Cement News tagged under: international
Arabian Cement Co 9-mo net profit down to USD 73.9m25 November 2008, Published under Cement NewsSaudi cement producer Arabian Cement Company (ACC) registered a decline in net profit to SAR277.4m (USD 73.9m) for the first nine months of 2008 from SAR306.1m in the same period of 2007, equal to a decrease of 9%, the company said in a filing to the Saudi Stock Exchange. ACC attributed the decrease to lower production and higher costs as the company invested in establishing new subsidiaries. The earnings per share (EPS) stood at SAR 3.47 for January to September 2008, down from SAR 4.14 a... |
JK Cement’s UAE project in limbo25 November 2008, Published under Cement NewsThe 2.2Mt UAE cement plant by Kanpur-based cement maker JK Cement, which was scheduled to go onstream by the middle of 2010, is likely to be delayed by at least three quarters as the company is redrawing the strategy amid global slump and meltdown. A K Saraogi, chief financial officer, JK Cement, told Business Standard, "We have to revisit the strategy and rework the whole project cost of the proposed UAE unit. We initially had estimated the project to go on-stream by the middle of 2010 but... |
UltraTech Building Solutions outlet in Latur25 November 2008, Published under Cement NewsUltraTech Cement Ltd has opened two retail outlets in Latur district of Marathawada region. UltraTech Building Solutions is a unique concept that is being launched in the Marathawada region, a fast growing construction market in the State, Mr OP Puranmalka, chief marketing officer, UltraTech Cement Ltd, said on Tuesday. The company is planning to add six more States due to the success obtained in the existing ones, Mr Puranmalka said. UltraTech, which has 76 outlets currently operational in... |
UAE: $60bn to be spent on ongoing projects this year25 November 2008, Published under Cement NewsDespite gloomy global economic scenario, there is still a plan to spend US$60 billion (Dh220bn) this year on buildings under construction in the UAE, according to an independent project tracking company. "The market is still going to grow till next year," said Emil Rademeyer, Director at Proleads, in an interview with Emirates Business. "If you look at the buildings under construction, there is still a plan to spend $60bn. Next year the guesstimated forecast stands anywhere between $100bn a... |
Supreme Court orders St. Lawrence Cement to pay $15m fine25 November 2008, Published under Cement NewsSt. Lawrence Cement is liable to pay $15m in damages to a Quebec City neighbourhood, even though it followed environmental regulations, the Supreme Court of Canada has ruled. In a unanimous decision, the country’s top court said corporate polluters can be on the hook for damages even if they took steps to control discharge that complied with regulations. The ruling was a victory for residents of Beauport who launched a class action lawsuit in 1994 over residue left on their properties that... |
China Resources may list cement arm in ’0925 November 2008, Published under Cement NewsChina Resources Holdings may put off the listing plan of its cement unit until early next year due to the poor market conditions, the South China Morning Post reported, citing the company’s chairman Song Lin as saying. The group had planned to launch the initial public offering for China Resources Cement by the end of this year, as the unit has grown rapidly after it was privatized since 2006, thanks to the massive infrastructure construction in recent years. Song disclosed that turnover... |
India: Cement industry set to take a big hit25 November 2008, Published under Cement NewsIndia’s cement industry, which rode on a building boom to become the world’s second largest cement manufacturer after China with an installed capacity of more than 200Mt, is all set to take big hits. A sharp slowdown in real estate as well as capital-starved infrastructure sectors coupled with a broad economic downturn will see the industry face considerable pressure on profitability just as new capacity starts kicking in, say industry watchers. India’s cement industry has 132 large plants... |
Jaypee cement unit in AP25 November 2008, Published under Cement NewsThe Noida-based Jaypee Group will be setting up a cement manufacturing facility in Andhra Pradesh with Rs 1600-crore investment. “The company has already acquired 250 acres of land near Jaggayyapet in Krishna district to set up a 5Mt cement manufacturing facility,” Mr N Prasad, Commissioner of Industries, Government of Andhra Pradesh, told newspersons here on Monday. The company expects to commence cement production by 2010, he added. On the impact of global economic slowdown on the in... |
Cimpor nine-month profit seen down 27%25 November 2008, Published under Cement NewsPortuguese cement producer Cimpor is expected to announce a 27% YoY drop in net profit to EUR156.3m in the first nine months of 2008, the average projections of analysts polled by news agency Reuters showed on Monday. The fall will result from the company’s increased financial costs, as well as from losses with Cimpor’s stake in local bank BCP. Cimpor’s 48% owned company C+PA holds 2.2% in BCP. Cimpor’s nine-month sales are seen to increase by 6.3% to EUR1.55bn, thanks to the good operatin... |
Indocement predicts slowing revenue growth in 200925 November 2008, Published under Cement NewsPT Indocement Tunggal Prakarsa of Indonesia foresees single-digit growth in revenue next year as cement demand in Indonesia is forecast to slide 5% from 37.9Mt expected this year, a company official said Tuesday. Such a drop will "significantly affect" Indocement, said Christian Kartawijaya, Indocement’s finance director. The company expects its revenue to grow by up to 22% this year from last year, Kartawijaya said. |