Cement News tagged: Corporate
Tanga Cement profit rises 56 per cent, Tanzania
Tanzania-based Tanga Cement, part of the Holcim Group, has posted a 56 per cent YoY rise in net profit to TZS15bn (US$9.5m) due to increased exports and stable electricity supplies. Gross profit was also driven by a 14 per cent rise in domestic sales while exports increased 35 per cent YoY. Commenting on the results, acting Chairman, Prof Samuel Wangwe said: "With substantially reduced ...
Lafarge Republic to comply with 10% public ownership, Philippines
Lafarge Republic Inc was approved a one-day trading suspension on Friday by the stock exchange of the Philippines as it unveiled plans to comply with the exchange's 10 per cent public ownership requirement, according to reports by Dow Jones. Lafarge Republic's public ownership is now 3.7 per cent. Companies listed on the Philippine Stock Exchange have until the end of 2012 to comply with the ...
The US recovery is the one bright spot for Titan
Titan’s first half turnover declined by 1.6 per cent to €547.9m and the EBITDA fell by 21.3 per cent to €112.1m, as the cement producer is caught amid a continued downturn it its domestic market of Greece and US operations prove to be its only bright spot. Titan’s trading profit fell 39.5 per cent to €50.5m, but the net financial charge dropped by 54.9 per cent to €20.5m, reducing the fall i...
Siam Cement’s board approves investment budget, Thailand
Thailand’s leading industrial conglomerate Siam Cement Group said its board has approved plans to invest about THB150-200bn (US$4.8-6.4bn) over the 2013-17 period. Most of the investments will be spent in Southeast Asia and existing projects. Speaking to reporters, CEO Kan Trakulhoon, said: "The board has approved the investment budget at the minimum of THB150bn. If we get a good deal (acqu...
Sanghi Industries swings to full year profit, India
India-based cement producer Sanghi Industries Ltd reported a net profit in fiscal year 2011-12 compared to a loss in the previous year as margins and sales improve in the fourth quarter. The company reported a net profit of INR81.87 crore for the fiscal year ended 30 June 2012 compared to a loss of INR29.55 crore in the previous fiscal. Net sales rose 8.3 per cent to INR974.07 crore in FY1...
Tangshan Jidong Cement majority shareholder increases stake, China
Tangshan Jidong Cement announced that its controlling shareholder, Jidong Development Group Co Ltd, has acquired a combined 14.01m shares, ore a 1.04 per cent stake in the company between 11 July 2012 and 28 August 2012. As of 28 August, the controlling shareholder holds 526m shares, or a 38.32 per cent stake in Jidong, according to reports from China Business Newswire. Tangshan Jidong C...
JP Morgan lowers BBMG Corp target price, China
JP Morgan has lowered its target price for BBMG Corp to HK$5.5 from HK$6.3 and maintained its ‘neutral’ rating. The research house says the weakness in the cement business was offset by BBMG’s robust property development business where revenue and gross profit both saw 42-44 per cent YoY growth. JP Morgan expects the stock to continue trading sideways although it might outperform its cem...
Citi Venture Capital International interested in Shriram Group investment
Citi Venture Capital International (CVCI) is reportedly holding talks to invest INR400crore in the cement unit of southern conglomerate Shriram Group, according to reports in the Times of India. The Shriram Group initiated the process to sell a stake in Sree Jayajothi Cement which it had previously acquired a 70 per cent stake in earlier this year following the conversion of loans into equity...
Cherat Cement full-year net profit jumps, Pakistan
Pakistan-based producer Cherat Cement posted a rise in net profit to PKR436.8m for the fiscal year ended 30 June 2012 (FY12) from PKR68.851m, according to reports in the Pakistan Observer. Earnings per share rose to PKR4.57 in the period compared to PKR0.72. Turnover rose to PKR5.45bn in FY12 compared to PKR4.24bn in FY11 while the cost of sales increased to PKR4.30bn against PKR3.68bn. Pre-t...
China Shanshui Cement first-half net profit falls 41 per cent
China Shanshui Cement has reported a net profit of CNY728m (US$114m) for the first half of 2012, representing a decline of 41 per cent YoY on the back of a slowing demand. In the period its operating revenue slid 5.8 per cent YoY to CNY7.38bn, with basic earnings per share of CNY0.26. Zhang Bin, Vice Chairman and General Manager of Shanshui Cement, said: “In the first half of 2012, affected ...
Höganäs Bjuf appoints new head of cement division, Sweden
Jonas Oldin has been appointed Business Manager Cement at Höganäs Bjuf AB´s head office in Sweden effective August 20th 2012. He succeeds Erik Olsen who will take on other responsibilities until his retirement next year. Jonas Oldin has been Market Manager Foundry at Calderys Corporate Group since 1996, and has a long experience of the refractory business. He also holds a university degree...
Cemex focuses spotlight on Colombia
Earlier this week Cemex announced that its Cemex España subsidiary, Cemex Latam Holdings, presented an application to the Superintendencia Financiera de Colombia to list its shares on the Colombian stock exchange and to offer a minority of Cemex Latam’s shares in a public offering to investors in Colombia and in a concurrent private placement, to eligible investors outside of Colombia. The off...
CRH to buy 51% in Jaypee's Gujarat units for INR21bn (US$378.9m)
Irish building materials group CRH is set to pick up a controlling 51 per cent stake in the cement operations of Jaiprakash Associates in Gujarat for an enterprise value of INR42bn. CRH will also be able to increase its holding to 65 per cent over the next three years at a pre-fixed price via a call option. “CRH will have the option of picking up an additional 14 per cent from Jaiprakash...
Mexico: Cemex shares climb on asset sale plan
Cemex SA shares outperformed the broader Mexican equity market Wednesday, rising as much as seven per cent after the Mexican cement maker said it plans to sell a minority stake in its Latin American assets through a listing on Colombia's stock exchange. The sale, aimed at reducing Cemex's debt, will not include assets in its homebase. Cemex's shares trading in Mexico City were recently up 4....
India's Ultratech Cement plans to raise INR2.5bn via bonds
Ultratech Cement is planning to raise INR2.5bn (US$44.84m) through five-year bonds at 9.15 per cent, a source with direct knowledge of the deal said on Thursday, according to Reuters.
West China Cement faces downgrade review by Moody
Moody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed...