Cement News tagged under: corporate
UAE: Union Cement Q2 down on input, fuel costs29 July 2008, Published under Cement NewsUnion Cement Co posted a 60.2 per cent drop in net profit in the second quarter on high raw material and fuel costs, as well as a sharp decline in income from investments in shares. Net profit in the three months ended June 30 fell to AED38.22m (US$10.41m) from AED96.06m in the same period last year, below two analysts’ forecasts in a survey last month. . Earnings per share for the second quarter fell to AED0.06 from AED0.15, the UAE’s third-largest producer by market value said in a sta... |
Binani Cement plans international arm29 July 2008, Published under Cement NewsBinani Cement, the Braj Binani-backed cement manufacturer, will set up an international subsidiary for its overseas operations and may list it at the London Stock Exchange’s Alternative Investment Market (AIM) later. Vinod Juneja, the managing director of Binani Cement, said the international subsidiary would be floated in a year’s time. Increasing focus on the overseas market, the company will set up two grinding units—one at South Africa and another at either Mauritius or Madagascar—with... |
Kuwait Cement Co US$139m net profit28 July 2008, Published under Cement NewsKuwaiti cement producer Kuwait Cement Company registered a decline in its net profit to KWD37.1m (US$139.6m) for the first half of 2008 from KWD40.4m (US$152.1m) in the corresponding period a year earlier, local media reported on July 27, 2008. The earnings per share (EPS) stood at 69.4 fils ($0.216) in the first six months of 2008, compared with 75.3 fils ($0.283) a year ago. In the second quarter of 2008, Kuwait Cement registered a net profit of KWD27.6m (US$103.9m), compared with KWD2... |
Oman Cement Q2 profit falls 13 per cent28 July 2008, Published under Cement NewsOman Cement Co posted a 13.1 per cent drop in second-quarter profit to OMR3.57m (US$9.28m), missing two analysts’ forecasts. The firm’s first-half profit fell 16.6 per cent to OMR7.56m, it said in a statement on the bourse website, without giving quarterly data, which Reuters calculated based on previous financial statements. Oman Cement made OMR4.11m in the second quarter of 2007 and OMR3.99m in the first quarter of this year, according to Reuters data. The quarterly earnings missed ... |
JK Lakshmi Cement Q1 net falls 43.49%28 July 2008, Published under Cement NewsJK Lakshmi Cement disclosed a substantial drop in standalone net profit for the quarter ended June 2008. During the quarter, the profit of the company declined 43.49% to Rs386.90m from Rs684.60m in the same quarter last year. The company reported earnings of Rs 6.32 a share during the quarter, registering 47.29% decline over previous year period. |
Shanshui Cement raises additional US$273m28 July 2008, Published under Cement NewsChina Shanshui Cement announces that it raises an additional $273m as its over-allotment option has been fully exercised in respect of an aggregate of 97.626m shares at $2.8 per share. The company raises $264.4m additional net proceeds. Immediately after the issue and allotment of the over-allotment shares, approximately 27.73% of the entire issued share capital of the company will be held by the public shareholders. |
Athi River Mining to create five subsidiaries, Kenya25 July 2008, Published under Cement NewsAthi River Mining, will transform its five divisions into wholly-owned subsidiary companies, as part of a drive to boost competitiveness. Currently the firm’s product divisions; Rhino Cement, Sodium Silicate, Minerals, Lime and Mavuno fertilisers are run under an umbrella unit but this will change by January 1,2009. Analysts said the re-organisation strategy is likely to boost performance because each subsidiary will have its independent targets, unlike the blanket management system where... |
Siam Cement Q2 profit down but beats forecast23 July 2008, Published under Cement NewsSiam Cement PCL (SCC), Thailand’s biggest industrial conglomerate, reported an 18 per cent fall in quarterly net profit on Wednesday as higher costs offset increased product prices, but it was better than forecast. Siam Cement has stakes in more than 100 petrochemical, cement, paper and related businesses and is often seen as a bellwether for Thailand’s economy. The firm, which earns up to half of its profits from petrochemicals, reported April-June earnings of 7.20 billion baht ($216 mill... |
AfriSam ties up deal with R6bn funding22 July 2008, Published under Cement NewsConstruction materials group AfriSam said on Friday it was ready to grow its business now that it had secured ZAR6bn in equity investment funding from the Public Investment Corporation (PIC). Last week the PIC approved a financing package worth ZAR6bn for black-owned AfriSam to replace a bridge financing facility provided to AfriSam by Holcim last year. The move marked the completion of the transfer of 85% of Holcim’s shareholding to the Afrisam Consortium. The sale of the 85% stake, ann... |
Goldman cuts Anhui Conch, CNBM to sell21 July 2008, Published under Cement NewsGoldman Sachs cut China’s Anhui Conch and China National Building Materials to sell from neutral, citing a gloomy outlook for the country’s cement industry. Cement producers are struggling to pass on sharp coal and power tariff increases, the bank said in a research note. "We downgrade CNBM to sell from neutral...mainly due to our concerns of aggressive expansion and associated high gearing when the cycle is coming down," the bank said. The investment bank sees downside potential for c... |