Cement News tagged: Corporate
Tokyo Cement net profit held back by tax increases, Sri Lanka
Sri Lanka's Tokyo Cement (Lanka) Plc said net profits for the March quarter rose just two per cent to SLR130.24m a year earlier, held back by a steep increase in taxes. According reports by Sri Lanka business online, the Japanese-Sri Lanka joint venture, said revenues rose sharply by 61 per cent to SLR6.81bn in the March 2012 quarter, lifted by the post-war construction boom. Gross profits...
Credit Suisse maintains negative outlook for large Indian cement companies
Credit Suisse maintains negative outlook for large-cap cement stocks, due to expensive valuations and low growth prospects, the Economic Times of India reports. Cement prices in May declined by 2-6 per cent across regions in India, which is an unseasonal trend, Credit Suisse said. ??Demand was also cited to be weak, which is however, contrary to the double digit volume growth posted by Ultra...
Arabian Cement Co first-quarter net profit rises 26%
Saudi cement producer Arabian Cement Company (ACC) said its net profit for the first quarter of 2012 rose by 26% year-on-year to SAR146.1m (US$88.7m), boosted by growing sales. Operating profit increased by 24.8% to SAR 151.7 million in January-March 2012. The company’s management board has decided to recommend to shareholders a cash dividend of SAR1 (US$0.267) per share for the first half...
New managing director for Al Khalij Cement, Qatar
The Qatari Investors Group has appointed Faisal Abdulla al-Mana as the managing director of its subsidiary Al Khalij Cement Company. Al-Mana was elected as member of the board of directors of the group in 2011. He is also the vice chairman of Redco Construction Company since 2004.
CNC imposes EUR 1.28m fine on Cementos Portland, Spain
Spanish competition authority CNC has imposed a EUR1.28m fine on cement producer Cementos Portland Valderrivas for submitting incomplete information. In May 2012, the CNC launched a probe into Cementos Portland over allegedly incorrect information about revenues, volume of products and corporate structure. Cementos Portland was obliged in January to pay a EUR5.72m fine for participating in a...
Sadico Cantho net profit rises 51.87%, Vietnam
Sadico Cantho Joint Stock Corporation (SDG) said it made a net profit of VND6.5bn (US$309,800) in Jan-March, an on-year growth of 51.87%. Revenues rose 19.5% on year to VND75.31bn, the company said in a quarterly financial report sent to the Hanoi Stock Exchange. In 2012, the cement firm targets a net profit of VND21.75 billion on revenues of VND247bn and a dividend payout equivalent to VND3...
Belarus Krichev cement plant operational by November 2012
Krichev, Belarus, will get a new dry-process cement plant in November 2012. Construction on the 1.8Mta works is currently underway, said Leonid Skotsky, director of Krichevtsementnoshifer. The project is being implemented jointly with CITIC Construction and is funded by the China EXIM Bank. The new plant will be part of an ongoing drive to upgrade the Belarus cement industry. At the en...
HeidelbergCement hoards liquidity due to financial crisis
HeidelbergCement AG is hoarding liquidity to create a buffer should the Eurozone crisis deepen, its chief executive told the Wall Street Journal Deutschland in an interview. "At the end of the first quarter, our total liquidity was more than EUR3.7bn," Bernd Scheifele said, adding HeidelbergCement could cover all its debt maturity dates with that amount over the next 24 months. While the sov...
Conch Cement to buy in Xinjiang Qingsong non-public issuance
Xinjiang Qingsong Building Materials and Chemicals (Group) Co announced that it has signed a framework agreement with Anhui Conch Cement Company that the latter would buy 150 million shares the former has sold in a non-public offering at CNY13.53 each or over CNY2bn in total. Upon the agreement, Conch Cement will support Xinjiang Qingsong in technology, man-agement, project construction and m...
Qassim Cement net profit rises, Saudi Arabia
Saudi cement producer Qassim Cement Co (QCC) posted a SAR158.4m (US$42.2m) net profit for the first quarter of 2012 up from SAR147.2m a year ago. The company attributed the increase to a rise in sales but did not provide any exact figures.
Cementos Molins to cut investments in 2012, Spain
Spanish cement company Cementos Molins will cut its investments in 2012 to EUR80m from EUR120m. With the move, the firm is trying to reduce its debt, standing at almost EUR400m at end-2011. On June 14 Cementos Molins will pay a dividend of EUR 0.01 apiece. Abstracted from an original article in Expansion.
Haver & Boecker acquires Newtec Bag Palletizing
Haver & Boecker Holding GmbH has taken full control of Newtec Bag Palletizing by acquiring 100 per cent of its shares from the Newtec International Group SA. Newtec Bag Palletizing is a manufacturer of automatic palletising systems with headquarters in Illzach, France. It has over 1200 references, mainly in the chemical, agricultural and building materials industries. Newtec Bag Palletizing w...
Usje Cementarnica 1Q net profit falls 47%, Macedonia
Macedonian cement producer Usje Cementarnica said its consolidated net profit fell 47 per cent YoY to MKD101.8m (EUR1.6m) in the first quarter of 2012. Operating income fell 20 per cent YoY to MKD627.5m through March, while operating costs decreased by 9% to MKD538.1m. The company is a 94.8 per cent-owned subsidiary of Greece-based Titan Cement Company. It operates a single cement works ...
Southern Province Cements signs contract with Sinoma for Line No 3
Southern Province Cement (SPC) and Chinese engineering company Sinoma have signed a SAR707m (US$188m) contract for the installation of a third new line at SPC’s plant in Tuhama. In a filing to the Saudi bourse, the cement producer said the contract will be executed over 24 months and once completed, the new line will have a capacity of 5000tpd. SPC said it will use its own funds to finance ...
Lafarge Malayan revenue rises 7%, Malaysia
Lafarge Malayan’s revenue for 1QFY12 rose by 7% YoY to MYR644m due to higher output during the quarter (+1% nationwide in January and February 2012) and selling prices (+4% YoY nationwide to CNY331/t in 1Q). Though the 7% electricity tariff hike in May 2011 pushed energy costs higher, total costs increased by 5%, slower than top line growth due to efficiency gains. As a result, EBITDA rose by...
Angel Broking neutral on Madras Cements, India
Angel Broking has maintained neutral rating on Madras Cements , in its May 24, 2012 research report. “For 4QFY2012, Madras Cements posted 55.5% YoY growth in its net profit to INR99 crore, which was marginally below our estimates. Net profit growth was aided by 16.8% YoY growth in volumes to 2.13Mt and 13.7% YoY growth in realisation to INR4250/t. However, on a sequential basis, the company’s...