Cement News tagged: Corporate
DG Khan Cement announces INR2.29bn profit, up 16%
DG Khan Cement on Friday announced a net profit of INR2.29bn (US$34.32m) in the third quarter of fiscal year 2015-16 (3QFY16), up 16 per cent compared to INR1.98bn in the same period of the previous year. Earnings per share jumped to INR5.25 from INR4.52 last year. This took the cumulative nine-month (Jul-Mar) earnings to INR6.38bn, up 18.7 per cent compared to net profit of INR5.38bn in the...
LafargeHolcim considering Vietnam exit
LafargeHolcim Group, a joint venture between Swiss Holcim Ltd. and French Lafarge Group, may withdraw from Vietnam due to oversupply of cement in the domestic market, said Nguyen Cong Bao, general director of Holcim Vietnam, a subsidiary of Holcim Ltd. The group had a meeting with the Vietnamese Ministry of Construction to notify of the group’ business plans in Vietnam for the coming time, Mr...
Lucky Cement land acquisition is legal
Land acquired by Lucky Cement, Pakistan, in a Buchal Kalan, Kallar Kahar, Punjab for a new cement factory has been declared legal, according to a report in The Express Tribune. Lahore High Court had stopped the Punjab government from acquiring the land in Buchal Kalan village for the cement factory after villagers mounted a legal challenge against the move. The petitioners has argued tha...
Qatar National first quarter profits slip
Qatar National Cement Co. has released an interim financial statement for the three-month period ended March 31, 2016. The statements show that the net profit over the period fell by 1.6 per cent YoY, from QAR125.76m (US$34.53m) to QAR123.79 (USD33.99m).
Italcementi workers presents demands
The Italian unions Feneal Uil, Filca Cisl and Cgil Fillea representing Italcementi cement workers, have announced a strike in response to the industrial plan proposed by the government, which may result in 415 dismissals this year and further 250 redundancies in 2017. On 14 April, workers at Italcementi declared their intention to strike, arguing that Heidelbergcement, which is in the process...
Semen Indonesia signs cost-cutting deal with Pertamina
Semen Indonesia (SI) has signed an agreement with oil and gas firm Pertamina that will see the latter provide oil for SI’s needs in production, transportation and logistics. The Jakarta Post says the deal could save SI up to IDR1tn (USS$75.7m) and would also involve Pertamina providing assistance in converting SI’s operations to gas power. Semen Indonesia’s president director Suparni sai...
China Resources Cement sees profits fall by 99%
China Resources Cement (CRC) has seen profits attributable to owners fall by 99 per cent to HKD6.6m (US$850,000) for the first three months of 2016 as compared to the same period in 2015. The firm's revenues fell by 24 per cent to HKD4.7bn (US$610m) in 1Q2016. The company was hit hard by falling prices: sales volumes rose from 15Mt in 2015 to 15.8Mt, but average prices fell by 27 per cent t...
Cemex Latam Holdings SA's 1Q16 sales down 11%
Cemex Latam Holdings SA (CLH) announced today that consolidated net sales reached US$316m during the 1Q16, a decline of 11 per cent versus 1Q15. This decline is mainly explained by foreign-exchange fluctuations and lower sales in our operations in Panama and Costa Rica. Adjusting for foreign-exchange fluctuations, consolidated net sales in the first quarter rose by three per cent, on a YoY b...
India: Jaypee reduces northern cement supply
Debt-laden Jaiprakash Associates Ltd has withdrawn itself from some of its cement markets in north India as part of streamlining its operations even as lenders continue to prod the firm to shed assets and pare debt, reports Mint. The company has drastically cut its cement supply to markets in the north, said two Delhi-based cement dealers. A spokesperson for the parent Jaypee Group confi...
Zimbabwe: Lafarge Cement records 2015 loss
Lafarge Cement Zimbabwe has said that expects to see a return to profitability in 2016 after recording a loss of US$1.9m in 2015. Announcing its results for the year, Lafarge blamed the economic conditions in the country, including the liquidity crunch and the poor agricultural season. This Day quotes a company spokesperson as saying "We expect the general trading environment to exert su...
Dangote: Nigeria’s currency woes will not alter expansion plans
Dangote Cement’s annual general meeting, held in Lagos, has seen Aliko Dangote set out his plans to grow the business despite worsening economic conditions, particularly in the company’s Nigerian base. According to reports in This Day, Mr Dangote claimed that foreign exchange volatility – a reference to the Nigerian government’s resistance to calls to devalue the naira – would have no signi...
India: Piramal invests US$38m in Gujarat cement company
Piramal enterprises has invested US$38.4m in Sanghi Industries, a Kutch-based cement company with 4.1Mta capacity and plans to add a further 4Mta. Earlier in the month, Sanghi exited its corporate debt restructuring mechanism, having repaid US$40m. The firm’s capital expansion plans require a total of around US$165m. According to reports in the Hindu, the capacity addition will cost less...
Ukraine: Yugcement reports 1Q16 losses of US$11.75m
The Yugcement company (Olshanske, Mykolaiv region) reported loss of UAH298.228m (US$11.75m) for 2015, having upped its net revenue by 14.8 per cent or UAH 80.84m YoY to UAH626.167m. As of 2015, assets of the company made up UAH833.98m, current liabilities UAH162.838m and accounts receivable UAH21.336m. Yugcement cement is a part of the Dyckerhoff Ukraine company managing three plants for ce...
Cemex's 1Q16 net sales increase 3%
Cemex has announced that its consolidated net sales reached US$3.2bn during the first quarter of 2016, an increase of three per cent on a like-for-like basis for the ongoing operations and adjusting for currency fluctuations, versus the comparable period in 2015. Operating EBITDA increased 12 per cent on a like-to-like basis during the quarter to US$583m versus the same period in 2015. Net sa...
Saudi Arabia: Yamama and EPPCO announce profits, Saudi Cement rebrands
Yamama Cement and Eastern Province Cement Company have announced their first quarter earnings for 2016 with mixed results. Yamama, the larger of the two, saw its profits fall by 14 per cent YoY in 1Q2016, to US$40m. Yamama put this down to rising fuel prices, overuse of fixed assets, a rise in general and administrative expenses and investment losses. Eastern Province Cement Company repo...
USA: Cemex fined US$400,000 over negligence at Kosmos Cement
Cemex-owned Kosmos Cement has pleaded guilty to negligence over its failure to comply with health and safety standards , which contributed to the death of a contractor. The company was fined US$400,000, of which US$200,000 is payable immediately. The remaining US$200,000 will be waived if Cemex upgrades the facilities at its plant in Louisville, Kentucky, to the required standard, adopts a ...