Cement News tagged under: corporate
CRH plans EUR1.2bn rights issue03 March 2009, Published under Cement NewsCRH Tuesday said it planned to raise about EUR1.238bn in a rights issue, as it posted a 12.5% fall in full-year net profit, ending 15 consecutive years of full-year growth, and said the outlook is "extremely challenging." The Irish building materials company, which has extensive operations in the U.S., said net profit for the year to end-December fell to EUR1.25bn from EUR1.43bn a year ago. Pretax profit fell 14% to EUR1.63bn, in line with market guidance. Revenue was flat at EUR20.9bn, wh... |
Oman Cement profit falls 30 per cent02 March 2009, Published under Cement NewsOman Cement Co posted a 30.1-percent drop in 2008 profit to OMR12.473m (US$32.40m), the company said in a statement on the bourse website. The firm’s full-year profit after tax fell to OMR12.473m compared to OMR18.017 in 2007, it said, without giving a quarterly breakdown or a reason for the decline. |
Colombia’s Cementos Argos ’08 net down 67 per cent02 March 2009, Published under Cement NewsColombia’s largest cement maker, Cementos Argos, said Friday its net profit for 2008 fell 67% to COP71bn is due to the housing crisis in the US, where the company operates. That figure was down from COP212bn in 2007. The company calculated its net profit for the year in dollar terms at US$47m, 55% down from US$104m registered in 2007. "A difficult year for the cement and concrete industry in the US, a satisfactory performance of our investment in Latin America and a moderate behavior of o... |
FLSmidth acquires Conveyor Engineering, USA27 February 2009, Published under Cement NewsFLSmidth and the shareholders of Conveyor Engineering, Inc. have entered into a stock purchase agreement effective 1 March 2009. Conveyor Engineering specialises in the design and supply of major bulk material handling systems for cement, mining and heavy industrial facilities worldwide. The purchase price will depend on the earnings performance in the coming years. The acquisition of Conveyor Engineering will enable FLSmidth to continue to strengthen its global growth strategy within t... |
Tabuk Cement 2008 net profit down to US$41.9m27 February 2009, Published under Cement NewsThe net profit of Saudi cement producer Tabuk Cement Company (TCC) dropped to SAR 157m (US$41.9m) in 2008 from SAR220m in 2007, equal to a decrease of 28.6%, TCC said in a filing to the Saudi Stock Exchange. TCC attributed the decrease to renovation and maintenance works, which led to a decline in production and an increase in costs, in addition to lower sales due to the Government’s ban on cement exports issued in the second quarter of 2008. The earnings per share (EPS) stood at SAR1.74, ... |
Vulcan Materials reports net loss for ’0827 February 2009, Published under Cement NewsVulcan Materials Co. has revised its 2008 earnings reported earlier this month to show a US$253m impairment charge in the fourth quarter, which drags its profit into the negative. After the impairment charge related to its cement business, the US-based aggregates company said its net earnings for the year were reduced by US$233m, or US$2.10 per diluted share. That led to a loss of US$4.4m for the year. The firm reported net earnings of US$450.9m in 2007. Vulcan said the charge was due to d... |
Indocement to repay US$50m in debt to shareholder27 February 2009, Published under Cement NewsIndonesia’s PT Indocement Tunggal Prakarsa said it will repay a debt of IDR600bn (US$50m) to HC Finance BV next month. Corporate secretary Dani Handayani said the management, however, is yet to decide how to repay the debt to the company’s majority shareholder. Originally, the country’s second largest cement producer, which is 56.14 per cent owned by HC Finance, had a debt of US$150m but it already repaid US$100m last year. Indocement has decided to shelve plan to build a number of new ce... |
CRH ’unlikely’ to seek Lafarge-style rights issue25 February 2009, Published under Cement NewsCRH is unlikely to follow French construction material groups Lafarge and Saint Gobain in pursuing a "rights issue" in the near term, unless it came across a large deal that would be too good to pass over, according to Merrion Capital. The group’s stock plunged 17 per cent last week amid reports CRH may be planning to raise €1bn from investors -- only months after the group halted a share buyback programme, where it had acquired 3.3 per cent of its stock at a cost of over €400m. Market tal... |
Cemex plans to sell US$500m bond to repay debt25 February 2009, Published under Cement NewsCemex rose the most in more than two months after Fitch Ratings said the company plans to sell US$500m of dollar-denominated bonds to pay bank debt. Cemex’s American depositary receipts rose 64 cents, or 11 per cent, to $6.28 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest one-day jump since December 16. Jorge Perez, a spokesman for Monterrey, Mexico-based Cemex, confirmed the planned bond sale and amount. Cemex said Jan. 29 it still has about $2.9bn of debt maturing ... |
Mexico hit by Cemex downgrade, U.S. bank worries24 February 2009, Published under Cement NewsMexican equities were knocked back to four-month lows Monday, with losses suffered by Cemex after a ratings downgrade and pressure from Wall Street, where stocks crumbled to 12-year lows. Mexico’s IPC fell 2% to 17,956.40. It was the lowest close for the benchmark since Oct. 23, and its fifth decline in a row. On Wall Street, investors remained on edge as the U.S. government prepared to release details this week about stress tests it plans to administer to financial institutions. The S&P 5... |