Cement News tagged under: corporate
Shree Cement sees jump in third-quarter net profit, India22 January 2013, Published under Cement NewsIndia-based producer Shree Cement reported a 267 per cent rise in net profit to INR2174.4m (US$40.4m) for the third quarter of FY12-13 compared to INR591.9m in the same period of last year. Total income increased by 20.46 per cent to INR14.60bn for the quarter ended 31 December 2012 from INR12.12bn for the same period the year before. Net sales increased by 19.5 per cent INR14.28bn for 3QFY12-13 compared to INR11.95bn in 3QFY11-12. Shree Cement has a cement production capacity of 13.4... |
Nomura cuts China Resources Cement to "reduce"22 January 2013, Published under Cement NewsInvestment bank Nomura has downgraded China Resources Cement (CRC) from "buy" to "reduce" and cut its target price to HK$4 from HK$8.30. The research house sees a further downside to average selling prices (ASP) in CRC's key areas including Guangdong, Shanxi and Yunnan provinces. It also noted excessive new adds in capacity in Guangdong and Shanxi provinces for 2013. Nomura expects South China's ASP to drop at least CNY30/t (US$4.8) in 2013 from current levels to reach the equilibrium of s... |
Taiwan Cement Corp secures syndicated loan, Taiwan22 January 2013, Published under Cement NewsTaiwan Cement Corp (TCC) has secured a five-year oversubscribed syndicated loan of TWD14bn (US$48.29m) from 12 banks, including two Chinese lenders, the company said in a press release. TCC had planned to raise TWD12.5bn to meet its debts, long-term equity investments and operational costs, the company said in a statement issued after the signing ceremony. The six main lenders are Mega International Commercial Bank, Chinatrust Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Coope... |
Moody's withdraws Tianrui Cement's rating, China22 January 2013, Published under Cement NewsMoody's has withdrawn its rating for Tianrui Cement’s, the largest cement producer in China's Henan and Liaoning provinces, for its own business reasons. China Tianrui Cement Group Cement Company Ltd, which listed on the Hong Kong Stock Exchange had a clinker and cement production capacity of 22.25Mta and 39.23Mta, respectively, as of 30 June 2012. The company is 39.6 per cent owned by its chairman, Li Liufa, and his son, Li Xuanyu; 18.7 per cent by Tang Ming Chien; 16.7 per cent by KK... |
UltraTech 3Q hurt by subdued demand, higher freight costs21 January 2013, Published under Cement NewsIndia’s largest cement manufacturer UltraTech Cement reported a 2.6 per cent fall in net profit for the third quarter of the current fiscal as a slowdown in construction activity continued and the company was hit by higher freight costs. For the October-December period of FY12-13, UltraTech reported a net profit of INR6.01bn (US$111.7m), down from INR6.17bn a year ago. The company said domestic sales of grey and white cement were subdued at 9.62Mt and 2.62Mt, respectively. Freight and ... |
Nomura cautious on China demand growth and average prices21 January 2013, Published under Cement NewsInvestment bank Nomura is bearish on China cement but is less positive than the market on 2Q13 and 2013 demand growth and potential average selling prices (ASP). The house has analysed 138 railway projects in China and found the net incremental cement consumption for 2013 for 2013 to be 16t less than last year. Normura also explored more reliable property new-starts data and concluded that cement demand from the property sector would fall 1.1 per cent YoY in 2013 to 615Mt. It believ... |
Boral announces further job cuts in new restructuring plan17 January 2013, Published under Cement NewsBuilding materials major Boral has announced a further round of job cuts, predominantly across its Australian operations, following a 100-day review of the company by its chief executive Mike Kane . The company is to cut 700 functional, operational support and managerial positions jobs in Australia. Of those 700, some 200 have already occurred in late 2012, with the majority of redundancies expected to be completed by March 2013. New South Wales is to bear the brunt of the cuts, accou... |
Ciments du Sahel invests EUR250m in new Benin plant17 January 2013, Published under Cement NewsCiments du Sahel of Senegal is investing EUR250m in a new 2.5Mta cement plant in Benin as the cement producer aims to extend its African reach. Output from the new works, which is expected to open in June 2013, will primarily serve the markets of Benin and nearby countries. Providing permission is granted, volumes will also be exported to "the sub-region,” according to Michel Layousse, deputy director general, Ciments du Sahel. The project will create jobs for around 600 people, bo... |
FLSmidth secures EIB funding for R&D investments16 January 2013, Published under Cement NewsFLSmidth has signed an EUR125m loan agreement with the European Investment Bank (EIB). The five-year-bullet loan will finance FLSmidth's global research and development programme within the cement industry during the period 2013-2016. The R&D programme will focus on development of innovative products, optimisation of energy efficiency and use of materials and fuel in the production process as well as reduction of harmful emissions. "Through its focused R&D efforts FLSmidth aims at fulfi... |
Saudi Cement posts 31.4% rise in 4Q12 net profit16 January 2013, Published under Cement NewsSaudi Cement Co posted a 31.4 per cent rise in its fourth-quarter net profit, fuelled by higher local demand, it said in a bourse statement on Tuesday. The firm made a net profit of SAR277.7m (US$74m) in the three months compared with SAR211.4m in the same period of 2011. Operating profit rose 36.8 per cent to SAR300.9m, an increase from SAR220m in the final quarter of 2011. |