Cement News tagged under: corporate
Binani Cement 3Q net profit falls30 January 2009, Published under Cement NewsIndia’s Binani Cement Ltd said Friday its third-quarter net profit fell to INR84.9m from INR539.5m a year earlier on higher cost on imported coal. Net sales rose 54.5% to INR3.60bn from INR2.33bn a year earlier. The company couldn’t pass on the "substantial increase" in the cost of imported coal to customers, it said in a statement. |
TPI Polene swings to 2008 net loss29 January 2009, Published under Cement NewsTPI Polene of Thailand said Thursday it swung to a net loss of THB5.45bn (US$56.1m) in 2008 from a net profit of THB2.33bn the previous year, due mainly to a fine of THB6.90bn stemming from a stock manipulation conviction. Thailand’s third largest cement maker posted sales of THB25.71bn in 2008, up 3.1% from a year earlier. The company booked THB383.7m in foreign exchange translation losses, compared with THB399.8m gains in 2007. Thailand’s Criminal Court found TPI Polene and its founder,... |
Madras Cements 3Q net profit falls29 January 2009, Published under Cement NewsIndia’s Madras Cements Ltd said Thursday its fiscal third-quarter net profit fell 43% from a year earlier, hurt by higher fuel, transportation and interest costs. For the quarter ended Dec. 31, the company reported a net profit of INR627.3m, down from INR1.11bn in the same period a year earlier. Net sales during the quarter rose 19% to INR6.09bn from INR5.12 billion in the corresponding year-earlier period. During the third quarter, cement companies in India struggled with sluggish demand... |
Cemex successful completion of refinancing29 January 2009, Published under Cement NewsCemex announced that it has successfully completed its refinancing plan. Cemex had previously announced that it had selected five banks to coordinate a global effort to: i) negotiate new long-term syndicated facilities to replace existing short-term bilateral facilities; ii) extend the maturity by one year of a portion of the US$3bn Rinker acquisition syndicated loan facility due in December 2009 and iii) amend the leverage ratio covenant, among other conditions, of certain existing syndica... |
Siam Cement posts quarterly loss28 January 2009, Published under Cement NewsSiam Cement, Thailand’s fourth- largest publicly traded company, posted the first quarterly loss in eight years after sales collapsed and tumbling commodity prices forced it book a record inventory writedown. The loss was THB3.48bn (US$99.7m) in the three months to Dec. 31 compared with profit of THB5.77bn a year earlier, the company said today. The Thai economy may enter its first recession in a decade this quarter after anti-government protests and the global recession curbed demand, acc... |
Cemex seeks US$2bn from asset sales28 January 2009, Published under Cement NewsCemex has confirmed that it aims to nearly double the amount raised from asset sales to more than US$2bn this year and use the proceeds to pay down its hefty debt. Lorenzo Zambrano, chairman and chief executive, told the Financial Times that the Mexico-based company would step up an existing programme of divesting US$1.1bn in non-core assets to help meet total debt repayment obligations for 2009 of US$5.7bn. Source: FT.com |
Boral profit forecast by one third28 January 2009, Published under Cement NewsWeaker construction markets in the USA, Asia and Australia has led to Boral reducing its profit guidance for the year to the end of June from Aus$200m to Aus$120m. The main reason for the reduction is the sharper than expected fall in housebuilding activity, notably in the United States, but also in Australia. Boral has reduced its forecast for US housing starts for 2008/09 by almost 20% to around 625,000, while Australian starts are now expected to be around 135,000, a 13% reduction fr... |
Fitch: negative outlook for European building materials sector27 January 2009, Published under Cement NewsFitch Ratings says the 2009 credit outlook for European building materials (EBM) companies is Negative, as ongoing difficult trading conditions in some key markets are likely to affect operating cash flows. This would put pressure on ratings, at a time when headroom is limited following recent acquisition activity. De-leveraging will be challenging in 2009 and Fitch believes that issuers which are reliant on divestments to reduce their debt levels - such as HeidelbergCement AG (HC, ’BB-’(BB... |
HeidelbergCement delays 2008 report to February26 January 2009, Published under Cement NewsHeidelbergCement AG has put off the release of its figures for full 2008 to the second week of February, dropping initial plans to present the numbers at end-January. Revenue rose to EUR10.8bn in the first nine months of 2008, up 49% year-on-year, while operating profit climbed 15.6% to EUR1.6bn for the period. |
TPI sees setback in bid to delay fine, Thailand23 January 2009, Published under Cement NewsTPI Polene Plc, the country’s third-largest cement maker, has had its petition to suspend payment of a THB6.9bn fine rejected by the Appeal Court, which said it must file the request to the Criminal Court first. A legal expert said that the rejection appeared to be on technical grounds, as the petition would ultimately need a ruling from the Appeal Court, but simply must be filed with the Criminal Court first. The Criminal Court last year convicted the company of violating the Securities a... |