Cement News tagged: Corporate
CRH advances strongly in the Ukraine
CRH’s first half turnover improved by 5.2 per cent to €8,588m, but the EBITDA came off by 1.1 per cent to €568m. The better weather conditions in North America were offset by a worse experience in Europe. The trading profit was stable at €184m, while the pre-tax profit improved by 23.2 per cent to €117m, helped by gains on disposal, and the net attributable profit advanced by 36.8 per cent to...
Anhui Conch Cement reports 51% plunge in 1H profit
Anhui Conch Cement announced yesterday that its net profit in the first half fell 51.33% YoY to CNY2.92bn (US$462m) under Chinese accounting rules, due to sharp declines in cement prices amid weak demand. Earnings per share were CNY0.55 during the period, down 51.33 per cent YoY, said the company in its interim report. Operating revenue dropped 8.22 per cent YoY to CNY20.3bn in the first ha...
Najran Cement CEO resigns
Saudi cement producer Najran Cement said in a bourse filing yesterday that Ahmad Zuqeil had resigned from the position of CEO, effective August 31, according to reports by SeeNews Middle East and Africa. Najran Cement is currently working on an expansion project which will boost its annual production capacity to 5000t of cement. Completion is scheduled for the third quarter of 2013. Najran C...
Credit Suisse: China materials sector outlook
With 1H12 earnings season ahead, Credit Suisse believes "surprises are more on the downside for the China material sectors." It expects a "deep loss" in the steel and aluminium sector in general, followed by base metals and Chinese cement names with 1H12 earnings set to decline 30-50 per cent on average; earnings for coal and gold sectors should be more stable on-year, yet, moderate downside r...
India Cements 1Q net profit drops 39.2%
India Cements Ltd today said that it has reported a decline of 39.2 per cent in its net profit for the first quarter ended June 2012 at INR62.07 crore. The net profit of the company stood at INR102.03 crore during the same period a year ago, said India Cements in its filing to the Bombay Stock Exchange on August 13, 2012. Meanwhile, the company has said it is exploring at possibilities of...
Kuwait Cement first half net profit rises
Kuwait Cement Company said in a bourse filing yesterday it booked a net profit of KWD8.84m (US$31.3m) for the six months ended June 30, 2012, slightly up from KWD8.69m a year earlier. The cement producer reported earnings per share (EPS) of 14.31 fils for the first half of 2012, compared to 14.04 fils a year ago. For the second quarter of 2012, the company's net profit stood at KWD3.71m, dow...
HSBC lifts Lafarge share price target, France
HSBC has lifted the share price target of Lafarge to EUR55 from EUR52 and reiterated its "overweight" recommendation. Analysts with HSBC revised up by three per cent their expectations for the EBITDA of the company, due to the increase in cement prices. The broker considers that in the first half of 2012, the building materials producer laid the foundations of good financial performance for ...
Fujairah Cement reverses loss, increases sales, UAE
Fujairah Cement reported increased sales in the six months to June 2012 of 16 per cent to US$$83.6m in the six months to June 30 and it reversed a $2.4m loss last year into a $5.5m profit. Earnings per share also climbed to 1.55 cents (5.7 fils), compared to a loss of 0.68 cents (2.5 fils) last year. Despite this, however, the company said that the recession that has been felt in the con...
Taiheiyo Cement falls 7% on weaker April-June operating profit
Shares in Taiheiyo Cement Corp opened lower Monday, weighed down by the firm's announcement on Friday that it recorded a JPY490m (US$6.3m) operating profit for the April-June quarter, an improvement over the previous year's JPY1.2bn loss but lower than the JPY1bn profit predicted by The Nikkei.
Hilal Cement’s net profit drops, Kuwait
Hilal Cement’s net profit dropped to KWD 295,166 (US$1m) for the first half of 2012 from KWD808,427 a year earlier, the company said in a bourse filing. The company reported earnings per share (EPS) of 4 fils, compared with 8 fils. The total assets stood at KWD21.9m at end-June 2012, slightly up from KWD21.4m a year earlier.
China Resources Cement 1H net down 69%
China Resources Cement said its profit attributable to owners dropped 68.9 per cent YoY to HK$635m (US$81.9m) for the six months ended 30 June 2012. Turnover was up 9.8 per cent from a year earlier to HK$11.03bn. Consolidated gross margin was 20.8 per cent, representing a decrease of 12.3 percentage points from 33.1 per cent for the corresponding period last year.
Middle East market developments
Cement producers in the Gulf Cooperation Council (GCC) nations witnessed a 24.3 per cent increase in revenues in the first quarter of 2012, reaching US$1.26bn (AED4.62bn) as construction picked up in certain parts of the Middle East. Saudi Arabia continues to be the region's strongest market, but improvements are being seen in the UAE and Qatar is gathering pace. However, a challenging operati...
JK Cement reports YoY gains, India
JK Cement reported a healthy growth in earnings on the back of both higher volumes and realisations in the first quarter of the current fiscal. In the June 2012 quarter, the company reported 38 per cent YoY growth in net profits, the Economic Times of India reports. Revenues grew by 21 per cent YoY to INR736 crore mainly due to 15 per cent growth in dispatches and a five per cent increase i...
YenBai Cement posts second quarter loss, Vietnam
YenBai Cement and Minerals said it incurred a loss of VND5.69bn (US$271,000) in the second quarter of this year, marking its fifth consecutive quarter of losses Revenues declined five per cent on year to VND82bn during the period, the company said in a quarterly financial statement. Higher prime cost to revenue ratio was mainly blamed for the company’s loss, despite an earning of VND3.46bn fr...
Moody's: no immediate concerns for West China Cement from short seller's report
Moody's sees no immediate concerns for West China Cement from short seller's report. There is no pressure on its Ba3 corporate family and senior unsecured debt ratings. At the same time, the rating outlook remains negative, reflecting the consideration that its credit metrics, especially interest coverage, are under pressure from its fast expansion and weak cement prices. (Source: Reuters)
Vinaconex sells 8M shares of cement producer
Vietnam Construction and Import-Export JS Corporation or Vinaconex (VCG) sold eight million shares of Yen Binh Cement JSC on July 26. The decision was made because VCG is restructuring its holdings in Yen Binh firm, local financial website Cafef reported. As a result, VCG cut its holding in the cement producer to 26 per cent equal to 6.66 million shares from earlier 57.25 per cent. (Source: ...