Cement News tagged: Corporate
Starlinger opens new representative office in Uzbekistan
Starlinger & Co GmbH, Austrian manufacturer of machinery for woven plastic packaging production and plastics recycling, has opened a representative office in Tashkent, Uzbekistan. The office, opened in May 2012, is headed by Yuldosh Kazakov, who joined Starlinger in 2009 and is chief representative for the region. The strong economic growth in Central Asia during the past years has also ha...
TXI appoints three additional directors
Texas Industries, Inc announced the addition of Sean Foley, Bernard Lanigan and Tom Ryan to its Board of Directors. "We are delighted to have found directors of the quality and experience of Sean, Bernie, and Tom to join TXI," stated Bob Rogers, Chairman of the Board. "Given the improvement in construction activity, the near completion of additional cement capacity, the high quality of the Co...
Caribbean Cement sees more positive outlook
Caribbean Cement Company expects a more positive outlook from next year as the company finalises a debt ‘reprofiling’ plan with some of its 30 biggest creditors. The agreement has given the company some time to pay off its JMD1.95bn (US$22m) debt over five years, starting from March 2013 to December 2018. The company has posted losses for three years but expects a turnaround by January ...
Qassim Cement second quarter net rises YoY, Saudi Arabia
Qassim Cement Company posted a three per cent YoY rise in consolidated net profit of SAR149m (US$40m) for the second quarter of 2012, thanks to increased sales. However, on a QoQ basis, net profit was down 5.97 per cent which the company attributed to increased costs due to the purchase of clinker from the local market. Operating profit during the second quarter was SAR153m compared to SA...
Cement Co of Northern Nigeria reports 48% drop in quarterly profit
Cement Company of Northern Nigeria Plc has reported a 48 per cent drop in first-quarter profit. Net income for the three months through March declined to NGN268m (US$1.7m) from NGN511.4m a year earlier, the Sokoto, northern Nigeria-based company said in a statement yesterday. Revenue was relatively flat at NGN3.1bn.
Valderivvas presents restructuring plans to unions, Spain
Spanish cement producer Cementos Portland Valderrivas has presented its restructuring plan to trade unions which involves the part-closure of one plant. The company announced that it plans to close its plant in Vallcarca for 10 months annually, reduce the number of employees and managers and halt kiln lines. Cementos Portland said that the estimated operating cost reductions with this plan ...
Tianshan Cement forecasts 60-80% drop in 1H profits
Xinjiang Tianshan Cement Co Ltd said last Friday that its net profit fell 60-80 per cent to CNY120m (US$18.8m) in the first half of this year. The company, which is based in the Xinjiang Uyghur Autonomous Region, stated that the decline in its half-year net profit is largely due to lower cement selling prices and rising financial expenditure, according to reports by China Business Newswire.
Cimpor shareholders approve dividend proposal, Portugal
Cimpor shareholders today approved a proposal for the company to pay a dividend of EUR16.6/share, said an official at Cimpor who asked not to be named in line with company policy, Bloomberg reports. Shareholders hadn’t voted on the dividend proposal at a meeting on April 20 after Camargo Correa SA requested the meeting’s suspension during its bid for the Portuguese cement maker.
Tianshan Cement forecasts CNY120m in 1H net profit
Xinjiang Tianshan Cement Co Ltd, a cement producer based in Xinjiang Uyghur Autonomous Region, forecasted on July 6th that its net profit will reach about CNY120m (US$18.8m) in the first half of 2012, down 60-80% YoY. (Source: China Business Newswire).
Yanbu Cement 1H net profit rises four per cent, Saudi Arabia
Saudi Arabia-based Yanbu Cement said net profit for the first half of 2012 rose by 43.4 per cent YoY to SAR360m (US$96m). Earnings per share stood at SAR3.43, up from SAR2.39. For the second quarter of 2012, Yanbu’s net profit reached SAR216m from SAR150m from the same period of last year. The company attributed the strong performance to higher production and sales volumes as a result of...
Siam Cement faces 2Q net profit drop
Siam Cement is expected to report a fall in net profit for the second quarter hurt by weak results of its core petrochemical business. Citigroup forecast Siam's net profit to fall 42 per cent to THB4.35bn for the April-June quarter, YoY, according to a Reuters report. "First-half estimated profit should come at 34 per cent of consensus fiscal year forecast, possibly leading to further ea...
Anhui Conch to issue corporate bonds, China
Anhui Conch Cement said on Wednesday that its board of directors has approved its plan to issue up to CNY6bn worth of corporate bonds with a maturity of no more than 10 years. Proceeds from the issuance will be used to replenish working capital and adjust debt structure. (Source: China Business Newswire).
L&T files for arbitration proceedings against Zuari Cement, India
Engineering and construction company Larsen & Toubro (L&T) has filed for arbitration proceedings against Zuari Cement, a fully-owned subsidiary of Italcementi, to claim INR188.53 crore in alleged unpaid bills and payment delays, The Indian Express reports "They haven't paid us for the INR269.74 crore civil construction work to build a cement plant in Yerraguntla, Andhra Pradesh, and we have s...
Control of Bekabadcement transferred, Uzbekistan
Control over producer Bekabadcement has been transferred from industrial holding United Cement Group (UCG) to the Uzbek State Committee for State Property Management, a regional media report. "The Supervisory Board of Bekabadcement has decided to include in the register of shareholders of Uzbekistan State Property Committee, which holds 51.53 per cent stake," the report said. The ...
Brazil competition authority approves Camargo purchase of Cimpor
Brazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdin...
Grupo Argos merges port assets
Grupo Argos has been authorised by its Board of Directors to merge its port assets with Muelles El Bosque Operador Portuario (MEBOP) and Terminal Marítima Muelles El Bosque. The company resulting from the merger will be 50% owned by Grupo Argos and the remaining 50% by the current shareholders of Muelles El Bosque, the Echavarría Obregón family and the Spanish group Ership (property of the A...