Cement News tagged: Corporate
Jaiprakash Associates downgraded, India
Two brokerages have downgraded Jaiprakash Associates Ltd, days after Deutsche Bank also cut its ratings and earnings estimates for the India-based cement producer. Morgan Stanley has downgraded Jaiprakash to "equal-weight" from "overweight", citing worsening headwinds for cement profitability, a reduced likelihood of the Reserve Bank of India (RBI) cutting interest rates and a lack of asset ...
Dr. Michael Mutz to head Aumund cement sales division, Germany
Dr Michael Mutz is to take on an overall management role of Aumund Fördertechnik GmbH’s cement sales division, the company has announced in a statement. In April 2012, Dr Mutz took over responsibility of the mineral processing division at Aumund and will now lead the cement division. He will be in charge of sales of both new equipment and retrofits. In the cement sector Aumund is a leading...
UltraTech first quarter hit by building slowdown
UltraTech Cement, India's largest cement producer, posted a 13.5 per cent YoY decline in its first quarter (April-June 2013), due to slowdown in home building and infrastructure projects. The Aditya Birla group company reported standalone profit of INR6.73bn (US$112.3m) for the April-June quarter. Net sales also declined 2.2 per cent to INR49.58bn. Going forward, Kumar Mangalam Birla, cha...
Madras Cement quarterly net profit down 44%
Madras Cement’s net profit for the first quarter of 2013-14 dropped by 44 per cent compared to the corresponding quarter of last year. Net profit for the quarter ended 30 June 2013, stood at INR68.85 crore on a total income of INR 987.18 crore. Expenditure rose by 11 per cent to INR839.70 crore. The company has deposited INR25.86 crore, which is 10 per cent of the penalty levied by ...
Dangote sees 53% pretax profit rise, Nigeria
Dangote Cement plc announced a NGN107.7bn (US$670m) profit before tax for the first half ended 30 June 2013. According to the firm’s six-month financial result released to the NSE, the profit before tax rose by 52.8 per cent compared to NGN70.8bn recorded in the corresponding period in 2012. Gross profit also increased, by 43.8 per cent from NGN91.9bn to NGN132.1bn, while operating profi...
Cementir improves first-half margins
Cementir's turnover improved by 2.2 per cent to EUR472.4m (US$627.6m) during first half of the year as improvements in the Far East, the Americas, Norway and Turkey more than compensated for lower volumes in Italy and Denmark. The EBITDA improved by 10.8 per cent to EUR62m while the depreciation and impairment charge was 3.5 per cent ahead at EUR44.3m, leaving the trading profit 34.8 per ce...
Cementos Portland Valderrivas reduces losses
Spain’s Cementos Portland Valderrivas cut losses by nearly 99 per cent to EUR0.6m (US$0.8m) despite a sharp decline in domestic cement demand. In the 1H12, the company had made losses of EUR48.6m. Valderrivas also swapped assets with Ireland’s CRH in 1H13, which provided capital gains of EUR104.8m. Valderrivas chairman and CEO José Luis Sáenz de Miera said: “Results for the first half re...
HeidelbergCement India notes INR80m 1Q13-14 loss
Higher input costs as well as a rise in fuel and power costs pushed HeidelbergCement’s Indian subsidiary into the red. The company reported a loss of INR79.5m (US$1.34m) for the first quarter ended 30 June 2013 in a BSE filing. In the equivalent quarter of last financial year, the firm had reported a INR192.7m net profit. However, HeidelbergCement India saw 1QFY12-13 income from operatio...
India’s JK Cement reports 55% drop in 1QFY13-14FY
JK Cement reported a 55 per cent drop in its net profit at INR310m (US$5.22m) for the quarter ended 30 June 2013 as a result of lower realisation and higher input costs. In the corresponding quarter of the previous year, the company had posted a profit of INR690m. Total income from operations also fell 10 per cent from INR7.37bn to INR6.61bn. EBITDA margins contracted from 21.47 per cent t...
Lafarge trims market growth outlook, debt reduction goal on track
Lafarge reported a marked rise in 2Q net profit although consolidated sales declined. The company has now trimmed its forecast for cement market growth this year but confirmed its goal to reduce debt to below EUR10bn this year. EBITDA fell eight per cent to EUR922m and current operating income declined 11 per cent to EUR667m. Net profit in the second quarter came in at EUR201m compared to ...
Cemex expects best volume growth from USA
Cemex reported a slight decline in turnover for the first half of 2013, with EBITDA also down marginally but the trading profit improved by double digits. While volumes were down in the first six months, the group sees full year sales edging ahead with the USA expected to show the best advance. Cemex' first half turnover eased by 0.7 per cent to US$7322.1m and EBITDA came off by 1.7 per ce...
Cementos Portland Valderrivas reduces 1H losses, Spain
Spain-based Cementos Portland Valderrivas (CPV) reduced losses by 98.9 per cent in 1H13, to EUR0.6m, compared with losses of EUR48.6m in the first half of the year before. CPV's asset swap with CRH earlier this year also provided capital gains of EUR104.8m. According to José Luis Sáenz de Miera, Chairman and CEO of Cementos Portland Valderrivas, results for the first half reflect "efforts la...
Hai Van Cement to issue shares to finance acquisition, Vietnam
Hai Van Cement JSC is to issue 21.46m shares in a move acquire Ang Son II Co the from Thang Loi Group Co. The volume will be sold to existing shareholders at VND10,000/shares at a 116-at-100 ratio, company said in a statement sent to the bourse. The proceeds, estimated at VND214.6bn (US$10.12m). Net profit jumps Hai Van Cement recently reported that it posted a net profit of VND10bn i...
Lafarge hit by winter weather and lack of carbon credit sales
Lafarge's first-half turnover eased by 4.8 per cent to EUR7248m (US$9628.3m) and the EBITDA declined by 14 per cent to EUR1302m, while the trading profit fell by 21.8 per cent to EUR791m. The gain from the sale of emission permits in the period was negligible compared with EUR46m a year ago. The net attributable profit amounted to EUR84m, compared with a EUR21m loss a year earlier. Net debt at...
Holcim streamlines Indian operations
Holcim is to increase its shareholding in Ambuja Cements as part of the Swiss major's strategy to restructure and streamline its operations in India. Through intragroup restructuring, Holcim will increase its shareholding in Ambuja Cements to 61.39 per cent and Ambuja in turn will acquire Holcim’s 50.01 per cent stake in ACC Ltd. Both Ambuja and ACC will continue to operate as separate entit...
Cemex Latin American Holdings recovers in 2Q
Cemex Latin American Holdings' first-half turnover improved by 2.8 per cent to US$814m and the EBITDA rose by 12.2 per cent to US$306.4m. The increase at the trading level was a somewhat more modest 7.3 per cent to US$260.3m. After a net interest charge of US$58.8m, the pre-tax profit emerged at US$193.4m. Net debt at the end of June stood at US$1411m, giving a gearing level of 103.9 per ce...