Cement News tagged: Corporate
India Cements: investors could consider on long-term basis
Chennai-based India Cements is a leading player in southern India and has benefited from strong cement prices, given production discipline amongst local producers over the past few quarters. Consequently, total cement dispatches in the southern region grew just 1.8% YoY during FY12, and the pace was much slower than the all-India growth during this period, Point Out brokerage house reports. ...
UBA in talks with Dangote for new partnership
Pan-African lender United Bank for Africa is in talks with Aliko Dangote for a partnership to provide banking services to his Dangote Cement group in 13 countries, its chief executive said. Phillips Oduoza told the Reuters Africa Investment Summit in Lagos on Thursday the move would leverage their overlapping presence across the continent. UBA is in all of the 14 countries in which Dangote i...
KGI Securities confident on Siam Cement 2H earnings, Thailand
KGI Securities expects good earning results from Thailand’s Siam Cement in the second half of 2012. "We anticipate earnings in the second half of 2012 to improve strongly thanks to the world economic recovery that should help lift the global demand for chemical products and allows the chemical spread to increase to more than $500/tonne," the broker said a research note. The broker also a...
Anhui Conch net profit falls 43.61%, China
Anhui Conch Cement said yesterday that its net profit dropped 43.64% YoY to CNY1.25bn in the first quarter of this year, due to falling cement prices and rising production costs. Operating revenue was CNY8.86bn in the first three months, 4.9% less than in the same period of 2011. Cement sales, however, rose 10.3% YoY to 33Mt in the first three months, but its average sales price fell 13.8%...
ACC first-quarter hit by one-time depreciation charge
ACC Ltd Thursday said its January-March net profit fell sharply, hit by a one-time depreciation charge of INR3.35bn. ACC, a unit of Holcim Ltd, posted a net profit of INR1.52bn, down from INR3.50bn a year earlier. Sales rose 19 per cent to INR30.15bn from INR25.41bn. The results were much lower than the market expected. An average of estimates from six analysts polled by Dow Jones Newsw...
China Shanshui launches US$400m bond, China
China Shanshui Cement Group has launched a US$400m dollar bond to yield 10.5%, a person familiar with the matter told Dow Jones Newswires on Thursday. The planned five-year bond will be callable after three years, the person said. Initial price thoughts had suggested a yield in the "high 10s." Credit Suisse, Deutsche Bank, HSBC and JP Morgan are joint bookrunners and lead managers on the pl...
S&P rates China Tianrui Group Cement 'B+'
Ratings agency Standard & Poor’s (S&P) has assigned its 'B+' long-term corporate credit rating and 'cnBB' Greater China credit scale rating to China Tianrui Group Cement Co. Ltd. (Tianrui group). The outlook is stable. A the same time, Standard & Poor's assigned its 'B' issue rating and 'cnBB-' Greater China credit scale rating to the group's proposed issue of senior unsecured notes. The ratin...
Raysut Cement seeks new funds, Oman
Raysut Cement has announced that its Board of Directors has approved moves for a fresh term loan of OMR64m (US$166.2m) from three Omani banks. T he board has given its approval at a meeting held on Wednesday and, accordingly, Raysut will seek OMR64m in funding from BankDhorfar, BankMuscat and Oman Arab Bank to refinance the existing loan of a higher installment and interest totaling about O...
TXI sells package products operations to CRH arm, USA
Texas Industries, Inc announced the sale of its Texas based packaged products operations to Charlotte, NC-based Bonsal American, a unit of Oldcastle, Inc. The transaction included five production facilities, stretching from the Dallas-Fort Worth Metroplex to the Houston metro area and extending through Austin and Central Texas. As a part of the agreement, TXI and Bonsal have entered into...
UltraTech Cement appoints additional director, India
UltraTech Cement’s board of directors have appointed M Damodaran as an additional director (independent) with effect from 16 April 2012, the company said in a statement to the Bombay Stock Exchange.
Tianshan Cement first-quarter profit forecasts, China
Xinjiang Tianshan Cement, based in Xinjiang Uyghur Autonomous Region, has forecast that its net profit widened to CNY133m (US$ in the first quarter of 2012 from CNY7.41, a year earlier. The company's net profit soared 124 per cent YoY to CNY1.13bn in 2011, China Business Newswire reports.
Steppe Cement sales fall, Kazakhstan
Kazakhstan-based Steppe Cement said Tuesday that in the first quarter ended March 31 it sold 170,080t of cement for KZT1,953m, compared with 187,404t for KZT1722m in the first quarter of 2011, a fall of nine per cent and an increase of 13 per cent, respectively. The company noted that total first-quarter 2012 domestic consumption in Kazakhstan increased nine per cent YoY. The average ce...
China Shanshui seeks to price dollar bond, China
China Shanshui Cement Group Ltd is seeking to price a benchmark US dollar bond to yield in the "high 10s," a person familiar with the matter told Dow Jones Newswires on Tuesday. Credit Suisse, Deutsche Bank, HSBC and JP Morgan are joint bookrunners and lead managers on the planned Rule 144a/ Reg S senior notes, which are provisionally rated BB-minus by Fitch Ratings and Standard & Poor's Rati...
Cementos Portland to ask permission for capital hike, Spain
Spanish cement producer Cementos Portland Valderrivas will request its shareholders permission to launch a capital increase over the next five years. With the move, the company is seeking to reinforce its balance sheet in case it fails to wrap up the sale of US unit Giant. The company's shareholders will hold a general meeting on May 18. Abstracted from an original article in Cinco Dias
Fauji Cement reports drop in profit, Pakistan
Pakistan cemet producer, Fauji Cement Company, has reported a lower profit after tax of PKR140.391m (US$1.55m) during nine months ending 31 March, 2012. According to financial results sent to the Karachi Stock Exchange, pre-tax profit fell to PKR286.417 due to higher financial costs during the period under review compared to PKR369.294m in the same period last year. Earnings per share also d...
Jidong Cement profit warning, China
Tangshan Jidong Cement Co Ltd, a Hebei Province-based cement producer, predicted on 13 April that its net loss widened to CNY200-250m in the first quarter of this year from CNY11.27m a year earlier.