Cement News tagged under: corporate
Big Boss Cement to prove concept to Board of Investments22 January 2018, Published under Cement NewsHenry SY JR's Big Boss Cement Inc (BBCI) failed to get initial approval after the Philippine Board of Investments (BOI) denied its first application, because it lacked 'proof of concept'. BBCI President, Gilbert Cruz, said they filed a motion on Friday for reconsideration to the BOI to show their proof of concept. According to Mr Cruz, BBCI's initial application filed last year was disqualified by BOI because their process does not produce clinker. Mr Cruz, who claims to have tweaked the ... |
UltraTech reports 37% volume jump in 3QFY1819 January 2018, Published under Cement NewsUltraTech Cement Ltd, an Aditya Birla Group Company, has announced its unaudited financial results for the quarter ended 31 December 2017 (3QFY18). Net sales stood at INR78,970m (US$1.23bn) as compared to INR59,270m (US$145.4m) in the corresponding period of the previous year, the company statement read. EBITD was INR14,940m vis-à-vis INR12,800m in the corresponding period of the previous year. Profit after tax was INR4560m as against INR5950m in 3QFY17. On a standalone basis, net ... |
Star Cement sells 3% stake through open market transactions19 January 2018, Published under Cement NewsStar Cement has sold a 3.34 per cent stake in the company worth INR1.82bn (US$28.5m), according to Money Control. The sale was made through open market transactions by three promoters of the company. The shares were disposed at average price of INR130 each. SBI Mutual Fund also bought 15.3m shares, which translates to a 3.66 per cent stake of Star Cement. These shares were priced at INR129.9, making the total transaction worth INR1.99bn. |
Maple Leaf Cement issued favourable ruling19 January 2018, Published under Cement NewsMaple Leaf Cement Factory Ltd announced on Thursday that Lahore High Court has approved the Environmental Impact Assessment (EIA) filed by the company. As a result, an order passed by the Environmental Protection Agency (EPA) last month to stop construction work at a new 7300tpd line, has been set aside. However, the company has been ordered by the court to maintain status-quo until a report delineating positive and negative areas for cement plants is issued by the Punjab Government. The ... |
UltraTech reports rise in net sales18 January 2018, Published under Cement NewsUltraTech Cement Ltd has announced that its net profit decreased by 25 per cent YoY to INR4.21bn (US$65.98m) in the October-December quarter of 2017. However, net sales of the company rose 35 per cent to INR75.8bn in the same period, according to Bloomberg. EBITDA increased by 13.9 per cent to INR12.6bn in the 3QFY18, when compared to the corresponding period of the previous financial year. "The quarter witnessed an increase in variable costs attributable to the rise in pet coke and coa... |
Invesa raises Bío Bío stake18 January 2018, Published under Cement NewsFollowing the launch of a public offer to buy 54,208,259 shares in Cementos Bío Bío (CBB) last month, Inversiones y Desarrollos (Invesa) has confirmed it has increased its stake in the Chilean cement producer to 39.5606 per cent. Invesa paid CLP847 (US$1.40)/share for the recently-bought 0.0448 per cent stake. In November it had acquired a 13.1 per cent share in CBB from Brazil-based Votorantim for around US$46m. Taking into account the shares held by other businesses of the Invesa fam... |
CDC seeks ARM divestment18 January 2018, Published under Cement NewsThe Commonwealth Development Corp (CDC), the UK government agency that acquired a 42 per cent stake in ARM Cement, is reportedly in talks with several, mostly Asian, companies to sell its shares in the Kenyan cement producer. When it invested in ARM Cement, the agency provided a US$140m cash injection to turn the cement firm around, but this has turned out to be insufficient. |
BBMG expects rise of up to 12% in net profit for 201717 January 2018, Published under Cement NewsBBMG Corp expects a rise in net profit of 0.5-11.5 per cent YoY for the full-year of 2017, reports Nikkei. This translates to a net profit between CNY2.7bn (US$418.9m) and CNY3bn for the period. The significant increase shown in these preliminary results are the consequence of higher cement sales and better margins in the company’s cement and clinker businesses. After the deduction of non-recurring items, the net profit is expected to be between -11.7 and 4.6 per cent (CNY1.9-2.25bn) when... |
Cement Industries (Sabah) inks pozzolan deal17 January 2018, Published under Cement NewsCement Industries (Sabah) Sdn Bhd (Sabah Cement) of Malaysia has signed an agreement with Ecooils Sdn Bhd for a 10-year supply of ecologically-processed pozzolan for use in Sabah Cement's products. Sabah Cement chief executive officer, Bahrul Razha Chuprat, said the processed pozzolan material, an oil palm byproduct, would enable the company to produce its blended cement product for infrastructural projects in Sabah. "By producing the blended cement product, Sabah Cement can also realis... |
Steppe Cement sees 20% revenue rise in 201716 January 2018, Published under Cement NewsSteppe Cement has announced that its full-year revenue for 2017 was 20 per cent higher than the previous year, reports Alliance News. The revenue for the period increased to KZT21.4bn (US$65m) from KZT17.9bn seen in 2016. The rise in revenue has been attributed to both an increase in cement prices and the volume of cement sold. The Kazakhstan-based manufacturer saw a 3.8 per cent YoY increase in the sales volume of cement, to 1.63Mt from 1.57Mt. Prices were up 15 per cent for 2017, with a... |