Cement News tagged under: corporate
Taiheiyo Cement ordered to close Nanjing plant, China15 August 2013, Published under Cement NewsTaiheiyo Cement Corp has been ordered by the Chinese city of Nanjing to close a local production facility by the end of next year due to pollution concerns. Shutting the Nanjing plant would reduce Taiheiyo Cement's Chinese output capacity by 30-40 per cent, The Nikkei reported on Wednesday. Japan's number one cement producer will ask the city to reconsider. If Taiheiyo Cement does not follow the order, the local partner with which it has a joint venture will likely be penalised, with t... |
Asia Cement first-half profit surges, China15 August 2013, Published under Cement NewsAsia Cement reported a surge in profit attributable to shareholders for the six months ended 30 June 2012 thanks to an increase in the sale cementitious products and declining coal prices. Profit rose by 110 per cent YoY to CNY256m (US$41.9m). Revenue rose 3.4 per cent to CNY3.18bn and gross profit was CNY584m, representing a gross profit margin of 18 per cent. |
Fujairah sales fall in first-half 201315 August 2013, Published under Cement NewsUAE-based producer Fujairah Cement Industries reported a net loss for the first six months of 2013 due to declining sales. The company registered a drop of AED3.6m (US$968,0000) for the period as its sales slipped by over six per cent to AED287.2m (US$78.2m), compared to AED307m (US$83.6m) in the same period last year. Fujairah Cement has a clinker capacity of 3.31Mta and operates a ThyssenKrupp Resource Technologies-built plant with two kiln lines. |
Holcim Philippines reports strong 2Q net profit14 August 2013, Published under Cement NewsHolcim Philippines reported better-than-expected rise in second quarter net profit on the back of seasonal demand and effective cost controls. It is now preparing to restart its Batangas grinding unit next month to better serve expected rises in demand from the public and private sector. Net income rose 33.88 per cent to PHP1.62bn (US$37m) in the April-June 2013 period from PHP1.21 as construction picked up during the summer months, supported by steady plant operations and improved cost man... |
India Cements reports fifth consecutive quarterly drop in net profit14 August 2013, Published under Cement NewsIndia Cement has reported its fifth consecutive quarterly drop due to forex losses and a lower pricing environment. Net profit for the first quarter of the current fiscal declined by 72 per cent to INR16.82 crore. N Srinivasan, vice chairman and managing director, India Cements Ltd said: “The exchange translation charges due to unprecedented rupee depreciation impacted to the tune of INR27 crore resulting in net profit before tax of INR26 crore.” The company also saw a drop in prices duri... |
Votorantim pulls IPO plan, Brazil13 August 2013, Published under Cement NewsVotorantim Cimentos SA withdrew plans for its multibillion dollar initial public offering on Monday citing poor market conditions. Votorantim had postponed its IPO plans in July, saying at the time that it would try again in September. However, it has deffered the option once again. "The IPO continues to be the company's plan and we will continue to monitor the evolution of the capital market conditions to be able to resume the offer," Lorival Luz, Votorantim Chief Financial Officer, said... |
Bids for Cement Corp of India units invited13 August 2013, Published under Cement NewsSBI Capital Markets has invited global bids to sell state-run Cement Corp of India Ltd's four non-operating units through an e-auction process. The company has put its 400,000tpa works in Akaltara (state of Chhattisgarh), and 198,000tpa plant at Kurkunta, (Karnataka), up for sale at a reserve price of INR1.83bn and INR2.6bn, respectively. Its 380,000tpa Mandhar unit in Chhattisgarh and 400,000tpa Nayagaon unit in Madhya Pradesh have also been put up for sale, according to an a... |
Dalmia in advanced stage of new plant commissioning, India13 August 2013, Published under Cement NewsDalmia Cement is in advanced stages of commissioning its new cement plant at in north Karnataka, as the company plans to lift capacity to 19Mta. The new 2.5Mta cement works in Yadawad, near Belgaum, will be commissioned by February next year and forms part of the Damia Bharat Group’s plan to expand its presence in the north. "Three years ago, we were considered as predominantly south-based cement maker. But, we have added a plant in northeast and eastern India in the last couple of years. W... |
Credit Suisse lifts target price for TCC International13 August 2013, Published under Cement NewsCredit Suisse lifted its target price for Taiwan Cement Co (TCC) International to HK$1.8 from HK$1.7 and upgraded the stock to "neutral" from "underperform". The research house said TCCI sees improving cement pricing in the second half of this year, but also expects administrative cost may revert as well. Management commented that Guangdong has increased prices by CNY40-50/t (US$6-8) since May which were partly offset by higher cost of trucking due to overload controls. The house also revi... |
CRH to acquire Sree Jayajothi Cements, India12 August 2013, Published under Cement NewsCRH has announced that its 50:50 joint venture in India, My Home Industries Limited (MHIL) has reached an agreement to acquire 100 per cent of the shares of Sree Jayajothi Cements Limited (SJCL), a 3.2Mta cement company based in south India for INR14,000m (EUR175m). The investment will be financed from MHIL’s existing debt capacity and by equity inputs from the joint shareholders (EUR70m). CRH’s equity interest will amount to approximately EUR35m. With the addition of SJCL, MHIL b... |