Cement News tagged under: corporate
Nomura cuts Buzzi Unicem’s price target31 March 2010, Published under Cement NewsAnalysts at Nomura have lowered the share price target on Italian cement maker Buzzi Unicem to EUR12.50 from EUR14. Last week Buzzi Unicem reported that its turnover declined by 24.1% last year to €2,671.8m. EBITDA fell by 41.3% to €541.7m and the trading profit was down by 53.7% to €323.0m. |
Anhui Conch net profit increases 34.4%31 March 2010, Published under Cement NewsAnhui Conch Cement Co Ltd yesterday announced that its net profit for 2009 rose 34.48 per cent to CNY3.51bn (US$ 414m) from CNY2.61bn in 2008. Earnings per share were CNY1.98 in 2009, up 27.74 per cent from the previous year, according to the company’s annual report. The company declared a dividend of CNY0.35 per share. Anhui Conch Cement attributed the increase in net profit to the Chinese government’s CNY4trn stimulus package which has resulted in significant increases in investment in t... |
Siam Cement stocks rise on high earnings hopes, Thailand31 March 2010, Published under Cement NewsSiam Cement stocks rose 2.8 per cent to THB254, having hit THB255, its highest since November 1, 2007, on expectations of strong first-quarter earnings due to higher petrochemical spreads and a recovery in its paper earnings. Broker Kim Eng Securities said it expected a 16-25 per cent increase in net profit for the January-March quarter to THB6.0-6.5bn and targeted a share price of THB280bn. |
Prism Cement: margins still of concern, India30 March 2010, Published under Cement NewsPrism Cement recently received approval from the relevant authorities for the merger of two of its unlisted group companies, H&R Johnson (India) and RMC Readymix (India) with itself. The all-stock deal will transform the largely central-India focused cement company into an integrated building-material supplier with a major presence in tiles and sanitary ware and ready-mix concrete. H&R Johnson is the country’s largest manufacturer and marketer of tiles and sanitary-ware, while RMC is the co... |
YTL Corp on track to double first half sales, Malaysia30 March 2010, Published under Cement NewsYTL Corp has said it is on track to nearly doubling its 2010 sales from last year’s US$2.6bn. The company also said it is confident of achieving a 20 per cent compounded growth in profits and sales over the next 10 years. It said the improving economy will boost its core businesses, while prospects for the luxury property operations are expected to be bright. YTL is also hoping that the improving global economy will boost its other business units which include cement, property development... |
AMInvestment Bank to manage Lafarge Islamic debt issue29 March 2010, Published under Cement NewsAMINVESTMENT Bank Bhd has been appointed as the principal adviser, lead arranger and lead manager for the RM350m nominal value Islamic debt papers issuance by Lafarge Malayan Cement Bhd (LMCB). The programme comprise Islamic commercial papers and/or Islamic medium term notes. The seven-year AA2/P1 programme, a flexible and efficient Islamic funding platform will enable LMCB to tap liquidity in the domestic and global Islamic capital markets for medium to long-dated funding at a competitive... |
Egypt’s Sinai Cement to pay cash dividend29 March 2010, Published under Cement NewsEgypt’s Sinai Cement approved a dividend of E£4/share, the stock exchange said on Sunday. The dividends will be paid on April 12, the firm’s statement to the stock exchange said. Sinai Cement’s consolidated net profit rose 62 per cent in 2009 to E£671.5m. |
Cemex plans to issue 750m shares29 March 2010, Published under Cement NewsCemex said on Friday it will seek shareholder approval to issue 750 million shares, reports Reuters. Cemex will make its proposal at the annual shareholders meeting on April 29, the company said in a filing to the Mexican stock exchange. It is not clear if the shares were linked to an earlier debt sale or would raise new capital. Cemex last week sold US$650m bonds convertible into American Depositary Shares due in 2015. More share sales could hit Cemex’s already battered share price as th... |
Cimpor to vote on new board members - report26 March 2010, Published under Cement NewsThe general shareholders’ meeting of Cimpor scheduled for April 29 will elect new board members, business daily Jornal de Negocios reported yesterday. Francisco Lacerda has already been appointed CEO of the company in the place of Bayao Horta. The candidates for the chairman’s post are Luis Palha and Mario Lino. In addition, the shareholders will discuss whether to allow sector companies or competitors to have directors on Cimpor’s board. This item of the meeting’s agenda particularly conc... |
S&P cuts cement producer Texas Industries’ ratings26 March 2010, Published under Cement NewsStandard & Poor’s Ratings Services on Thursday lowered its corporate credit rating on cement producer Texas Industries Inc. deeper into junk status, citing declining demand for cement and falling prices. S&P also noted that the company is heavily reliant on Texas and California for a majority of sales, with the latter still in the throes of a severe housing downturn. As business weakens, the company will be squeezed more by its high debt load, S&P said. The credit ratings agency lowered th... |