Cement News tagged under: corporate
New Group CEO for Breedon, UK26 August 2015, Published under Cement NewsBreedon Aggregates Ltd, the UK’s largest independent aggregates business, announced that Pat Ward, currently CEO of Aggregate Industries Europe (a subsidiary of LafargeHolcim), has agreed to join the company as Group chief executive officer. He will succeed Simon Vivian, who, having led Breedon since its creation has indicated his wish to step down as Group CEO and will move to a non-executive role with the company. Mr Ward is expected to join Breedon early next year once the terms of hi... |
Higher production costs take toll on TPCC's half-year results26 August 2015, Published under Cement NewsTanzania Portland Cement Co (TPCC) posted a net profit of TZS22.17bn (US$10.4m), down 18.3 per cent from the TZS27.14bn recorded during the corresponding period last year. First half revenue climbed to TZS135.74bn as sales increased, but the increased cost of sales and insurance proceeds a took toll on profitability. TPCC Chairman, Jean-Marc Junon, said: "The operating profit for the period was impacted by increased production costs especially on raw materials and fuel due to depreciation ... |
Semen Indonesia to spend up to IDR1trn on buy-back26 August 2015, Published under Cement NewsSemen Indonesia said it plans to buy back up to IDR1trn (US$70.85m) of its shares as their market value has fallen. "In the near future we will do buy-back because we don't want to lose the momentum," Ahyanizzaman, finance director at Semen Indonesia, told Reuters on Wednesday, adding that the company has yet to appoint the broker that will conduct the buyback. Shares of the cement maker have fallen by more than 50 per cent this year on a slowing Indonesian economy and rising competition. ... |
Aboitiz secures loan to part-fund cement venture25 August 2015, Published under Cement NewsAboitiz Equity Ventures, Inc. (AEV) has signed an agreement for a US$400m (PHP18.7bn) loan that will partly finance its venture into the cement sector in the Philippines. In a disclosure to the stock exchange dated 20 August 2015, AEV said it "signed a facility agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd to obtain a bridge loan" of up to US$400m. "The proceeds of the loan will be used to partially finance AEV's investment in holding companies for the purpose of the acquisitio... |
CNBM reports 56% drop in first-half profit, China25 August 2015, Published under Cement NewsChina National Building Materials (CNBM) reported a 56 per cent decline in net profit for the first half of 2015, in line with the recent profit warning. JP Morgan's Asia Metals and Mining Analyst, Daniel Kang, notes that excluding a positive contribution from fair value adjustments to financial assets, a loss would have been reported. Operating cash flow fell 16 per cent YoY and restrained capex allowed a positive FCF to be maintained, albeit a hugely reduced figure, -76 per cent QoQ... |
SCG Cement outlines additional Cambodian spend25 August 2015, Published under Cement NewsSCG Cement has outlined an additional investment of US$200-300m into Cambodia over the next five years, according to Aree Chavalitcheewingul, vice president for regional business of SCG Cement-Building Materials. According to Thai media, the five-year investment plan includes adding a third line to its Kampotcement plant, southern Cambodia, where SCG commenced the second production line in mid-2015. SCG also plans to double its network of ready-mix concrete plants in the country. "We hav... |
Moody's upgrades West China Cement to Ba3; stable outlook25 August 2015, Published under Cement NewsMoody's Investors Service has upgraded West China Cement Limited's (WCC) corporate family and senior unsecured ratings to Ba3 from B1. "The upgrade reflects the improvement in WCC's financial profile following the investment by Anhui Conch Cement Company Limited (A3 stable) in the company," says Franco Leung, a Moody's Vice President and Senior Analyst. At the end of June 2015, Conch had completed a subscription to shares equivalent to a 16.67 per cent equity stake in WCC. As a result, WCC... |
Lucky Cement signs contract with Siemens Pakistan for SAP system24 August 2015, Published under Cement NewsLucky Cement Ltd has signed a contract with Siemens Pakistan to implement SAP Enterprise System. "Through SAP, we aim to drive progress through greater integration of our various locations, agility and enhanced efficiency of our operations and further efficiencies in our processes," said Executive Director, Noman Hasan. |
Malaysia: YTL Corporation Bhd full-year pretax profit down 15.7% YoY24 August 2015, Published under Cement NewsYTL Corporation Bhd's pre-tax profit for the financial year ended 30 June 2015 fell to MYR2.37bn (US$562m) from MYR2.81bn a year earlier. Revenue decreased to MYR16.8bn from MYR19.3bn previously, the company said in a filing to Bursa Malaysia On its outlook, YTL Corp expects to achieve overall satisfactory performance for the financial year ending 30 June 2016 in construction, information technology and e-commerce businesses, cement manufacturing and trading, property investment and develo... |
China: Huaxin first-half profit plunges 82%24 August 2015, Published under Cement NewsHuaxin Cement reported 1H15 net profit of CNY89m, down 82 per cent YoY, in line with the company’s guidance at the end of July indicating a drop of 80-85 per cent. The Holcim group company said thesix-month decline was attributed to lower clinker and cement prices (-12 per cent YoY) offsetting higher sales volumes (23Mt, +1.4 per cent YoY, together with increaesd finance expenses (+9 per cent YoY). Revenue declined by 11 per cent YoY to CNY6.4bn, but this was partially offset by lower cos... |