Cement News tagged under: corporate
CRH sees 82 per cent profits slump25 August 2009, Published under Cement NewsThe ISEQ’s biggest company CRH has announced an 82 per cent slump in before-tax profits to €108m (compared to €606m last year) for the first six months of the year. Earnings per share fell 84 per cent to 12.2c. In common with many other companies, CRH said the first quarter of the year was particularly severe, with the rate of decline easing in the second three months. However, CRH was cautiously optimistic about the rest of the year. CRH boss Myles Lee said: "While overall group profitabi... |
Capital Group cuts stake in Anhui Conch Cement to 5.7%25 August 2009, Published under Cement NewsCapital Group Companies Inc recently cut its shareholding in Anhui Conch Cement Co Ltd to 5.7% from the previous 6.04%, according to the bourse operator Hong Kong Exchanges and Clearing. HKEx said Capital Group on Aug. 18 sold 1.49 million H shares of the Chinese cement producer for HK$73.57 million. Anhui Conch Cement week said its net profit was RMB 1.28 billion in the first half of this year, down 2% year on year. H shares of Anhui Conch Cement dropped 2.01% to end at HK$53.65 yesterda... |
TXI boardroom battle, US24 August 2009, Published under Cement NewsManagement at the Dallas-based cement maker faces a new onslaught from the people who waged one of this decade’s most celebrated boardroom brawls. The challengers’ top target: TXI’s 73-year-old chairman, Robert Rogers, son of company founder and Dallas civic leader Ralph Rogers. The latest offensive against TXI management comes from Shamrock Holdings, an investment firm in Burbank, Calif., that was founded by Roy Disney, Walt Disney’s nephew. Roy Disney and Shamrock’s chief executive, Stanl... |
Adelaide Brighton sticks to outlook, Australia21 August 2009, Published under Cement NewsAdelaide Brighton’s managing director Mark Chellew said yesterday that commercial activity would be ’difficult’ for the next 12 months, although the company was ’relatively pleased the impact of the global financial crisis has been relatively minor on our business so far.’ Andrew King, portfolio manager for Concise Asset Management, which owns shares in Adelaide Brighton, expressed confidence over the future outlook for the company and said it was a ’well-run company’. Debt dropped by 27 p... |
SCCC’s profit decline slows as demand revives21 August 2009, Published under Cement NewsIn 2Q09, Siam City Cement Plc (SCCC) posted a fall of 9.5% in net profit on a YoY basis to THB695m. In the wake of falling demand, sales were down at THB4.92m (-5.7% over THB5.21m in 2Q08). As projected earlier, in 1H09, a fall in both domestic and export markets of cement was observed. The operating margin during 1H09 was 215 (22% in 1H08). Depending upon a stable political and economic environment, SCCC anticipates that in 2H09, demand for cement will remain at about the same level as in... |
FLSmidth reports 2Q rise21 August 2009, Published under Cement NewsFLSmidth & Co. A/S reported a 17% rise in second-quarter net profit and said it will pay an extraordinary dividend, but also warned that its order intake had plunged to its lowest level since 2004. The Danish engineering company also raised its operating margin forecast for 2009 to 8.5%-9% from the previous estimate of 8%-9%. Chief Executive Jorgen Huno Rasmussen said the firm still has a deep order backlog and that it continues to benefit from industrialization and urbanisation in developi... |
Forbes: billionaire on the brink?20 August 2009, Published under Cement NewsAliko Dangote, Nigeria’s first billionaire and richest man (net worth: $2.5 billion), has faced down bitter rivals like Femi Otedola, one-time billionaire who fell off Forbes’ billionaires list in late March, and intransigent regulators who slowed the process of taking public his cement company. Now he is up against the biggest threat of all: insolvency as the global recession rocks Nigeria. On Wednesday, Dangote was one of dozens of executives singled out by Nigeria’s central bank, which h... |
Fitch changes Cemex outlook to stable, leaves rating At B19 August 2009, Published under Cement NewsFitch Ratings said Tuesday it affirmed cement company Cemex’s (CX) credit rating at B, and changed the outlook to stable following the company’s US$15bn debt refinancing. "Positively, the structure of Cemex’s new amortization schedule minimises the risk of a near-term default by Cemex and should allow the company to further pursue its plan to strengthen its balance sheet and de-leverage the company over the next few years by using free cash flow, an equity issuance as well as selling addit... |
Sephaku to list on JSE main board19 August 2009, Published under Cement NewsSouth African diversified exploration company Sephaku Holdings would list on the main board of the JSE on Friday. “We are indeed delighted to list our company on the JSE. We have, over the last four years, built a company with a solid strategy and [an] equally solid portfolio of assets. Our commitment to our shareholders, 54% of whom represent previously disadvantaged groupings and individuals, has always been to list the company and we are proud to do so this week,” Sephaku founder and ex... |
Readymix posts first half loss of EUR6.9m19 August 2009, Published under Cement NewsCement products supplier Readymix has posted a pre tax loss of EUR6.9m for the six months to June, as conditions in its marketplace "further worsened". The loss was, however, down 28 per cent on that of the same period last year, as the company continued to shed staff and cut other costs. Its operating loss dropped by 17 per cent to EUR7.07m, but revenues from continuing operations were down by 45 per cent to EUR41.63m from the same period last year. In a statement with its results, it... |