Cement News tagged under: West China Cement
S&P lowers West China Cement corporate rating, China04 September 2012, Published under Cement NewsStandard & Poor's Ratings Services lowered its long-term corporate credit rating on West China Cement Ltd. (WCC) to 'B+' from 'BB-'. The outlook is negative. The research house also lowered the issue rating on the China-based cement manufacturer's senior unsecured notes to 'B+' from 'BB-'. S&P said in a statement: “We lowered the rating to reflect our view of WCC's weakened liquidity position, given the company's low cash balance and high short-term debt. WCC's cash balance fell to CNY173m... |
West China Cement faces downgrade review by Moody23 August 2012, Published under Cement NewsMoody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed it was selling its products at a premium price. But Glaucus, citing independent sources, said the s... |
West China Cement net profit drops 65%, China16 August 2012, Published under Cement NewsWest China Cement has reported a 65 per cent drop in first-half profit as selling prices declined and production costs increased. Net income dropped to CNY138.5m (US$23m) from CNY419m a year earlier, the cement producer said in a filing to the Hong Kong Stock Exchange yesterday. Sales were down 7.1 per cent to CNY1.59bn. The Shaanxi cement market will gradually recover this year, with pricing power maintained and possibly improved, the company said in a statement. Earlier this week, ... |
Moody's: no immediate concerns for West China Cement from short seller's report10 August 2012, Published under Cement NewsMoody's sees no immediate concerns for West China Cement from short seller's report. There is no pressure on its Ba3 corporate family and senior unsecured debt ratings. At the same time, the rating outlook remains negative, reflecting the consideration that its credit metrics, especially interest coverage, are under pressure from its fast expansion and weak cement prices. (Source: Reuters) |
West China Cement denies fraud claim09 August 2012, Published under Cement NewsShares in mainland cement maker West China Cement were suspended from trading at the company's request yesterday, following the release of an analyst's report alleging the company was guilty of "blatant fraud". The request followed the overnight release of a report by US firm Glaucus Research Group that investigates Chinese listed companies, accusing West China Cement of "fabricating" its financial statements. "We believe that West China Cement is a blatant fraud. We believe West China... |
Italcementi: June '1206 July 2012, Published under Cement NewsA reduction in the use of clinker, which has fallen back to a level last seen in the early 1970s, has led Italcementi to eliminate three of its Italian cement works. The Pontassieve works near Florence is being sold to Colacem, the third largest Italian cement producer, as this works is very much on the periphery of Italcementi's areas of operation. Furthermore, two other integrated Italcementi cement works are to be closed permanently during the third quarter of this year. The sale of I... |
West China Cement profit warning15 June 2012, Published under Cement NewsWest China Cement (WCC) warned that its net profit in the first half of this year is expected to plunge more than 50% on-year due to a drop in cement price. This follows a warning from industry peer, Anhui Conch Cement who last week also issued 1H profit warnings. DBS Vickers expects WCC's earnings are bottoming out as cement prices are recovering. It keeps the stock at Buy with a target price of HK$2.27 but says WCC's shares have rallied 35% year-to-date, significantly outperforming peers ... |
West China acquisition of Fuping Cement positive – Moody’s10 May 2012, Published under Cement NewsMoody's commented that West China Cement's (WCC) acquisition of Fuping Cement is credit positive for WCC (Ba3, negative). Fuping Cement owns a 2Mt cement production plant in Zhuangli town in Shaanxiand a 35% interest in Shifeng Cement which has a 2Mt plant in Caocun town, also in Shaanxi. WCC is also still completing the acquisition of a 65% interest in ShifengCement, which began in March 2012. Moody's said the issuance of HK$620m worth of new shares to acquire capacity will enhance its... |
Italcementi to become strategic partner of West China Cement04 May 2012, Published under Cement NewsItalian cement maker Italcementi said it has agreed to acquire a stake in West China Cement (WCC) as the group moves to strengthen its position in the world's largest building materials market. In a statement Italcementi said that when the deal is complete it will own a stake of around 6.25% in WCC to become the company's third-largest shareholder. Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35% of Shifeng Cement, against the subscript... |
Fitch Ratings downgrades West China Cement23 March 2012, Published under Cement NewsFitch Ratings has downgraded West China Cement's (WCC) Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured debt rating to 'BB-' from 'BB'. The Outlook on the IDR is Stable. The rating action is driven by Fitch's view that the deterioration in WCC's gross profits and the increase in its financial leverage in H211 will persist through 2012. WCC's gross profit dropped to CNY76/t n in 2011 from CNY120/t in 2010, due to the weak average selling prices (ASP) in WCC's c... |