition from imports. Revenues fell to OMR16.3m during the three month period ending March 31, 2010 compared to earnings of OMR23.9m achieved during the corresponding period in the previous year. Pre-tax profits stood at OMR6.81m for 1Q10, against OMR7.84m earned during the corresponding period of last year, a decline of 13 per cent. “The dec... |
DG Khan posts quarterly loss, Pakistan22 April 2010, Published under Cement NewsDG Khan Cement, Pakistan’s second largest producer of cement, posted a net loss in the third quarter after it paid more in taxes. The net loss was PKR47.4m (US$564,858) or 0.21 rupee a share in the three months ended March 31, compared with a net profit of PKR178.5m, or 0.59 rupees a year earlier, the Lahore-based company said in a statement to the Karachi stock exchange. Sales fell to PKR4.04bn from PKR4.6bn. Cement companies pay taxes on annual sales estimates and the company’s yearly re... |