Cement News tagged under: corporate
Lafarge step-up bonds show investors dismiss downgrade threat19 March 2010, Published under Cement NewsLafarge SA bond prices show investors are convinced Chief Executive Officer Bruno Lafont will win his quest to keep an investment-grade credit rating, even as the world’s most indebted cement maker skirts junk status. Five out of Lafarge’s six step-up bonds -- whose coupons rise by 1.25 percentage points if the cement maker is downgraded to junk -- offer yields above its notes that don’t have step-up provisions. The yields would be “dozens” of basis points below non-step ups if a rating cut... |
Dalmia Cement (Bharat) restructures operations19 March 2010, Published under Cement NewsDalmia Cement (Bharat) on Thursday said it would hive off its cement, power and refractory businesses to a new entity — Dalmia Bharat Enterprises (DBEL) – as part of its restructuring plan, to pursue aggressive growth. The sugar making division, however, will remain with the parent company, DCBL Managing Director Puneet Dalmia told reporters here. DCBL shareholders would get one share in DBEL for every share they held in the company. The appointed date for the transfer is April 1. “The res... |
Kuwait Cement ’09 net profit jumps to US$44.5m19 March 2010, Published under Cement NewsKuwait Cement Company said yesterday its net profit surged to KWD 12.81m (US$44.5m) in 2009 from KWD4.31m a year earlier. The earnings per share (EPS) stood at 22.84 fils in 2009, versus 7.68 fils in 2008. The company’s total assets rose to KWD 249.1m at end-December 2009 from KWD 239.4m a year earlier. The board of directors has recommended to shareholders a 10% cash dividend for 2009, equal to 10 fils per share, in addition to a 5% bonus issue. |
Norwegian investor increases stake in HeidelbergCement18 March 2010, Published under Cement NewsNorwegian state-owned investment company Norges Bank Investment Management (NBIM) has built up its stake in HeidelbergCement to 3.06%. Thus, NBIM hold over 5.73 million voting rights in the MDax-listed company as of March 11, Heidelberg Cement said. |
West China Cement refinances loans18 March 2010, Published under Cement NewsWest China Cement says that it has finalised the repayment of the US$60m term loan facility originally entered into on 29 May 2008. A new term loan facility of US$50m has been agreed with the Industrial and Commercial Bank of China. The balance of the existing facility was repaid by WCC using internally generated resources. In the event of a listing of WCC’s shares on the main Hong Kong Stock Exchange, WCC will be required to prepay 50% of the New Facility. CEO Jimin Zhang says: "WCC will... |
HeidelbergCement - strong results in Asia and Africa18 March 2010, Published under Cement NewsHeidelbergCement’s turnover declined 21.6% to €11,117m in 2009 while the EBITDA fell by 28.7% to €2102m and the trading profit was down by 38.7% to €1317.3m. Although net interest payments were 13.8% lower at €636.2m, the total financial charge rose 5.3% to €874.9m and a pre-tax loss of €14.5m was incurred. After tax credits and capital items, a net attributable profit of €42.6m was achieved, a 97.6% drop. The net debt at the end December was reduced by 27.2% to €8423m, helped by the rights ... |
Pakistan: two cement firms post losses17 March 2010, Published under Cement NewsPakistan producers, Maple Leaf Cement Factory and Cherat Cement Company, have posted substantial losses for the quarter ended December 31, 2009 (2QFY10). Maple Leaf posted loss after tax of PKR745m for September-December 2009 quarter as against loss of PKR5m for the corresponding period of last year. This loss can be attributed to a number of factors that include decrease in sales and increase in distribution cost. For 1HFY10, the company posted loss after tax of PKR920m as compared to a l... |
Egypt’s Misr Cement Qena 09 net profit up 16%17 March 2010, Published under Cement NewsEgypt’s Misr Cement Qena posted a 16 per cent rise in full year 2009 net profit to E£352.3m (US$64m), the stock exchange said on Sunday. Net profit in 2008 was E302.9m. |
Italcementi Finance plans to sell 10-year bonds in euros17 March 2010, Published under Cement NewsItalcementi Finance SA is selling 10-year bonds in euros, according to a banker involved in the transaction. Banca IMI SpA, Bank of America Merrill Lynch, BNP Paribas SA, and Societe Generale SA are actively managing the sale, the banker said. |
Athi River Mining profits up, Kenya15 March 2010, Published under Cement NewsAthi River Mining Ltd (ARM), has announced a 34 per cent increase in its 2009 full-year pre-tax profit as stiff competition looms from anticipated new players. The listed firm saw an across-the-board increase in sales as its pre-tax profit jumped to KES948.7m (US$12.4m). Its turnover rose 11 per cent from KES4.6bn in 2008 to KES5.1bn for the financial year under review. “Though 2009 was a challenging year in view of the global financial crisis that reduced liquidity in the markets, the com... |