Cement News tagged: Corporate
RHB upgrades Lafarge Malayan Cement
RHB Research has upgraded Lafarge Malayan Cement to ‘Market Perform’ from ‘Underperform’ and raised the target to MYR7.43 from MYR5.94. The research house says the new target is based on 17 x FY12 EPS of MYR0.437 sen in line with its two-year historical average. RHB has also raised its FY12-14 earnings forecast by three per cent to 21 per cent mainly to reflect a higher domestic demand g...
Vicat improves turnover, but profits decline
Turnover improved by 25.5% in 2011 to €2265.5m, but the profitability declined, mainly because of Egypt and to a lesser extent the United States, and the EBITDA came off by 2.6% to €490.9m, while the trading profit declined by 8.1% to €309.5m. Primarily as a result of the expansion in Asia, the a net interest charge jumped by 60.5% to €43.9m and with a lower contribution from associates, th...
South Cement to issue CNY1.5bn in bills, China
South Cement Co controlled by state-owned China National Building Materials Co, has announced plans to sisue CNY1.5bn worth of 365-day unsecured bills on the internet bank market on 15 March, according to reports by China Knowledge Press. The coupon rate will be determined in the process of book building. Both value date and payment due date is set on 19 March and the to-be-issued bills trad...
Cemex extends tender date for exchange offer
Cemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release.
Cemex agrees to pay Mexican tax dispute
Cemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding t...
Holcim proposes new member of the board of directors
Holcim's Board of Directors proposes to the Annual General Meeting (scheduled 17 April 2012) that Prof Dr Ing Wolfgang Reitzle be elected to the Board. Wolfgang Reitzle, 63, German citizen, studied engineering and economics at the Technical University of Munich and holds a degree and a PhD in mechanical engineering. From 1976-1999 he worked for car manufacturer BMW, where in 1987 he was ...
Siam Cement steps up ASEAN investments
Siam Cement Group (SCG), Thailand's largest industrial conglomerate by revenue, is stepping up its plans to build on its cement and building materials activities in Southeast Asia as it eyes new regional investments and acquisitions in the markets of Indonesia, Vietnam and Myanmar. Earlier this week, the company announced plans to construct a 5000tpd cement plant in Indonesia as the manufact...
Lafarge Maroc reports slight decline in net profit, Morocco
Lafarge Maroc has reported a slight decline in net profit for 2011 while operating profit also fell due to escalating input costs and stagnating cement prices. The company said in a statement that net income for the year was MAD1.66bn (EUR148.8m) compared to MAD1.68bn in 2010, representing a fall of 0.9%. C onsolidated sales rose from MAD5.35bn in 2010 to about MAD5.57bn in 2011, an increas...
Cementir boosts trading profit by 61%
Cementir Holding increased turnover by 10.8% to €933m and the EBITDA advanced by 14% to €124.2m. With depreciation and impairment provisions being just 1.8% higher at €88m, the pre-tax profit advanced by 60.8% to €36.2m. However, a swing in net financial items from a €1.3m profit to a €22.6m loss was the prime factor behind a 39.8% reduction in the pre-tax profit to €36.2m. The net attributab...
Buzzi Unicem appoints new director, Italy
The Board of Directors of Buzzi Unicem appointed Prof. Ester Faia as independent director, to replace Prof. Elsa Fornero who resigned in November 2011 to take up office as the Minister of Welfare.
S&P: Votorantim Industrial rated 'BBB', outlook stable
Standard & Poor's (S&P) Ratings Services assigned a 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on Votorantim Industrial S.A. (VID). The outlook is stable, reflecting VID's solid operations thanks to strong cash flows from its cement operations, which compensated for the weaker results from its metals and steel businesses. S&P stated: “We believe the still strong d...
Henan Tongli Cement net profit surges, China
Henan Tongli Cement, a cement producer based in the Henan Province of China, announced a net profit of CNY240.74m (US$38.1m) for 2011 which represents an 87.35 per cent YoY increase. Operating revenue, meanwhile, totaled CNY4.02bn, up 44.6 per cent on the previous year.
Semen Dwima Agung to be incorporated into parent company, Indonesia
PT Semen Dwima Agung will be incorporated into parent company PT Holcim Indonesia in a moved aimed at reducing production costs, reports the Jakarta Post. According to the financial report at of December 2011, Semen Dwima Agung help IDR83.12bn (US$9.15m) in assets, with liabilities of IDR96.85bn. The company suffered a net loss of IDR10.55bn in 2011, a significant setback after losing IDR1....
TCL: strike negotiations on the cards, Trinidad
General manager of Trinidad Cement (TCL) Satnarine Bachew said yesterday that some striking works have responded to the company’s invitation for individual negotiations and return to work. Letters outlining the company’s terms and conditions were sent to 600 employees. Bachew said: “The employees have been responding to the offer and we continue to get responses from employees.” Ancel Roget...
Grasim appoints managing director, India
The Aditya Birla Group of India on Tuesday appointed KK Maheshwari as managing director of Grasim Industries as the company prepares to grow its businesses in India and overseas. Maheshwari, who has been whole-time director of Grasim until now will assume charge as MD immediately, a post created for the first time in the history of the 65 year old company. "The Grasim board decided to have a...
Holcim Indonesia net profit advances
Holcim Indonesia reported a rise of over 20 per cent in revenue and net profit last year, as the company progresses with plans to raise capacity in this thriving market. The company reported a net profit of IDR1.06trn in 2011, up 28.33 per cent from IDR828.42bn the year before. Revenue reached IDR7.52trn, representing an increase of 20 per cent from IDR5.96trn YoY. However, the cost o...