Cement News tagged under: corporate
Lucky Cement land acquisition is legal25 April 2016, Published under Cement NewsLand acquired by Lucky Cement, Pakistan, in a Buchal Kalan, Kallar Kahar, Punjab for a new cement factory has been declared legal, according to a report in The Express Tribune. Lahore High Court had stopped the Punjab government from acquiring the land in Buchal Kalan village for the cement factory after villagers mounted a legal challenge against the move. The petitioners has argued that two cement factories were already operating near their village and that a third could result in en... |
Qatar National first quarter profits slip25 April 2016, Published under Cement NewsQatar National Cement Co. has released an interim financial statement for the three-month period ended March 31, 2016. The statements show that the net profit over the period fell by 1.6 per cent YoY, from QAR125.76m (US$34.53m) to QAR123.79 (USD33.99m). |
Italcementi workers presents demands25 April 2016, Published under Cement NewsThe Italian unions Feneal Uil, Filca Cisl and Cgil Fillea representing Italcementi cement workers, have announced a strike in response to the industrial plan proposed by the government, which may result in 415 dismissals this year and further 250 redundancies in 2017. On 14 April, workers at Italcementi declared their intention to strike, arguing that Heidelbergcement, which is in the process of acquiring the Italian cement manufacturer, had failed to address workers’ concerns. HeidelbergCe... |
Semen Indonesia signs cost-cutting deal with Pertamina25 April 2016, Published under Cement NewsSemen Indonesia (SI) has signed an agreement with oil and gas firm Pertamina that will see the latter provide oil for SI’s needs in production, transportation and logistics. The Jakarta Post says the deal could save SI up to IDR1tn (USS$75.7m) and would also involve Pertamina providing assistance in converting SI’s operations to gas power. Semen Indonesia’s president director Suparni said: “[The agreement] is to ensure that the company can increase its operations and also to help in th... |
China Resources Cement sees profits fall by 99%25 April 2016, Published under Cement NewsChina Resources Cement (CRC) has seen profits attributable to owners fall by 99 per cent to HKD6.6m (US$850,000) for the first three months of 2016 as compared to the same period in 2015. The firm's revenues fell by 24 per cent to HKD4.7bn (US$610m) in 1Q2016. The company was hit hard by falling prices: sales volumes rose from 15Mt in 2015 to 15.8Mt, but average prices fell by 27 per cent to HKD232.8/t (US$30/t). Sales volumes fell 14 per cent to 5.6Mt in Guangdong – CRC’s biggest prov... |
Cemex Latam Holdings SA's 1Q16 sales down 11%22 April 2016, Published under Cement NewsCemex Latam Holdings SA (CLH) announced today that consolidated net sales reached US$316m during the 1Q16, a decline of 11 per cent versus 1Q15. This decline is mainly explained by foreign-exchange fluctuations and lower sales in our operations in Panama and Costa Rica. Adjusting for foreign-exchange fluctuations, consolidated net sales in the first quarter rose by three per cent, on a YoY basis. Operating EBITDA, also adjusted for foreign-exchange fluctuations, increased by six per cent, ... |
India: Jaypee reduces northern cement supply22 April 2016, Published under Cement NewsDebt-laden Jaiprakash Associates Ltd has withdrawn itself from some of its cement markets in north India as part of streamlining its operations even as lenders continue to prod the firm to shed assets and pare debt, reports Mint. The company has drastically cut its cement supply to markets in the north, said two Delhi-based cement dealers. A spokesperson for the parent Jaypee Group confirmed that the company has chosen to withdraw from certain markets of Haryana and Delhi. "The com... |
Zimbabwe: Lafarge Cement records 2015 loss22 April 2016, Published under Cement NewsLafarge Cement Zimbabwe has said that expects to see a return to profitability in 2016 after recording a loss of US$1.9m in 2015. Announcing its results for the year, Lafarge blamed the economic conditions in the country, including the liquidity crunch and the poor agricultural season. This Day quotes a company spokesperson as saying "We expect the general trading environment to exert sustained pressure on prices due to the ongoing economic stress. However, we anticipate improved profi... |
Dangote: Nigeria’s currency woes will not alter expansion plans22 April 2016, Published under Cement NewsDangote Cement’s annual general meeting, held in Lagos, has seen Aliko Dangote set out his plans to grow the business despite worsening economic conditions, particularly in the company’s Nigerian base. According to reports in This Day, Mr Dangote claimed that foreign exchange volatility – a reference to the Nigerian government’s resistance to calls to devalue the naira – would have no significant impact on the company and its expansionary strategy. Addressing the AGM, Mr Dangote said: ... |
India: Piramal invests US$38m in Gujarat cement company22 April 2016, Published under Cement NewsPiramal enterprises has invested US$38.4m in Sanghi Industries, a Kutch-based cement company with 4.1Mta capacity and plans to add a further 4Mta. Earlier in the month, Sanghi exited its corporate debt restructuring mechanism, having repaid US$40m. The firm’s capital expansion plans require a total of around US$165m. According to reports in the Hindu, the capacity addition will cost less than US$50/t. The expansion will take place at one of Sanghi's existing sites. The company has huge... |