Cement News tagged under: corporate
Cemex may benefit from money transfers01 December 2009, Published under Cement NewsA revival in money transfers to Mexico may increase demand for everything from cement to mobile- phone service, improving the profit outlook for Cemex and America Movil SAB, according to brokerage Vector Casa de Bolsa. Remittances are poised to climb as much as 5 percent in 2010 as the U.S. economy recovers, according to a report this month by Mexico City-based BBVA Bancomer SA, the nation’s largest lender. The payments likely will drop as much as 13 percent this year. Vector Casa de Bolsa... |
PVFC to finance project in Central Vietnam30 November 2009, Published under Cement NewsPetroVietnam Finance Joint Stock Company (PVFC), the largest finance company in Vietnam, inked a deal to finance VND250bn ($13.53m) for 12-9 Anh Son Cement JSC to build a cement plant in the central province of Nghe An on Nov. 25. Work on the plant capitalized VND814 billion started in Hoi Son commune, Anh Son district on Nov. 25, PVFC said on its website Thursday. Once operated in the first quarter of 2011, the 15.7-ha facility will be capable of producing 550,000tpa of cement. |
Holcim Apasco expecting US$73mn from accounts receivable securitisation29 November 2009, Published under Cement NewsHolcim Apasco, a subsidiary of Holcim, expects to raise up to 950mn pesos (US$73.1m) from a securitization of accounts receivables, in a move to replace its short-term debt with long-term debt, paper Milenio reported. The transaction represents the company’s return to the stock market after a five-year absence, according to Holcim Apasco’s investor relations director Gustavo Gastélum. Part of the proceeds will be injected into new spinoff company Apacim, which will offer financing solution... |
Kuwaiti Hilal Cement 9-mo net profit drops27 November 2009, Published under Cement NewsThe net profit of Kuwaiti cement producer Hilal Cement) declined to KWD315,100 (US$1.1m) for the nine months ended September 30, 2009, from KWD 1.26m a year ago. The earnings per share (EPS) stood at 5 fils compared to 20 fils. For the third quarter of 2009, the company posted a net profit of KWD635,547, up from KWD 316,159 in the same period last year. The total assets declined to KWD 22.1m at end-September 2009 from KWD 24.6m at end-September 2008. In April 2008, Hilal Cement said it h... |
ING starts covering Italcementi with "hold"27 November 2009, Published under Cement NewsAnalysts at ING have started coverage of Italian cement maker Italcementi with a "hold" recommendation on the stock. The broker has set its share price target at EUR 10.20. Italcementi had fallen 3.56% to EUR 9.065 at 1535 CET on Thursday on a Milan blue-chip index plummeting around 3%. |
Banca IMI, Deutsche Bank to lead Buzzi Unicem’s bond issue27 November 2009, Published under Cement NewsBanca IMI and Deutsche Bank will act as joint lead managers and joint bookrunners of Italian cement maker Buzzi Unicem’s benchmark bond of EUR300m-400m (USD453.4m). The company will issue the bond for institutional investors before Christmas and will determine its maturity based on investors’ response and the market conditions. Buzzi Unicem will issue the instrument as approved by its board of directors on November 11. Standard & Poor’s (S&P) gives Bbb long term rating, A-3 short-term rati... |
Significant fall in Cimpor 9-month profits27 November 2009, Published under Cement NewsCimpor’s turnover for the first nine months emerged 0.3% lower at €1565m, but, thanks to a 1.6% reduction in operating costs, the EBITDA showed a 2.9% improvement to €457m. Group cement shipments increased by 2.1% to 20.53Mt, as higher tonnages in Egypt and China more than made up for the reduction in the Iberian peninsula, Turkey and South Africa. The aggregates volume declined by 12.6% to 10.7Mt and ready-mixed concrete deliveries fell by 16.7% to 5.5Mm³, with downstream volumes affected b... |
Saudi Yamama Cement 9-month net profit down26 November 2009, Published under Cement NewsSaudi cement producer Yamama Cement Company registered a 17% YoY decline in its net profit for the nine months of 2009 to SAR 416.6m (US$111.1m) from SAR 525.8m a year ago. The earnings per share (EPS) stood at SAR 3.09, down from SAR 3.89. The operating profit stood at SAR 424.3m for the first nine months of 2009, down from SAR514.8m a year earlier. For the third quarter of 2009, the company posted a net profit of SAR125.3m, up 25% year-on-year. |
Peru’s Cemento Andino to get US$162m loan for expansion26 November 2009, Published under Cement NewsPeru’s Cemento Andino will receive a US$162m loan to increase cement-production capacity, the Andean Development Corporation, or CAF, said Wednesday. Cemento Andino is based in the central province of Junin.. The operation will be co-financed by Peru’s largest bank, Banco de Credito de Peru, the CAF said in a statement. The terms of the deal, described as a long-term lease, state Banco de Credito will be the sole lender to Cemento Andino, while the CAF will share the credit risk with a g... |
Cimpor’s profits boosted by derivatives trading26 November 2009, Published under Cement NewsCimpor’s turnover for the first nine months emerged 0.3% lower at €1,565.0m, but, thanks to a 1.6% reduction in operating, the EBITDA showed a 2.9% improvement to €457.03m. A 10.6% increase in depreciation charges and provisions let to a 0.7% reduction in the trading profit (EBIT) to €299.6m. Net interest payments declined by 12.7% to €51.5m, but total financial charges, which had shot up last year, were actually more halved to €53.3m, with the result that the pre-tax profit rose by 46.4% ... |