Cement News tagged under: pakistan
Cement prices in Punjab rise after trade suspension03 September 2019, Published under Cement NewsAfter the suspension of trade between India and Pakistan on 10 August, the price of cement in Punjab has increased by almost INR100/bag (US$1.38/bag), according to the Hindustan Times. Therefore, the price of a cement bag has risen from INR260-275 to INR360-375. "Since Pakistan suspended trade with India, comparatively cheaper Pakistani cement has triggered a price rise in the domestically manufactured cement," said MPS Chatha, president of the All India Cement Importers Association. Befo... |
Pakistan's cement dispatches fall in July 201902 September 2019, Published under Cement NewsPakistan's cement industry dispatches in July, the first month of the FY19-20, fell to 3.5Mt from 3.6Mt in July 2018. This translates to a decline of 2.8 per cent, primarily due to a slowdown in domestic demand as the economy contracts rapidly owing to policies targeting runaway budget deficit and the current account gap, says local media. The industry's capacity utilisation also reportedly dropped to 70 per cent from the average levels of 85 per cent. Industry observations show it is ... |
Pakistan makes GIDC workable for industries02 September 2019, Published under Cement NewsThe President of Pakistan, Arif Alvi, promulgated the Gas Infrastructure Development Cess - GIDC (Amendment) Ordinance 2019 to waive half of the outstanding liabilities of the fertiliser, textile, power generation, compressed natural gas (CNG) and cement sectors, last week. According to a local research house, the government has reportedly made amendments to the GIDC Act to recover the long standing overdue of the cess from various industries. Key highlights of the Act include 50 per cent ... |
Fauji Cement sees 17% decrease in profit28 August 2019, Published under Cement NewsPakistan's Fauji Cement Co recorded a 17 per cent fall in profit to PKR2.824bn (US$17.7m) for the year ended 30 June 2019, compared with PKR3.429bn in the FY18. Revenue was mostly unchanged at PKR20.8bn, while volumes dipped by 13 per cent YoY to 2.96Mt. Revenue declined four per cent YoY to PKR5.2bn during the 4QFY19, as higher retention prices offset some of the impact of a 16 per cent decrease in total sales to 710,000t. Local offtake dropped 15.3 per cent to 669,000t against 790,000t ... |
Pakistan's FDI slips in July 201928 August 2019, Published under Cement NewsPakistan received foreign direct investment (FDI) of US$168.4m in July 2019, compared to US$264.6m received in July 2018. This represents a fall of 36.4 per cent YoY. The drop in FDI also affected investment in the construction and cement sectors in the country, according to a report of the State Bank of Pakistan. The breakdown shows cement attracted investment of US$4.1m and construction sector US$1.1m, compared to US$4.1m and US$54.7m in July 2018. Therefore, the Pakistani government i... |
Pakistan cement production drops in FY1927 August 2019, Published under Cement NewsThe overall output of large-scale manufacturing industries (LSMIs) decreased by 3.6 per cent for July 2018-June 2019 compared to the year-ago period, according to the Pakistan Federal Bureau of Statistics. The drop in output has also impacted cement production during this period. Pakistan's cement industry has recorded a three per cent YoY fall in production during the FY18-19 from 41.14Mt to 39.92Mt, reportedly due to a drop in local demand amongst other factors. However, in Jun... |
Maple Leaf Cement wins corporate report award23 August 2019, Published under Cement NewsMaple Leaf Cement (MCL) and its sister concern Kohinoor Textile Mills of Pakistan have won the 'Best Corporate Report Award' for the year 2018 in their respective sectors. The ceremony was held in Karachi jointly hosted by ICAP and ICMAP, earlier this week. Maple Leaf Cement and Kohinoor Textile Mills both won the award for 2018 in their respective sectors at number one position. Transparent and meaningfully financial reporting for all stakeholders of the company is one of the key objectiv... |
Pakistan's local dispatches hit by tax measures21 August 2019, Published under Cement NewsPakistan's cement industry is still facing number of challenges in terms of local dispatches and profitability due to stringent tax measures taken in the federal budget 2019-20 to overcome the country's current account deficit and meet the pre-conditionality of the IMF package. Other factors also hurting cement industry, including the high cost of doing business, interest rate hike, increased in utilities charges and axel load factor. The government wants to increase its tax revenue ba... |
Power Cement suspends its older production capacity19 August 2019, Published under Cement NewsPower Cement Ltd of Pakistan has suspended a third of its cement output due to lack of demand and falling prices. Pakistan's second largest cement producer has close 3150tpd of its production at its Nooriabad Dadu plant, which it says is no longer viable with the high production costs. It is left with 7700tpd of newer operational capacity at Nooriabad Dadu, while FLSmidth is currently completing a new 3150tpd line at the plant. The old units were closed because they are "inefficient line... |
Cherat Cement’s profits shrink by 17% per cent13 August 2019, Published under Cement NewsCherat Cement Company Ltd (CCCL) has announced its financial results for the year ended 30 June 2019 by declaring of net profit of PKR1.76bn (US$10.98m), which fell by 17.4 per cent YoY, as compared to PKR2.13bn in the same period last year. In a bourse filling, the company says that its net sales during the reporting year increased by 10 per cent to PKR15.86bn from PKR14.39bn during the same period last year. It incurred a higher distribution cost of PKR396m, against PKR337m in the same p... |