Cement News tagged: Corporate
ACC seen posting 12 per cent rise in 1QFY13 net profit
ACC is likely to post a 12 per cent YoY rise in net profit at INR3.78bn for the first quarter of the current fiscal (FY12-13), according to the average of 22 brokerages' estimates, Moneywire reports. India’s second-largest producer, in which Holcim holds a 50.3 per cent stake, is expected to post a 13 per cent rise in net sales for the quarter at INR27.25bn. On a QoQ basis, net sales are se...
UltraTech seen posting 8% YoY net profit rise
UltraTech Cement is expected to post an 8% YoY rise in net profit for the first quarter of fiscal year 2012-13 (FY12-13) on the back of better sales realisation and a low base effect, an average estimate of 21 brokerages showed. Net sales are seen rising 15 per cent to INR49.98bn for the country’s largest cement producer. "We expect Q1FY13 (Apr-Jun) to be yet another strong quarter for ceme...
UBS cuts Buzzi Unicem’s EBIDTA estimates on weak European markets
UBS has cut Buzzi’s 2012 EBITDA projections by three per cent and now expects it to remain flat for the year at EUR424m as lower European demand weighs on the Italian cement major’s performance. The new EBITDA estimates are in line with the group‘s guidance and eight per cent lower than the consensus estimate of EUR460m. The broker has also has cut its recommendation on Buzzi Unicem to “s...
Taiheiyo could surpass FY13 earnings outlook, Japan
Taiheiyo Cement’s president Shuji Fukuda has said the company’s earnings forecast for fiscal 2013 that was released in May could be on the conservative side as earthquake reconstruction efforts drive up cement demand. The report in the Nikkei said that rebuilding work has raised expectations that Taiheiyo’s earnings could exceed its earlier outlook, prompting shares in the company to rise o...
Hail Cement widens loss, Saudi Arabia
Saudi Arabia-based cement company Hail Cement has increased its losses in the second quarter of 2012 to US$2.29m, up by 36 per cent from the US$1.68m it lost in the first quarter. The loss is attributed to the pre-operating stage it is currently undergoing with operations due to begin in the first quarter of 2013. For the first six months of this year, the company’s net loss was US$3.97m...
Cementos Portland Valderrivas extends credit line, Spain
Cementos Portland Valderrivas has reached an agreement with its creditors to extend by end-July the maturity of a EUR-340m credit line, due to expire yesterday. The company has intention to refund its debt standing at EUR1.4bn. (Source: Cinco Días)
Daiwa cuts Shanshui Cement, China
Daiwa Research has lowered its price target for China Shanshui Cement to HK$4.2 from HK$8.7 and downgraded its stock from ‘outperform’ to ‘buy.’ Shanshui has revised down its target by 15 per cent to 55Mt. With more cement coming from Hebei Province, Daiwa sees downside risks for prices and a likelihood of more and longer production cuts in Shandong and Liaoning. It noted that Shanshui h...
Fujian Cement to report CNY85-88m 1H net loss, China
Fujian Cement Inc said it will suffer an CNY85-88m (US$13m-13.8m) net loss in the first half of 2012, compared with a net profit of CNY91.75m a year earlier, China Business Newswire reports. Fujian Cement is based in the Fujian province, situated in the southeast China on the coast of the East China Sea.
Deutsche Bank cuts Shanshui Cement forecast, China
Shanshui Cement has lowered its 2012 sales target for blended cement and clinker to 55Mt from 65Mt mainly due declining sales in Shandong, Deutsche Bank reported. The bank has cut its forecast for Shanshui’s average selling price in the second half of 2012 by five per cent. It has also cut Shanshui’s earnings forecast for 2012 and 2013 by 29 per cent and 17 per cent, respectively. (Source: AAS...
Macquarie lowers TCC Int’l price target, Taiwan
Investment bank Macquarie has lowered its target price for Taiwan Cement Company (TCC) International to HK$2.4 from HK$4.2, and maintained its "outperform" rating. The house cut its earnings forecasts by 43 and 37 per cent for 2012/13 to reflect lower sales volume and lower-than-expected cement prices. TCC issued profit warning on 4 July, indicating that profits would decline more than 50 pe...
Steppe Cement first-half sales edge ahead, Kazakhstan
Kazakhstan-based cement producer Steppe Cement has reported a rise in cement sales for the first half of 2012 and sees domestic demand increasing by low double-digits for the full year. For the six months to June 2012, Steppe Cement sold 615,838t, a rise of two per cent compared to the same period of last year. Sales revenue during the period rose 23 per cent to KZT7728m (US51m). The ave...
Saudi Cement net profit rises 26 per cent, Saudi Arabia
Saudi Cement posted a net profit of SAR290.2m (US$77.4m) for the second quarter, representing a rise of 36 per cent from a year earlier. The company attributed the rise to growing demand for cement and clinker as the domestic construction sector is boosted by increased government spending.
HeidelbergCement’s debt reduction focus
HeidelbergCement plans to cut its debt by about 16 per cent to EUR6.5bn to boost its credit rating and share price according to reports in the Frankfurter Allgeemeine Sonntagzietung said, citing an interview with CEO Bernd Scheifele said. Debt reduction is the top priority and the time isn’t right for bold acquisitions, Mr Scheifele said. HeidelbergCement has cut debt by EUR7bn to EUR7.7...
Sichuan Shuangma expects first-half net loss, China
Sichuan Shuangma Cement said it expects to post a CNY10-15m (US$1.7m-2.4m) net loss in the first half of 2012 compared with a net profit of CNY89.91m for the same period of 2011. A number of Chinese producers have issued profit warnings over recent weeks as slower demand and continued pricing pressures are expected to hurt first half profits.
Brazilian market adjustments
The recently-approved takeover of Cimpor by Brazilian conglomerate Camargo Correa will not only lead to the reorganisation of the Portuguese cement major's operations, but is also set to alter the make-up of the Brazilian cement market. Last month, Camargo Correa succeeded in acquiring a controlling stake in Cimpor with a price tag of EUR2.5bn, raising its share from 33 to 94.8 per cent. Ca...
Sharp public sector falls in UK construction point to difficult 2012
The latest figures from the UK's Office of National Statistics released today highlight that output fell 6% in May compared to a year earlier. Commenting on the figures and the bleak outlook for construction activity in 2012, Noble Francis, Economics Director at the Construction Products Association said: "Although the coalition has consistently made pronouncements of boosting UK constructio...