Cement News tagged: Corporate
Cementir expects a better second half from Turkey
Cementir's first half turnover improved by 2.6% to €462.5m, with improvements in the Nordic area, the Far East and Egypt, being partially offset by weaker numbers in Italy and in Turkey. EBITDA improved by 17.5% to €55.9m and a depreciation and impairment charge just 1.8% higher at €42.8m, the trading profit jumped 136.1% to €13.2m. In spite of a 14.9% increase in the net interest charge ...
Cementos Lima and Cementos Andino to merge, Peru
Peruvian cement producers Cementos Lima and Cemento Andino are to merge into a single company, the company’s said in a joint statement. Shareholders from both producers on Tuesday approved plans for the merger which will create a new company under the name of Union Andina de Cementos SAA on 1 October, the statement to Peru’s securities regulator said. The companies said the merger will r...
Cementos Portland to cut 250 jobs, Spain
Spanish cement producer Cementos Portland Valderrivas is to cut 250 jobs throughout its Spanish operations after the summer and will temporarily halt production of plants in the Catalonia region. Spanish press have reported that an agreement on these measures has been made between management and trade union members. Some 160 jobs will be cut through retirement plans for people aged 58 an...
Sibirsky Cement 2011 net profit almost doubles, Russia
Sibirsky Cement’s net profit almost doubled to RUB1.4bn (US$42.9m) in 2011 from around RUB700m in 2010, as calculated in accordance with International Financial Reporting Standards (IFRS), the company said in a statement on Thursday. Revenue increased by 42 per cent on the year to RUB12bn in 2011, while gross profit rose 52% to RUB6.9bn. EBITDA amounted to RUB3.03bn although no comparison was...
Athi River Mining pretax profit rises 24%
Kenya’s Athi River Mining posted a 24 per cent rise in first-half pretax profit thanks to increased cement sales. The country’s second-largest cement producer, behind Bamburi Cement, said pretax profit for the six months to June rose to KES790.96 (US$9.4m). The company is positive on its second-half outlook due to anticipated cut in interest rates, a stable shilling and good growth in in...
Arat Cement net loss, Armenia
Armenian cement producer Arat Cement reported a net loss of AMD1.079bn (US$2.6m) compared to net profit of AMD521m in 2010. According to local press reports, the company is idling operations due to economic reasons. The construction sector has not yet recovered from the 2009 economic crisis and is still suffering declines. Last year, cement production fell 13.4 per cent YoY to 422,200t. Ara...
Siam Cement posts 43% drop in quarterly profit, Thailand
Thai conglomerate Siam Cement posted a 43 per cent fall in quarterly profit due to weak demand and a drop in the value of its petrochemical inventories. During the April-June period, net profit of THB4.28bn (US$135m), down from THB7.49bn a year earlier. The company’s earnings are expected to improve in the second half when demand should improve on the back of rebuilding work as the country'...
Vicem pretax profit rises 72.2%
Vietnam Cement Industry Corporation (Vicem) reported a pretax profit of VND333bn (US$15.91m) in the first half of this year, rising 72.7 per cent YoY, meeting 44.3 per cent of the whole-year target. Its revenues, however fell 1.2 per cent YoY to VND14.22trn during the period, or 43.6 per cent of the full-year target, the group said. Vicem sold 9.71Mt of cement and clinker in the first half ...
Cemex creditors agree to US$421m new notes swap
Cemex said on Tuesday that creditors had so far agreed to swap debt holdings for US$421m of new high-yield notes as part of its plan to refinance its debt burden. Reuters reports that the exchange offer, for up to US$500m of new 9.5 per cent notes due in 2018, is part of a plan Cemex aims to conclude in the third quarter of this year to gain breathing room ahead of the maturing of US$7.25bn i...
Tongli Cement reports 8.61% increase in 1H12 net profit
Henan Tongli Cement Co said that its net profit rose 8.61% YoY to CNY97m (US$15.2m) in the first half of 2012, with basic earnings per share of CNY0.3. Meanwhile the company's operating revenue dipped 2.75% YoY to CNY1.97bn. (Source: China Business Newswire)
JP Morgan downgrades UltraTech Cement, India
JP Morgan downgrades UltraTech stock to "underweight" from "neutral" citing "stretched" valuations. JP Morgan says Ultratech, India's leading cement producer, is trading at 10 times enterprise value/EBITDA and at 18 times P/E. The U.S. investment bank also lowers its target price to INR1400 from INR1250. Ultratech Cement on Friday reported a 14 per cent net profit for the April-June quarter...
FLSmidth falls on weaker China outlook
FLSmidth & Co fell the most in eight weeks in Copenhagen on the outlook for slowing demand for its products as China’s expansion cools, according to Bloomberg reports. The shares slid as much as four per cent, the biggest decline since June 1. They dropped 3.3 per cent, making it the fourth-biggest loser in the Copenhagen 20 Index, to DKK332.3 as of 2:09pm in the Danish capital. Growth i...
UltraTech Cement acquisition, India
India’s number one cement producer UltraTech Cement announced on Tuesday it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog (GKUPL) to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company.
China Tianrui Group considers bond sale
China Tianrui Group Cement Co is considering selling a three-year offshore yuan bond, known as a dim sum bond, a source disclosed to Dow Jones. The cement producer, which operates in the Henan and Liaoning provinces, has mandated BOC International as the global coordinator to arrange a series of bond investor meeting and conference calls, the source said. The company plans to use the procee...
US operations boost Cemex’s second quarter results
Cemex has reported its highest quarterly EBITDA since the third quarter of 2009 as a pick-up in US operations helps to offset declines in Europe and Mexico. Net sales reached US$3.9bn during the second quarter of 2012, an increase of 1% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus 1Q11. Operating EBITDA increased by 11% during the quarte...
BBMG Corp expects 1Q net profit drop, China
BBMG Corp expects its net profit to fall 12.75 per cent in the first half of 2012 to CNY1.43bn (US$223.9m) due to declining cement prices amid weak demand. The company’s operating revenue was forecast to rise 14.84 per cent YoY to CNY15.02bn in the first six months, according to reports in China Business Knowledge. The Beijing-based cement producer earlier reported a net profit attributa...