Cement News tagged: Corporate
Lucky Cement nine-month net profit rise, Pakistan
Lucky Cement has reported net profit of PKR4.68bn (US$51.5m) for the nine-month period ending 31 March 2012, representing an 89 per cent rise compared to the PKR2.47bn earned in the corresponding period last year. Earnings per share during the nine month period were PKR14.49 against PKR7.65 last year. Net revenue rose 29% to PKR 24bn primarily due to higher factory prices and a two per cent...
Argos gets green light for spin-off, Colombia
Grupo Argos (formerly Inversiones Argos) and Cementos Argos received today the approval of the Colombian Financial Superintendence to spin-off certain non-cement assets, currently under Cementos Argos balance sheet, to be contributed into Grupo Argos. In exchange for these assets, Grupo Argos will issue preferred non-voting shares to Cementos Argos’ shareholders at 0.31 preferred shares of Gr...
Loesche ThermoProzess GmbH integrates UCON division, Germany
Loesche ThermoProzess GmbH has taken over the specialised “Combustion Technology” department of UCON AG Containersysteme KG, Gelsenkirchen. For more than 60 years, this division of UCON AG Containersysteme KG has been well-known as Kuppersbusch Fachbereich Wärmetechnik. A large variety of industrial combustion systems have been developed designed and delivered by the company. Loesche Thermo...
South & Central America drive Cemex higher
Cemex’ first quarter turnover was up by 3.5 per cent to US$3502.6m and the EBITDA improved by 6.5 per cent to US$567.3m. The trading profit continued to recover strongly and rose by 33.9 per cent to US$240.4m. Fernando A Gonzalez, Executive Vice President of Finance and Administration, said, "The favorable performance in most of our regions leads us to believe that we are in t...
Portugal defends Cimpor takeover bid
Portugal's Treasury Secretary Maria Luis Albuquerque defended a takeover bid by Camargo Correa for Cimpor from suggestions it was against the national interests and the price was too low. "This operation appears to us the best alternative for the company ... it safeguards the national interests in the most attractive form that was possible to secure," Albuquerque told a parliamentary commit...
Standard & Poor's revises Titan's outlook
Standard & Poor's (S&P) Ratings Services revised its outlook on Titan Cement Co to stable from negative. At the same time, we affirmed our 'BB-' long-term and 'B' short-term corporate credit ratings on the group. S&P said the outlook revision reflects its view that "Titan will be able to sustain solid cash flows and an 'adequate' liquidity profile over the next 24 months. ??Titan was able to ...
Personnel change on the Supervisory Board of HeidelbergCement
As of 14 March 2012, Dr.-Ing. Herbert Lütkestratkötter resigned from his position on the Supervisory Board of HeidelbergCement AG for personal reasons. The Nomination Committee of the Supervisory Board of HeidelbergCement is intensively engaged in the selection of a suitable successor. “The Supervisory Board and the Managing Board of HeidelbergCement AG regret the resignation from offic...
Cementos Argos net profit rises
Cementos Argos, Colombia's largest cement producer, posted a net profit in 1Q12 of US$144m, from US$16m a year earlier. Operating revenue was US$587m, the company said in a statement Wednesday to regulators while EBITDA rose 40% last quarter from the same period a year earlier, to $110m. For the first quarter of 2012, revenues from the Division rose to COP$ 569bn, an increase of 34%. EBITDA w...
UK construction returns to recession
Figures from the Office of National Statistics (ONS) for GDP in the first quarter of 2012 show that the UK economy and construction industry returned to recession with a fall of 0.2% fall and 3% respectively. Commenting on these figures, Noble Francis, Construction Products Association Economics Director said: "Given the sharp effects of public sector spending cuts over the past 12 months it ...
Siam Cement 1Q net profit drops
Siam Cement said Wednesday its first quarter net profit fell 35% from a year earlier mainly because higher cost and lower income from affiliates. The company posted a net profit of THB5.97bn (US$192.6m), compared with THB9.21bn a year earlier, according to a filing with the Stock Exchange of Thailand.
CRH: Semapa intends to acquire CRH's 49% in Secil
CRH reported that Portuguese conglomerate Semapa will acquire the company’s stake in their cement and ready mixed concrete joint venture Secil next month. In August last year an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), decided that CRH and Semapa were obliged to complete the sale and purchase of CRH’s 49% sharehold...
Mexico's Cemex seen posting narrower quarterly loss
Cemex is expected to cut its first-quarter losses by more than half from a year ago, helped by higher sales and a strong share price gain during the period. A Reuters poll among seven analysts showed Cemex would likely post a net loss of US$112m in the January-to-March period, compared with a loss of US$276m in the 1Q11. Quarterly sales are expected to have grown 3.7% due to stronger dema...
China Huaxin Cement changes investment plant
Huaxin Cement said it will terminate plans to invest in 10 concrete projects and will use CNY172.56m of the uninvested funds on seven new projects, reports Yicai, citing a company filing yesterday. According to the announcement, the amount spent on the 10 projects totalled CNY9.91m. The land-use rights it already bought will be transferred, while the equipment purchased will be used for the ...
Chinese firm to buy 60% of Vulcan Mining for US$21m
Philippines' China Trend and its owner William Chan Wai Keung have further raised their planned investment in Vulcan Industrial & Mining Corporation by signing an agreement to subscribe to 60% or PHP900m (US$21m) worth of the mining firm's shares. In a disclosure to the Philippine Stock Exchange, Vulcan said Modern Overseas Investment Ltd, a wholly-owned subsidiary of China Trend, had signed ...
Kenya: NSSF faces off with Lafarge over board seat at Bamburi
National Social Security Fund (NSSF) is set to open a fresh fight with French conglomerate Lafarge over the control of Bamburi Cement as it demands a seat on the cement maker’s board it lost last year. The cement firm – which is owned 58.4% by Lafarge – dropped NSSF representative Alex Kazongo from its board in March, citing his failure to attend successive meetings. Now, the fund has writte...
UltraTech Cement net profit rises 19% in 4Q to US$69.7m
UltraTech Cement posted a 19% rise in net profit at INR8.67bn (US$69.7m) in the fourth quarter ended 31 March 2012, as compared to INR7.27bn (US$138m) in the corresponding quarter last year. Net sales rose 19% to INR53.37bn from INR44.9bn during the period. ?? Profit before interest, depreciation and tax is INR14.64bn as against INR11.27bn in the corresponding period of the previous year. ??T...