Cement News tagged under: corporate
Eagle Materials Manages to improve profits23 October 2009, Published under Cement NewsEagle Materials’ turnover, including its share of the Texan cement joint venture with HeidelbergCement, fell by 26.6 per cent to US$299.5m for the six months of the end of September, while margins did recover and the trading profit was off by just 5.5 per cent to US$55.1m. Other expenses were 1.9 per cent higher, but the net interest charge dropped by 39.3 per cent to US$11.2m, leaving the pre-tax profit 4.5 per cent higher at US$34.7m. Turnover from cement was down by 21.5 per cent to U... |
Kenya’s Bamburi Cement sells 11 per cent in Athi Rive22 October 2009, Published under Cement NewsKenya’s Bamburi Cement sold 11 per cent of its 14 per cent stake in rival Athi River Mining. Bamburi sold 10 million shares to unspecified foreign investors via the Nairobi Stock Exchange during Monday’s session, the traders added. |
Vinita Singhania takes over as CMA President22 October 2009, Published under Cement NewsVinita Singhania, Managing Director of JK Lakshmi Cement, today took over as President of the Cement Manufacturers Association (CMA). Singhania is the first woman president of CMA. She took over the post from H M Bangur at the 48th annual session of CMA, India’s apex body of cement manufacturers. "(The) cement industry with its ambitious growth plan is poised to keep the pace of growth above the requirement of the country that has been estimated to about 290Mt by end of terminal year of XIt... |
Fitch Upgrades HeidelbergCement’s IDR to ’BB-’: outlook positive22 October 2009, Published under Cement NewsFitch Ratings has today upgraded Germany-based HeidelbergCement AG’s (HC) Long-term Issuer Default (IDR) and senior unsecured ratings to ’BB-’ from ’B’ and ’CCC’, respectively. They have been removed from Rating Watch Positive where they were placed on 12 October 2009. The Outlook on the Long-term IDR is Positive. HC’s Short-term IDR has been affirmed at ’B’. Fitch has also assigned final senior unsecured ratings of ’BB-’ to HC’s EUR1bn 7.5% notes due in 2014, EUR1bn 8% notes due in 2017 an... |
TXI, shareholders to face off today over board22 October 2009, Published under Cement NewsA showdown between the management of Texas’ largest cement producer and some of the company’s largest shareholders is set to come to a head today. Shareholders in Texas Industries Inc. are scheduled to elect three board directors at a meeting in Dallas. They have a choice between three current directors and three insurgents backed by a fund of Shamrock Holdings Inc., a Burbank, Calif.-based firm that manages the fortune of Walt Disney Co. heir Roy Disney. Shamrock, the third-largest shareh... |
Mexico’s Cemex 3Q earnings seen lower, but stabilising22 October 2009, Published under Cement NewsIn August, Cemex refinanced US$15bn in mostly bank debt, stretching maturities through early 2014. Since then it has raised US$1.78bn in a capital increase and US$1.7bn from the sale of its Australian assets to global competitor Holcim Ltd, using the money to pay down debt. At the time the debt deal was completed, company officials were cautious yet positive about prospects, as government infrastructure projects kick in and economies, particularly the U.S. economy, start to recover and gene... |
Saudi Arabia’s Southern Cement Q3 net down 5.4 per cent21 October 2009, Published under Cement NewsSaudi Arabia’s Southern Province Cement Co, the kingdom’s largest cement maker by market value, posted a 5.4 per cent fall in third-quarter net profit due to a long-standing exports ban. Quarterly earnings amounted to 141m riyals (US$37.60m) compared with SAR149m in the same period a year ago, the firm said in a statement on the bourse website on Tuesday. Operational profit declined by 5.2 per cent to SAR146m from SAR154m in the year-earlier period. "The decline in net profit is due to the ... |
China Infrastructure Construction Completes USD$10m financing21 October 2009, Published under Cement NewsChina Infrastructure Construction Corporation (CHNC), one of the major U.S.-listed providers of ready-mix concrete in Beijing, completed a USD$10m equity offering on October 16, 2009. "This financing was twice as large as originally planned, and will allow us to build on our strength as one of Beijing’s major ready-mix concrete suppliers," said CHNC Chairman and Founder Yang Rong. "We are pleased to complete our first-ever external fundraising in the U.S. capital markets, and will continue ... |
Asia Cement (China)’s net profit up 74 per cent in Jan-Sep20 October 2009, Published under Cement NewsAsia Cement (China) Holdings, a mainland subsidiary of Taiwan-based Asia Cement Corp, said Friday that its unaudited net profit reached CNY477.5m (US$69.9m) in the first nine months of this year. The figure reflects a surge of 74 per cent compared with the CNY275m earned in the same period of last year, said the company in filing with the Hong Kong Stock Exchange. Earnings per share were CNY 0.31, according to the statement. The company’s turnover during the same period was CNY3.06bn, up ... |
Does Cemex still have room to run?20 October 2009, Published under Cement NewsIf you haven’t done so lately, you might want to take a gander at the stock chart of Mexico’s big cement manufacturer, Cemex, and soak in its three-bagger status since early March. Then, if you’re up for more study, head for the company’s CAPS page, where you’ll discover that Motley Fool CAPS players who follow Cemex have awarded it full five-star status. They obviously realize that Cemex stands to benefit further as the global and U.S. economies continue to recover. Of course, cement maker... |