Cement News tagged under: corporate
XXIV Cemex Building Award winners announced11 November 2015, Published under Cement NewsCemex announced the winners of the XXIV Edition of the Cemex Building Award at an awards ceremony held in the Colegio Vizcainas, a nonprofit educational institution in Mexico City. This year’s Cemex Building Award received 637 entries in the Domestic Edition and 36 entries in the International Edition. The participants’ buildings were constructed in Colombia, Costa Rica, Croatia, the Dominican Republic, Germany, Guatemala, Hungary, Mexico, Nicaragua, Panama, Puerto Rico, Spain, and the Uni... |
Jorge Mario Velásquez appointed new Grupo Argos CEO11 November 2015, Published under Cement NewsGrupo Argos’ Board of Directors unanimously appointed Jorge Mario Velásquez as its new CEO, effective March 2016 following the retirement of incumbent chief, José Alberto Vélez. The selection process was headed by the Committee of Appointments and Retributions of the Board of Directors, mainly formed by independent members, and was supported by a firm specialised in selection of directive staff. Mr Velásquez (pictured right) has a BSc in Civil Engineering from Escuela de Ingenierías de... |
Italcementi’s North American and Bulgarian cement volumes ahead, but softer elsewhere10 November 2015, Published under Cement NewsItalcementi's turnover improved by 3.2 per cent to EUR3217m in the first nine months the year and the running EBITDA was 1.7 per cent ahead to EUR482.9m, while the trading profit eased by 0.4 per cent to EUR165.6m. The net interest charge declined by 14.9 per cent to EUR85.0m and, after other items, the pre-tax profit rose by 31.8 per cent to EUR60.9m in the absence of impairment charges. After a 37.2 per cent reduction in the tax charge to EUR69m, the net attributable loss was more than ... |
Cemex says strong dollar may delay higher debt rating10 November 2015, Published under Cement NewsMexican cement major Cemex said on Thursday that the strength of the US dollar could postpone the ability of the company to win back an investment grade debt rating, according to a report by Reuters. Cemex, burdened with a heavy debt load from its 2007 acquisition of Australia's Rinker, has been focusing on reducing debt in a bid to regain an investment-grade rating by 2018. "The question now is what to expect with respect to the strength of the dollar. If it stays like this, then getting ... |
India: Udaipur Cement Works sees 12.6 per cent YoY gain in Jul-Sep revenues09 November 2015, Published under Cement NewsUdaipur Cement Works reported total revenues of INR214.9m (US$3.24m) , down 4.3 per cent QoQ, but up 12.6 per cent YoY. The company also recorded a net profit of INR15.6m for the quarter ended September 2015, a significant improvement when compared with the previous quarter when a INR14.6m loss was posted as well as with the previous year’s Jul-Sep quarter, which saw a INR15m loss |
Egypt: Alexandria Portland Cement Co sees EGP116m loss in 9M1509 November 2015, Published under Cement NewsEgypt’s Alexandria Portland Cement Company reported a EGP116m (US$14.4m) loss in the first nine months of 2015, in an official statement to the Egyptian Stock Exchange (EGX). This compares with a 9M14 profit of EGP71m. The latest results continue the trend noted in 1H15, where the company recorded losses worth EGP 67.7m, unlike in the first six months of 2014 when its profits stood at EGP 38.5m. |
Plans to convert Binani Cement debt into equity09 November 2015, Published under Cement NewsLenders to India’s Binani Cement are planning to convert a total debt of INR30bn in the company to equity. The debt-to-equity conversion is being contemplated under the strategic debt restructuring (SDR) guidelines of the Reserve Bank of India (RBI). The consortium of 18 banks led by the Central Bank of India are looking at converting the debt to equity, giving lenders a majority stake. "The banks are contemplating whether they should first try and turn around the company," a banker told ... |
Titan performs strongly in the USA06 November 2015, Published under Cement NewsTitan's turnover improved by 18.9 per cent to EUR1029.5m in the first nine months of 2015 and EBITDA was up by 12.6 per cent to EUR165.2m, though in the third quarter EBITDA was ahead by just 3.8 per cent, reflecting the weakness in Greece. The trading profit for the nine months was 17.9 per cent higher at EUR80.5m and, after a 14.6 per cent increase in net financial charges and a positive contribution from associates of EUR3.8m as well as a reduced foreign exchange gain, the pre-tax prof... |
Moody's upgrades Boral's long-term rating to Baa2; outlook stable06 November 2015, Published under Cement NewsMoody's Investors Service has upgraded Boral Limited's issuer rating and senior unsecured rating to Baa2 from Baa3. The outlook on this rating changed to stable from positive. At the same time, Moody's has upgraded the commercial paper of Boral Limited, Boral Industries, Inc., Boral International Holdings, Inc. to P-2 from P-3 and upgraded the other short term rating of Boral Ltd to P-2 from P-3. Moody's also upgraded the senior unsecured MTN rating of Boral Limited to (P)Baa2 from (P)Baa3... |
Spain: Cementos Molins 9M net profit rises 38%06 November 2015, Published under Cement NewsSpain's Cementos Molins registered a net profit of EUR41.9m in the first nine months of the year, up 37.6 per cent YoY, according to the company. Total sales reached EUR473m, an increase of nearly 22 per cent YoY while operating profit reached EUR19.07m, advancing 1.9 per cent when compared with a year ago. The “negative result” for Spain was more than offset by its operations abroad, which contributed EUR51m. While Cementos noted improved results in the 3Q15 due to a pick-up in the d... |