Cement News tagged under: corporate
Conch cuts capex, stimulus to aid industry, China10 February 2009, Published under Cement NewsAnhui Conch Cement Co Ltd expects gross profit per tonne to rise this year, an executive said on Tuesday. Anhui Conch will cut planned capital spending in 2009 by 30 per cent to CNY7bn (US$1.03bn) since some projects are behind schedule, executive director Guo Jingbin told Reuters in a telephone interview. It spent CNY5bn in capital investment expenditure last year, or 29 per cent below its original plan of CNY7bn. "The progress of some projects is slower than expected due to external re... |
China National Building may sell assets to cut debt10 February 2009, Published under Cement NewsChina National Building Material Co., the country’s second-biggest cement maker, may sell assets to reduce a record amount of debt that is creating an overhang on the stock, said President Cao Jianglin. CNBM, as the company is known, “is investigating” selling equipment and leasing it back to bolster cash flow, Cao said in an interview. “In good economic conditions, the gearing ratio will naturally decrease when operating cash comes in,” said Sinopac Asia Securities Ltd. analyst Jay Zhou ... |
Vulcan’s volumes fall, but prices rise10 February 2009, Published under Cement NewsVulcan Materials increased turnover by 9.7% last year to US$3651.4m, helped by a full year’s contribution from Florida Rock, compared with only six weeks in the previous year. The turnover from aggregates was off by 1.7% to US$2404.5m, while the asphalt and ready-mixed concrete sales figure rose by 56.8% to US$1201.2m thanks to the addition of Florida Rock, that also gave rise to a cement turnover of US$106.5m. The EBITDA declined by 9.6% to US$886.5m and the trading profit fell by 29.8% t... |
High coal prices dent cement firms’ realisations, India09 February 2009, Published under Cement NewsIndian cement companies continued to reel under the high cost of production besides a fall in demand due to delay in execution of infrastructure and housing projects on the back of liquidity crisis in the third quarter of the financial year. Realisations when compared on a sequential basis were almost flat for the major cement companies except for Madras Cements and India Cements. Madras Cements reported a drop of 23 per cent in the third quarter realisation at Rs 149 per 50 kg bag against ... |
RAK Cement reports loss, UAE09 February 2009, Published under Cement NewsRas Al Khaimah Company for White Cement & Construction Materials Company (RAK Cement) said it posted a loss of Dh81.8m in 2008. The company had a loss of Dh81.8m, or Dh0.18 a share, compared with a profit of Dh160.5m, or Dh0.34 per share, a year earlier, the company said in a statement. The firm’s revaluation loss of Dh117m on its investments in 2008 compared with a gain of Dh65.9m in the previous year. Meanwhile, the company said its production levels continues to remain the same despit... |
Yanbu Cement 2008 net profit down06 February 2009, Published under Cement NewsThe net profit of Saudi cement producer Yanbu Cement Co (YCC) dropped to SAR559.7m (US$149.2m) in 2008 from SAR660.9m in 2007, equal to a decrease of 20%, YCC said in a filing to the Saudi Stock Exchange. YCC attributed the decrease to lower sales due to planned extensive maintenance activities of the clinker kilns at the company’s old plant. The earnings per share (EPS) stood at SAR 5.33, down from SAR 6.29. The company reported a 14.5% year-on-year decline in the operating profit to SAR... |
Dalmia Cement Q3 net plummets 78.93%03 February 2009, Published under Cement NewsDalmia Cement (Bharat) announced a substantial drop in standalone net profit for the quarter ended December 2008, due to low operating margins and high interest cost. During the quarter, the profit of the company declined 78.93% to Rs 237.10m from Rs 1,125.40min the same quarter last year. Net sales for the quarter rose 12.83% to Rs 4,099.40m, while total income for the quarter fell 11.45% to Rs 4,060.20m, when compared with the prior year period. The company reported earnings of Rs 2.93 ... |
Consolidation on the cards: Fitch report03 February 2009, Published under Cement NewsIn its outlook released today, Fitch Ratings has said that with depressed valuations and smaller players getting realistic about their expectations, some more consolidation in the industry is on the cards. The report cautioned that smaller players could face issues like fund availability and working capital. “Smaller entities with poor cost structures and ongoing debt-led capex would be more vulnerable during the cement down turn,” the rating agency said. However, for larger players, the r... |
Gresik planning to acquire foreign cement company02 February 2009, Published under Cement NewsPT Semen Gresik has appointed Credit Suisse as its financial advisor with regard to its foreign acquisition plan. "We appointed Credit Suisse two weeks ago," its vice president director, Heru D Adhiningrat, said after an extraordinary general shareholders’ meeting here on Friday. He said Credit Suisse would need a month before it could give its assessment and recommendation on which company to acquire. "They will also seek a proper cement company for us in Southeast Asia. Until now they ... |
Dalmia Dec quarter net falls by over 75%30 January 2009, Published under Cement NewsDalmia Cement (Bharat) Ltd on Thursday said net profits for the December quarter were dragged down by more than 75 per cent due to rising energy costs and falling cement shipments. The south-India focused firm, which gets three-quarters of its revenue from cement, despatched 687Mt of cement in the October-December period, seven per cent less than a year ago. Power and energy costs rose 39 percent to INR1bn, slamming profit down to INR237m from INR1.13bn a year ago, Dalmia said in a statemen... |