Cement News tagged: Corporate
Taiwan Cement and Asia Cement’s Chinese profits fall
Decreasing cement prices and shrinking infrastructural work in China has impacted the profits of Taiwan Cement Co (TCC) and Asia Cement, two Taiwan-based cement makers operating in China. Taiwan Cement International Holdings Ltd, a subsidiary of TCC, posted 70.4 per cent YoY net profit decline to HKD269m (US$8.97m) in the first half, while Asia Cement (China) Holdings Co, an affiliate of As...
Colombia: Cemex subsidiary applies to sell Latin American assets
Cemex Latam Holdings SA, a wholly-owned subsidiary of Cemex España SA, presented to the Superintendencia Financiera de Colombia an application 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. Cemex Latam's assets are expected to include substantially all of Cemex’s assets in Central and South America (exclud...
Australia's Boral 2H profit slumps
Hit by weak housing construction in Australia and delays in big resource and road projects, top Australian building products maker Boral Ltd reported a 59 per cent fall in second-half profit, in line with market forecasts. Boral declined to give a forecast for the year ahead, in light of uncertain market conditions, but said it would update investors at its annual meeting in November. Net p...
Mexico: Cemex announces 90% acceptance of its ongoing debt exchange
Cemex has announced that it has received acceptance notices representing approximately 90 per cent of the exposures under the 2009 Financing Agreement and indication of an intent to participate in the exchange transaction from additional participating creditors. Acceptance Notices from participating creditors wishing to exchange into the New HY Notes represent an anticipated issuance of appro...
Holcim's profit ahead, reshuffles top management
Holcim increased its consolidated sales of cement fuelled by the emerging markets and North America in the 1H12. However, the group said it is advancing a cost-cutting programme as European sales drop faster than anticipated and has announced a management shake-up in an effort to streamline its group structure. The Swiss cement major noted that first-half turnover improved 2.1 per cent to C...
Trinidad Cement Limited sees revenue up 4% but 20% EBITDA cut
For the six months ended 30 June 2011 Trinidad Cement Limited (TCL) reported a loss per share (LPS) of JMD0.59 (from continuing operations) which compares with an LPS of JMD0.28 (from continuing operations) for 1H2011. TCL's revenue was up 3.9 per cent but reported earnings before interest, tax and depreciation (EBITDA) of JMD33.9m (US$381,413) a 20 per cent decline YoY. EBITDA was significa...
China Tianrui 1H net down 38.7% to CNY402m
China Tianrui Group Cement said its profit attributable to owners dropped 38.7 per cent YoY to CNY402m for the six months ended 30 June 2012. Its basic earnings per share were CNY17 cents. The revenue was CNY3.71bn, a decrease of 8.9 per cent from a year earlier. The gross profit fell 24.3 per cent YoY to CNY911m. The gross profit margin decreased to around 24.6 per cent in the 1H12 from 29.5...
FLSmidth 2Q operating profit hit by one-off writedown
FLSmidth reported a drop in operating profits for the second quarter hit in part by a one-off writedown. EBIT fell to DKK 349m (US$57.78m) in April-June from DKK404m in the second quarter last year. The result, which was hit by a DKK188m writedown on capitalised research and development. Revenue for the period increased 26 per cent to DKK6036m, attributable to positive developments in al...
West China Cement net profit drops 65%, China
West China Cement has reported a 65 per cent drop in first-half profit as selling prices declined and production costs increased. Net income dropped to CNY138.5m (US$23m) from CNY419m a year earlier, the cement producer said in a filing to the Hong Kong Stock Exchange yesterday. Sales were down 7.1 per cent to CNY1.59bn. The Shaanxi cement market will gradually recover this year, with pri...
FLSmidth acquires Decanter Machine, USA
FLSmidth has today signed an agreement to acquire the privately owned company Decanter Machine, Inc, a United States based manufacturer and supplier of centrifugal technology to the global minerals industries. The transaction is subject to rezoning of a portion of real estate which is expected to occur in September. The parties have agreed not to disclose the value of the transaction. Decant...
Xinjiang Tianshan Cement 1Q net profit falls 68 per cent, China
Xinjiang Tianshan Cement Co Ltd, a cement and concrete manufacturer based in the Xinjiang Uygur Autonomous Region, announced net profit attributable to shareholders to reach CNY123.14m (US$19.3m) in the first half of this year, 68 per cent lower than the same period of last year. The decline is attributed to a fall in cement prices and higher financial costs, the company said in a statement f...
Egypt’s Misr Beni Suef earnings edge higher, hit by power shortages
Misr Beni Suef Cement announced that net profit for the first half of 2012 reached EGP188m (US$31m) versus net profit of EGP155m in the same period of last year. Meanwhile, the company said it lost EGP60m due to an interruption of electricity supplies causing productivity to decline by 70 per cent and output falling to 8000tpd from the usual 11,000tpd.
ACC sees Indian demand rising 10 per cent YoY, India
Indian cement major ACC has said cement demand may grow at a healthy rate of 10 per cent in 2012 but subdued capacity utilisation and higher raw material costs will keep prices under pressure. "The demand for cement is expected to grow at 10 per cent over 2011. A lower utilisation rate coupled with increase in cost of raw materials and increasing logistics costs are likely to keep overall p...
UltraTech Cement plans to raise INR2.5bn rupees via bonds
India's 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. HSBC Bank is the sole arranger to the deal, said the source. (Reuters)
Holcim net profit rises, streamlines group organisation
Holcim reported increased sales and improved prices in the first half of 2012, with better margins in the second quarter despite a challenging operating environment in Europe. The group has further said it is looking to implement a “leaner and more efficient structure” . As part of the new changes, three managers will leave the executive committee and Urs Bleisch will head the “Holcim Lea...
Life Insurance Corp trims stake in ACC, India
State-run Life Insurance Corporation (LIC) has sold 2.68 per cent stake in cement maker ACC for INR187.75 crore through open market operations. LIC had 10.51% stake (or 18.77 crore shares in ACC) prior to the transactions that took place between November 2011 and August 2012, both at the Bombay Stock Exchange as well as the National Stock Exchange, the cement firm said in a regulatory filing...