Cement News tagged under: corporate
Birla group may hike stake in Grasim12 November 2009, Published under Cement NewsThe Aditya Birla Group may scale up its equity stake in Grasim Industries next financial year to ring-fence from any hostile take-over attempt, two persons close to the matter said, reports the Economic Times. The US$28bn group is in the midst of restructuring its cement business by divesting the cement operations of Grasim into an intermediate firm, Samruddhi Cement, which will eventually be merged with UltraTech Cement. The diversified Birla group holds a 25% stake in Grasim which holds 5... |
Pakistan cement sector reports fall in earnings11 November 2009, Published under Cement NewsThe Pakistan cement sector recorded a nine per cent drop in profitability for the first quarter of the year ended September. Aggregate profit after-tax of almost all units combined stood at PKR1,030 for 1QFY10, compared to Rs1,131 million in the corresponding three months of the previous year. Cement units located in the North were seen to have endured bigger loss of Rs71 million, compared to losses at Rs39 million in the same time last year. Units in the South continued to contribute earni... |
Benue Cement posts N27bn turnover11 November 2009, Published under Cement NewsBenue Cement Company (BCC) Plc has recorded a turnover of N27.23bn (US$177m) in its third quarter results ended September 2009. It posted a Profit After Tax (PAT) of N12.97 billion for the year under review. The company’s performance in third quarter was stifled by the limited supply of LPFO, its key energy input BCC, however, noted that LPFO supply to its Kilns has normalized and on this, expects fourth quarter performance to be more favorable relative to previous quarters The company’s... |
Indonesian infrastructure plays offer upside11 November 2009, Published under Cement NewsIndonesian cement producer Semen Gresik and construction firm Wijaya Karya are among stocks set to gain from plans to improve infrastructure over the next five years, a senior fund manager at a unit of Bank Mandiri said. Abiprayadi Riyanto, president director of PT Mandiri Manajemen Investasi, said he expects several infrastructure sector stocks to benefit from the government’s renewed focus on building roads, ports, and power plants in order to attract foreign investment and lift the pace ... |
CRH expects EBITDA to drop by one-third this year11 November 2009, Published under Cement NewsCRH reports its third quarter EBITDA being down by around a quarter, compared with the 41% drop seen in the first half, and the company expects a sharper decline in the fourth quarter than in the third and suggesting a reduction in the EBITDA for the year of around one-third. With an adverse impact from exchange rate movements, the pre-tax profit for the full year is expected to be in the region of €750m, which would translate into drop of 53.9%. Capital expenditure in 2009 is likely be ap... |
Sri Lanka Tokyo Cement Sept net falls on building slowdown10 November 2009, Published under Cement NewsSri Lanka’s Tokyo Cement group said September quarter net profit fell 12 per cent to 139 million rupees from a year ago owing to a drop in sales which however are expected to pick up. The firm said in a stock exchange filing of interim results that sales during the quarter were flat at 4.3 billion rupees although operating profit rose by half to just over a billion rupees. Earnings per share fell to 5.15 rupees from 5.84 rupees over the period The company is a joint venture between Nippon... |
Italcementi: Egypt growth insufficient to cover reductions elsewhere09 November 2009, Published under Cement NewsItalcementi turnover for the first nine months declined by 12.9% to €3,847.5m and the running EBITDA was down by 13.1% to €787.7m. The trading profit fell by 29.9% to €405.2m and the net attributable profit by 47.7% to €103.5m, with minority interests claiming more than this with €117.9m, largely because of the structure relating to the highly profitable Egyptian business. The net debt at the end of September was marginally lower than a year earlier at €2,553.6m, giving a gearing leve... |
China Resources Cement Jumps by Record on Credit Suisse Rating06 November 2009, Published under Cement NewsChina Resources Cement Holdings Ltd. surged the most on record after Credit Suisse Group initiated coverage on the stock with an “outperform” rating, saying the company will have the highest per-ton profit among its top peers in 2010. The stock jumped 5.7 percent to HK$4.05 and was headed for a record close as of 12:21 p.m. in Hong Kong. It was its biggest gain since its trading debut on Oct. 6. Credit Suisse set its share-price estimate for China Resources Cement at HK$4.30, according to ... |
Cementir’s pre-tax profit falls by 62.6%06 November 2009, Published under Cement NewsCementir’s turnover for the nine months to the end of September declined by 26.8% to €630m, a slightly lower rate of decline than what had been seen during the first half. The EBITDA was down by 42.2% to €100m and the trading profit dropped by 65.7% to €40m and the pre-tax profit by 62.6% to €38m. Costs have been cut, raw material and transport costs being down by 25.4%, staffing levels being reduced by 10.5% to 3,509 people and other costs being reduced by 31.5%. Net debt came down by ... |
Lafarge reports higher earnings but outlook mixed06 November 2009, Published under Cement NewsLafarge’s turnover declined by 14.9 per cent to €12,243m in the first nine months of 2009 and the EBITDA was down by 20.9 per cent to €2832m. The company reported 3Q earnings of €404m, some €8m below its own consensus estimates and down from €647m a year ago. Current operating income was disappointing at €852m, around €44m less than the company’s estimates with shortfalls in the concrete and aggregates divisions although all three divisions were down equally in percentage terms. Better earni... |