Cement News tagged under: Corporate
Raysut posts 8.9% increase in 9M1314 October 2014, Published under Cement NewsOman-based Raysut Cement said in a bourse filing that it made a net profit after tax of OMR20.9m (US$54.3m) in the first nine months of 2014, up 8.9 per cent from OMR19.2m in the year-ago period. The company posted a 17.8 per cent increase in net profit for the third quarter of 2014 to OMR5.3m (US$13.8m), according to Reuters calculations. Raysut narrowly missed expectations as three analysts polled by Reuters had expected the firm on average to make a net profit of OMR5.81m. |
Barclays raises target price for CRC, maintains rating14 October 2014, Published under Cement NewsBarclays Research raised its target price for China Resources Cement to HK$5.91 (US$0.76) from HK$5.79 and maintained its "equal weight" rating. Despite the strong cement price in southern China so far this year, the research house noted concerns over CRC's long-term growth as volume growth expansion is limited and the company does not have any material consolidation plans so far. Barclays said the fourth quarter usually shows the strongest seasonality for the cement industry. However, ... |
UltraTech Cement appoints two additional independent directors14 October 2014, Published under Cement NewsUltraTech Cement Ltd, India's largest cement producer, on Monday said it has appointed Renuka Ramnath and Sukanya Kripalu as additional independent directors on its board. The appointments are effective as of 11 October 2014, the Adity Birla Group company said in a filing to the exchanges. Ramnath is the founder of Mutliples, a US$400m private equity fund, and is a former managing director and chief executive officer of ICICI Venture. Kripalu is director at Sukanya Consulting and was the ... |
Paraguay: INC to halt kiln as it replaces refractory13 October 2014, Published under Cement NewsParaguay’s Industria Nacional de Cemento (INC) will halt its kiln at Vallemí to complete the replacement of its refractory. However, the maintenance will not affect output, which will remain at 45,000-50,000 bags per day, according to CEO Jorge Méndez. He said the company has sufficient clinker stock to maintain daily production rates for 45 days. Cement consumption has surpassed supply this year and INC expects to import 60,000t of clinker to meet domestic demand. |
Deutsche Bank upgrades Adelaide Brighton, Australia10 October 2014, Published under Cement NewsDeutsche Bank has upgraded Australian building materials supplier Adelaide Brighton to hold from sell, citing recent share price underperformance. However, Deutsche continues to have concerns around the potential for more contract losses. The broker says Adelaide Brighton is trading on a multiple of 13.3 times earnings – broadly in line with its historical 12-month ratio of 12.9 times. "Upside risks include better pricing outcomes for lime and cement and a faster-than-expected improvement ... |
Hoang Mai Cement expects revenue at US$80m this year10 October 2014, Published under Cement NewsHoang Mai Cement JSC (HOM), an affiliate of Vietnam Cement Industry Corporation (Vicem), forecast its net revenue at VND1.7trn (US$80m) and pretax profit at VND45bn, thank to a rebound in demand of cement in the local market. The projection was made by Truong Quoc Huy, director of HOM in a report posted on a website under the Ministry of Construction. In 2014, the company’s total cement sales are forecast to hit 1.7Mt and clinker sales are predicted at 81,000t, versus respective 1.24Mt of ... |
SA watchdog puts condition on merger approval09 October 2014, Published under Cement NewsThe Competition Commission of South Africa has consented to the merger of Holcim and Lafarge SA on condition that Holcim divests of the shareholding in Afrisam within three years of the approved merger. The watchdog said on its website that it had approved the intermediate merger on 1 October 2014, Holcim exited the South African market a few years ago, except for a stake it held in Afrisam. Until the transaction, it was only Lafarge that operated in South Africa. "The commission f... |
TCL downgraded by Fitch Ratings09 October 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on 29 September 2014 of a ‘standstill’ on all payments due under exis... |
Cementos Argos board approves bond issue07 October 2014, Published under Cement NewsThe board of Cementos Argos has authorised a bond issue of up to COP1trn (US$493m), proceeds from which will be used for working capital and debt payments, the company said in a statement. Cementos Argos, Colombia’s largest cement producer, will have three years to issue the paper, although typically bonds are released within a few months of the board's approval. The company, a subsidiary of Grupo Argos, raised 1 trillion pesos with two bond issues during 2012. "The resources from th... |
Vulcan expands through acquisitions, USA07 October 2014, Published under Cement NewsVulcan Materials Company, the biggest construction aggregates producer in the US, completed six acquisitions during its third quarter to expand its aggregate operations. These consist of five aggregates facilities and concerning downstream assets in Albuquerque, Phoenix, and Santa Fe, and an aggregates operation in Delaware that serves the markets in Northern Virginia and Washington, DC. The purchases follow the acquisition of four aggregates facilities in the San Francisco Bay area and of... |