Cement News tagged under: indian subcontinent
Shiva Cement turnover down 88%22 August 2022, Published under Cement NewsIndia’s Shiva Cement has reported turnover for FY2021-22 of INR34.65m (US$433,491), down 88 per cent YoY, primarily due to the suspension of plant operations on the back of ongoing project activity. EBITDA over the same period fell four per cent to a loss of INR80.17m, while profit after tax fell 16 per cent to a loss of INR255.2m. This was due to lower sales volumes, which fell 89 per cent YoY in FY2021-22, along with an increase in the cost of production. “Our main project, the 40... |
JK Cement sees 33% increase in revenue19 August 2022, Published under Cement NewsIndia’s JK Cement has reported revenue from operations of INR21,664m (US$271.5m) in the quarter ended 30 June 2022. This compares to INR16,336m in the same period a year earlier. Net profit over the same period has fallen from INR2082.6m to INR1811.4m. Total expenses in the quarter ended 30 June 2022 came in at INR19,179m, versus INR13,557m in the comparable period in 2021, with power and fuel expenses rising from INR2994m to INR4856m. The company’s operating margin in the quarter e... |
Indian producers turn to Venezuela for petcoke supplies17 August 2022, Published under Cement NewsThe surge in global coal prices has prompted Indian cement producers to turn to petcoke instead with the country importing significant volumes from Venezuela for the first time. According to Live Mint, trade data shows that India imported at least four shipments of 160,000t of petcoke from Venezuela, arriving in India between April-June 2022. A further 50,000t cargo is due to reach Mangalore, India, over the coming days and a 30,000t shipment is expected to depart Venezuela for India later t... |
CCI approves Adani acquisition of Ambuja and ACC stakes16 August 2022, Published under Cement NewsThe Competition Commission of India (CCI) has approved the acquisition of Holcim ’s stake in Ambuja Cements Ltd and its subsidiary ACC Ltd by the Adani Group. The deal, which was initially entered into by Adani in May this year, will propel the group to become India’s second-largest cement producer. Holcim currently holds a 63.11 per cent share in Ambuja Cements and a 4.48 per cent share in ACC. Furthermore, Ambuja holds a 50.05 per cent stake in ACC. The acquisition will b... |
Grasim Industries sees 41% YoY rise in revenue in 1QFY2315 August 2022, Published under Cement NewsGrasim Industries has reported a 41 per cent YoY increase in consolidated revenue in the 1QFY23. The three-month period saw revenue of INR280,420m (US$3518m), compared to INR199,190m in the 1QFY22. EBITDA advanced by 10 per cent YoY from INR47,360m to INR52,330m, while profit after tax saw a 19 per cent YoY rise from INR16,670m to INR19,330m on a consolidated basis. Despite inflationary cost pressures, the company also reported its best-ever standalone financial performance with revenue and ... |
Pakistan's cement prospects15 August 2022, Published under Cement NewsOver the course of the 9MFY21-22 Pakistani producer profitablity has been supported by price retention and local demand, but falling exports and rising commodity prices are a cause for concern. Moreover, a slowdown in government spending on development projects could prevent domestic consumption from gaining traction. By Pakistan Credit Agency, Pakistan. A slowdown in government spending is expected to cool Pakistan’s cement demand growth In FY20-21 Pakistan’s nominal GDP increa... |
Keerthi Industries reports revenue fall12 August 2022, Published under Cement NewsIndia-based Keerthi Industries Ltd, formerly Suvarna Cements Ltd, has reported unaudited revenue of INR571.67m (US$7.2m) in the quarter ended 30 June 2022, compared to INR714.18m in the same period a year earlier. Although total expenses over that period have fallen from INR622.71m to INR554.25m, power and fuel costs expanded from INR230.08m to INR290.74m, and cost of materials jumped from INR79.91m to INR86.82m. Profit for the quarter ended 30 June 2022 came in at INR18.12m, considerably... |
KHD signs package of contracts with UltraTech Cement12 August 2022, Published under Cement NewsHumboldt Wedag India Private Ltd, a subsidiary of KHD Humboldt Wedag International AG, has signed a package of contracts with UltraTech Cement Ltd. According to Dow Jones Newswires, the package includes two new pyroprocessing lines and eight clinker grinding units. One of these grinding units also has a slag grinding unit. The package, which includes the engineering and supply of equipment as well as supervision services related to erection and commissioning, is reportedly valued at over ... |
Tokyo Cement Co (Lanka) sees 76% increase in 2Q revenues11 August 2022, Published under Cement NewsTokyo Cement (Co) Lanka plc posted a 76 per cent YoY increase in revenues to LKR11,442m (US$31.8m) in the three months ended 30 June 2022 (2QFY22-23). In the equivalent quarter of the previous year revenues stood at LKR6503m. The company’s gross profit increased by 285 per cent YoY to LKR3299m in the 2QFY22-23 when compared with LKR856.6m in the year-ago period. Profit before interest and taxation was up 272 per cent YoY to LKR2256m from LKR606.3m. However, finance expenses of LKR2224m... |
Sanghi Cement reports a loss as power costs soar11 August 2022, Published under Cement NewsSanghi Cement has posted unaudited revenue of INR3391.4m (US$42.67m) in the quarter ended 30 June 2022, up from INR2819m in the same period a year earlier. Compared to a profit of INR223.2m in the quarter ended 30 June 2021, in the same quarter this year the company has reported a loss of -INR328.7m. While finance costs over the period have jumped from INR206.9m to INR445.2m, power and fuel costs have soared from INR921.2m to INR1928.6m. Selling expenses have also risen, as have depreci... |