Cement News tagged: Corporate
Cementir boosts white cement volumes in China and Malaysia
Cementir Holding increased turnover in 2012 by 6.4 per cent to €976.2m and the EBITDA was ahead by 11.2 per cent to €138.1m as the margin improved from 13.3 per cent to 14.1 per cent. Depreciation and impairment provisions were 2.2 per cent higher at €89.9m, giving a trading profit advance of 33.2 per cent to €48.2m. After a net financial charge 3.5 per cent lower at €21.8m, the pre-tax pro...
Credit Suisse upgrades HeidelbergCement
Credit Suisse has upgraded HeidelbergCement from underperform to neutral and increased its target price to EUR53.00 from EUR37.00, Dow Jones reports. The bank says a more upbeat outlook for global cement prices this year and increasing demand improve the industry’s pricing power. CS also cited lower cost pressures and HeidelbergCement’s fading balance sheet concerns as reasons for the upward...
Tangshan Jidong to issue short-term bills, China
Tangshan Jidong Cement Co Ltd has announced that it plans to issue CNY1bn in unsecured short-term bills with a maturity of 365 days on the interbank market on 14 March. The coupon rate will be determined in the process of book-building and the bills issued at face value. Both value date and payment due date is on 15 March and the to-be-issued bills tradable on 18 March. China Lianhe Credit R...
Seacem sells 4.3 per cent in Lafarge Republic, Philippines
Southeast Asia Cement Holdings, Inc (Seacem) has sold around four per cent of its stake in affiliate Lafarge Republic, Inc. "Seacem has... sold 50 million of its shares of stock of Lafarge Republic, or 4.3 per cent of Seacem's total Lafarge Republic shares, to the public consisting mostly of institutional investors," Seacem said in a disclosure yesterday.
UltraTech sales decline 6% in February
UltraTech Cement, India’s largest cement producer, has reported a six per cent decline in February 2013 sales, amid wider concerns of subdued demand across the domestic market. The Aditya Birla group company sold 3.31Mt of cement last month compared to 3.51Mt in the same period of last year. Production during February 2013 also dropped to 3.32Mt compared to 3.46Mt in February 2012. The c...
Macquarie more positive on China cement sector
Research house Macquarie is turning more positive on the cement sector and expects to see more signs of downstream demand recovery in mid-2013 following a recent market visit. Macquarie has lifted its target price for Anhui Conch to HK$30 from HK$17.5, and upgraded the stock to "neutral" from "underperform". It has increased its 2013-14 earnings forecast by 8-11 per cent to factor in strong...
Former SibCem CEO nominated to return as director, Russia
One of Sibirskiy Cement (SibCem) founders, former President and CEO Andrey Muraviev has been nominated for the holding company's board of birectors, according to the RUXX Index which tracks SibCem said in a statement released yesterday. SibCem shareholders explain their decision to nominate Muraviev by their hope that "the former executive's experience would help the company recover its mar...
Italcementi incurs substantial trading losses in Italy and Spain
Italcementi has reported a 2012 trading loss compared to a profit in 2011 as the Italian cement major incurs substantial losses in its domestic market and Spain. Italian prices, however, see important improvements. Turnover for the year declined by 3.8 per cent in 2012 to €4480.1m but underlying EBITDA was down by 9.8 per cent to €632.4m. After an impairment charges that jumped from €134.3m...
Domestic demand, higher prices boost DG Khan 1H profit
Pakistan-based cement producer DG Khan Cement reported a rise in second-quarter profit-after-tax up of 53 per cent to PKR1.5bn (US$15.3m), thanks to advances in domestic demand on the back of the government's Public Sector Development Programme and higher prices. This takes half-year profit for FY12-13 to PKR2.9bn, representing a growth of 128 per cent. According to a report of BMA Capital...
China Resources in loan agreement
China Resources Cement has entered into an agreement relating to a HK$200m (US$25.8m) three-year term loan facility with a bank. Under the agreement, it shall be an event of default if China Resources (Holdings) Company Limited ceases to hold at least 51 per cent of the issued share capital of China ResourcesCement. CRH currently owns around 73.34 per cent interest in China Resources.
Credit Suisse upgrades Taiheiyo Cement, Japan
Credit Suisse has upgraded Japan’s leading cement producer Taiheiyo Cement to Outperform from Neutral and sees improved profits for the company in the next fiscal. The house sees a one-off but substantial shortfall versus guidance in the current fiscal year due to higher fixed costs and increases in cost outlays due to production-related issues. However, it expects the company to achieve pro...
Tianrui Cement's net profit falls 38.5% YoY
China Tianrui Group Cement announced that the company saw net profit reach CNY783m (125.9m) in 2012, a YoY decline of 38.5 per cent. The Henan Province-based clinker and cement producer said its operating revenue fell 8.1 per cent YoY to CNY7.59bn, with basic earnings per share of CNY0.33
Titan's profits decline, except in the USA
Titan Cement of Greece reported a 3.6 per cent recovery in turnover for 2012 to €1130.7m, following the 19.2 per cent drop in the previous year. EBITDA, however, continued its double-digit decline and fell by 19.8 per cent to €195.8m. While consumption in its home market of Greece has fallen to less than a quarter of the 2006 peak level, Titan has witnessed a reversal in fortunes in its US ope...
China Resources Cement profit down by 44.4%
China Resources Cement (CRC) reported a 44.4 per cent loss in net profit attributable to shareholders last year to HK$2.32bn (US$299m). In 2012, the firm's turnover rose 9.1 per cent from a year earlier to HK$25.35bn. The sales volume of cement and clinker surged by 26.5 per cent and 36 per cent, respectively. The average cement price, however, decreased 12.23 per cent to CNY324.3/t while cli...
Lower revenues and higher costs hurt QNCC net profit
Qatar National Cement (QNCC) reported a seven per cent decline in 2012 net profit on the back of lower revenues and higher costs. Net profit for the 12 months to the end of December 2012 fell to QAR425.31m (US$116.8m) while revenues were down three per cent to QAR964.28m. The company also registered an eight per cent rise in selling and distribution costs to QAR8.64m, general and administra...
Vicem Hoang Mai Cement seeks to raise 2013 pretax target, Vietnam
Vicem Hoang Mai Cement JSC is seeking approval from its parent company Vietnam Cement Industry Corporation (Vicem) to revise its 2013 pretax target upwards by 4.65 per cent. The company hopes to raise its target to VND90bn (US$4.29m) from the initial VND86bn, its chief accountant, Tran Minh Son, told the Dau Tu Chung Khoan newspaper. Last year Hoang Mai Cement achieved a net profit of VND112...