Cement News tagged: Corporate
Lafarge Maroc reports slight decline in net profit, Morocco
Lafarge Maroc has reported a slight decline in net profit for 2011 while operating profit also fell due to escalating input costs and stagnating cement prices. The company said in a statement that net income for the year was MAD1.66bn (EUR148.8m) compared to MAD1.68bn in 2010, representing a fall of 0.9%. C onsolidated sales rose from MAD5.35bn in 2010 to about MAD5.57bn in 2011, an increas...
Cementir boosts trading profit by 61%
Cementir Holding increased turnover by 10.8% to €933m and the EBITDA advanced by 14% to €124.2m. With depreciation and impairment provisions being just 1.8% higher at €88m, the pre-tax profit advanced by 60.8% to €36.2m. However, a swing in net financial items from a €1.3m profit to a €22.6m loss was the prime factor behind a 39.8% reduction in the pre-tax profit to €36.2m. The net attributab...
Buzzi Unicem appoints new director, Italy
The Board of Directors of Buzzi Unicem appointed Prof. Ester Faia as independent director, to replace Prof. Elsa Fornero who resigned in November 2011 to take up office as the Minister of Welfare.
S&P: Votorantim Industrial rated 'BBB', outlook stable
Standard & Poor's (S&P) Ratings Services assigned a 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on Votorantim Industrial S.A. (VID). The outlook is stable, reflecting VID's solid operations thanks to strong cash flows from its cement operations, which compensated for the weaker results from its metals and steel businesses. S&P stated: “We believe the still strong d...
Henan Tongli Cement net profit surges, China
Henan Tongli Cement, a cement producer based in the Henan Province of China, announced a net profit of CNY240.74m (US$38.1m) for 2011 which represents an 87.35 per cent YoY increase. Operating revenue, meanwhile, totaled CNY4.02bn, up 44.6 per cent on the previous year.
Semen Dwima Agung to be incorporated into parent company, Indonesia
PT Semen Dwima Agung will be incorporated into parent company PT Holcim Indonesia in a moved aimed at reducing production costs, reports the Jakarta Post. According to the financial report at of December 2011, Semen Dwima Agung help IDR83.12bn (US$9.15m) in assets, with liabilities of IDR96.85bn. The company suffered a net loss of IDR10.55bn in 2011, a significant setback after losing IDR1....
TCL: strike negotiations on the cards, Trinidad
General manager of Trinidad Cement (TCL) Satnarine Bachew said yesterday that some striking works have responded to the company’s invitation for individual negotiations and return to work. Letters outlining the company’s terms and conditions were sent to 600 employees. Bachew said: “The employees have been responding to the offer and we continue to get responses from employees.” Ancel Roget...
Grasim appoints managing director, India
The Aditya Birla Group of India on Tuesday appointed KK Maheshwari as managing director of Grasim Industries as the company prepares to grow its businesses in India and overseas. Maheshwari, who has been whole-time director of Grasim until now will assume charge as MD immediately, a post created for the first time in the history of the 65 year old company. "The Grasim board decided to have a...
Holcim Indonesia net profit advances
Holcim Indonesia reported a rise of over 20 per cent in revenue and net profit last year, as the company progresses with plans to raise capacity in this thriving market. The company reported a net profit of IDR1.06trn in 2011, up 28.33 per cent from IDR828.42bn the year before. Revenue reached IDR7.52trn, representing an increase of 20 per cent from IDR5.96trn YoY. However, the cost o...
Shriram EPC to buy 68% stake in Jayajothi Cement, India
Shriram EPC confirmed it would buy a 68 per cent stake in Sree Jayajothi Cements Ltd, along with its group companies, reports the Business Standard of India. The acquisition will be carried out by Shriram EPC and a special purpose vehicle floated by other Shriram Group companies. Last month the paper reported that the Shriram Group was planning to acquire a stake in the Andhra Pradesh-based...
China Resources 2011 sales rise, expansion plans
China Resources Cement Holdings, reported a rise in revenues for 2011 and outlined plans for further capacity expansion. The company, which is the largest cement producer in South China, earned HK$4.18bn in net profit attributable to shareholders last year, reflecting YoY increase of 105 per cent. Last year the company’s cement, clinker and concrete sales surged 49.4 per cent, 104.3 per...
Italcementi’s profits drop by four-fifths
Italcementi’s turnover edged ahead by 1.3% in 2011 to €4720.5m but the underlying EBITDA came down by 17.2% to €697.3m and impairment charges saw the trading profit drop by 65.2% to €129m. Net financial charges were reduced by 10.2% to €84.7m. A 39.9% reduction in exceptional costs and an increased contribution from the Canadian associates left the pre-tax profit 80.8% down at €53m, while at t...
Holcim boosted by emerging markets
Holcim reported sales increases in four of its five group regions in 2011, led by emerging markets in Latin America and Asia, but the impact of the soaring Swiss franc continued to affect results. Turnover eased 4.2% to CHF20,744m, but in euro terms there was a 7% increase to €16,790m and in US$ terms there was an 11.9% advance. Operating EBITDA declined 12.3% to CHF3958m, but measured in eu...
HeidelbergCement issues Eurobond
HeidelbergCement issued a Eurobond today under its €10bn EMTN programme with an issuance volume of €300m and a maturity date of 8 March 2016. The proceeds of the transaction will be used for general corporate purposes. “The new Eurobond is a great success,” says CEO Dr. Bernd Scheifele. “We could achieve considerably better terms that represent an adequate price for our risk profile. The suc...
East African Portland Cement reports loss, issues profit warning
East African Portland Cement Co (EAPCC) announced a first half loss of KES88m on high production costs and increased competition. For the current year the company has issued a profit warning as producers such as Mombasa Cement and National Cement enter the market. “The board of directors expects that the company’s earnings for the year will be at least 25 per cent less than the level of ear...
Portland Valderivvas prepares new business plan, Spain
Spanish cement producer Cementos Portland Valderivvas is preparing a new business plan for the period until 2016. The plan will be presented before the financial institutions in order to agree on a credit restructuring before the end of June 2012. The measures are expected to include the disposal of US subsidiary Giant, which is seen to be successfully completed in the following months. Abs...