Cement News tagged: Corporate
Titan’s Greek profits fall by 60%
Titan’s turnover declined by 19.2% last year to €1091.4m and the EBITDA fell by 23% to €242.7m. The net financial charge rose by 5.9% to €66.3m, and after €18.7m of impairment charges and €11.9m of foreign exchange losses, the pre-tax profit dropped by 71% to €37.7m. The pre-tax figure had, however been boosted by a €20.5m gain on the sale of emission rights in Greece and Bulgaria, compared wi...
Cementos Moctezuma reports solid quarter, Mexico
Corporation Montezuma reported that during the fourth quarter of 2011 EBITDA grew to 25% over the same period a year ago. A report in El Economista show that for full year 2011, the company reported a 15% growth in sales, supported by a strong advance of 13.7% in cement volume, partially offset by a fall of 2.6% in concrete volumes. EBITDA for 2011 was 10% higher than a year ago, but the...
S&P Assigns Cemex 'B-' rating
Standard & Poor's Ratings Services affirmed its ratings, including the 'B-' global scale and 'mxBB/mxB' national scale rating long-term corporate credit ratings, on Cemex. S&P’s ratings on Cemex and its key subsidiaries – Cemex Inc., Cemex Mexico, and Cemex Espana--are constrained by its "highly leveraged" financial risk profile, as our criteria define it, reflecting the company's high debt ...
Dangote to begin Phase 2 of Ibese plant, Nigeria
Dangote Group said it is set to commence the construction of the second phase of the 6Mta cement plant which forms part of the company's plan to become a major force in cement production through a number of projects across Africa. In a statement by the company published in the Vanguard, Alhaji Aliko Dangote, President/CEO, said: “In a few weeks from here, we will start the construction of a...
Emerging markets continue to drive Holcim sales
Holcim's consolidated sales for 2011 fell 4.2% on the previous year to CHF20.7bn (US$23.1bn), although the company says that on a like-for-like basis it saw a +7.5% increase in revenues. Due to cash-neutral impairments totaling CHF775m, net income was down 57.9 per cent to CHF682m. While operating EBITDA decreased 12.3 per cent, on a like-for-like basis it remained virtually stable at minus...
GCC sees improved sales in USA and Mexico
Mexican cement producer Grupo Cementos de Chihuahua (GCC) reported a 4.9 per cent YoY rise in full year consolidated net sales to MXP7197.4m, as it reported improvements in construction activity in its domestic and USA markets from 2Q11. However, operating income for the year fell 18.5 per cent YoY to MXP464.3m while EBITDA was down 9.8 per cent to MXP1359.4m. Net sales in the 4Q11 reache...
Cimpor financing needs covered to end-2013
Cimpor, Portugal’s leading cement producer, has said it has covered all its financing needs until the end of 2013, Chief Financial Officer Antonio Valera said at a conference today. If Cimpor issues new bonds it will do so to cover financing needs for 2014 onwards, Bloomberg reported Mr Valera as saying.
Boral’s first half profit falls, Australia
Australian building materials producer Boral’s turnover in the six months to the end of December improved by 1.9% to AUD$2,433m (€1,976m) while the EBITDA declined by 11.9% to AUD$237m (€192m) and the trading profit falling by 26.9% to AUD$109m (€86m). The net interest charge is now on the way up again and it rose by 9.7% to AUD$34m (€27m) and the pre-tax profit fell by 35.9% to AUD$75m (€61m)...
Dewan Cement reverses six month loss, Pakistan
Pakistan cement producer, Dewan Cement Ltd, posted a PKR130m (US$1.43m) profit after tax in the first half of the current fiscal (in 1HFY12) compared to a loss of PKR325.1m in the corresponding period of 2010. Earnings per share stood at PKR0.33 against per share loss of PKR0.9 in the same period a year ago. According to a statement by the company to the Pakistan Stock Exchange, net turn...
Siam raises stake in Philippine firm, mulling Myanmar plans
Thailand’s Siam Cement has reached a deal to raise its stake in a listed Philippine building materials firm from 40 per cent to 80 per cent in a deal valued at THB1bn (US$33m). However, the company has declined to name the firm, but it is thought to be Mariwasa Siam Holdings of which the company owns 40 per cent according to its latest annual report. Siam chief executive Kan Trakulhoon decl...
CRH helped by acquisitions
CRH's turnover recovered by 5.3% last year to €18,081m and the EBITDA was ahead by 2.5% to €1656m. The trading profit rose by 24.8% to €871m and after other charges, including a net interest charge 5.1% higher at €229m, the running pre-tax profit improved by 12.9% to €743m. The net attributable profit advanced by 36% to €597m. Net debt at the end of December was 0.3% higher at €3483m and the g...
Natixis reiterates Lafarge “buy” recommendation
Natixis has confirmed its “buy” recommendation and EUR40 share price target on Lafarge. The broker said it is confident of the company’s ability to achieve its 2012 goals and reduce debt through increased cash flow and asset sales, SeeNews France reported. Earlier this year Lafarge said it plans to cut 460 jobs worldwide as part of its reorganisation strategy. Under the project, it will re...
Jaiprakash to hive off cement company, India
Jaiprakash Associates will hive off its cement plants and other units of the company to wholly-owned subsidiary, Jaypee Cement Corporation, the Economic Times of India reports. "We are pleased to inform that the equity shareholders and creditors of the company, in their respective meetings held on February 25, have duly approved the scheme of arrangement," Jaiprakash Associates said in a sta...
Cementos Portland reports 2011 loss, Spain
Cementos Portland Valderrivas of Spain reported a loss of EUR327.5m for 2011 against a profit of EUR1.2m registered in 2010, local press reported. The result was explained by the company’s need to allocate EUR337m to the reinforcement of its balance sheet, Expansión reported. Excluding this effect, the loss would have come in at EUR16m. Revenues were down by 19.2 per cent YoY to EUR609m,...
Bamburi Cement uncertain on 2012 outlook
Bamburi Cement, a unit of Lafarge, reported a 28 per cent rise in 2011 turnover supported by sales from its Ugandan unit but warns its performance this year could be affected by inflation and uncertain political outlook in the lead-up to Kenya's elections. The company earned a pre-tax profit of KES8.47bn at the end of 2011 from KES7.56bn in 2010. East Africa's largest cement maker had seen ...
CNBM sees 2011 annual net profit doubling, China
China National Building Materials said it expects 2011 annual net profit to double on increased prices and higher cement sales and, according to some analysts, the company should now reap the benefits of its aggressive expansion plan over the last two years. CNBM said in a filing to the Hong Kong Stock Exchange that audited net profit for last year may increase by more than 100 per cent...