Cement News tagged: Corporate
Jaiprakash Associates 3Q net profit down 12%
Jaiprakash Associates' net profit fell by 12% to INR2.05bn (US$41.6m) in the third quarter of the current fiscal, mainly on higher interest outgoings. The diversified company, having interest in cement, real estate, construction and power among others, had made INR2.33bn net profit during the October-December quarter of last fiscal, it said in a filing to the BSE today. "The EBIDTA for th...
Cemex fined for anti-competitive practices
Mexico’s competition watchdog has fined cement giant Cemex MXN10.2m (US$800,500) for anti-competitive practices in a 2005 dispute when the company blocked a shipment of cheap Russian-made cement from entering the country. The competitor tried to import 26,000t of lower-priced Russian cement into Mexico, but the “Mary Nour” vessel was held up for months at a Mexican port and eventually turne...
India: JK Lakshmi Cement 3Q profits zoom
JK Lakshmi Cement posted a net profit of INR492.4m (US$9.99m) for the quarter ended 31 December 2011 as compared to net profit of INR46m (US$0.9m) for the same period last year, representing steep rise of 10.7 times. The company’s total income rose from INR3153.3m for the quarter ended 31 December 2010 to INR4388.1m for the quarter ended 31 December 2011, an increase of 39.15%. JK Laksh...
Saudi Arabia: Eastern Province net profit up 6% YoY
For the year ending 31 December 2011, Eastern Province Cement Co announced that its net profit was SAR364m (US$97m), compared to SAR343m (US$91.4m) for the same period of the previous year, an increase of 6%. The rise in the net profit was due to a decrease in the cost of sales and to the enhancement of the operational efficiency of production lines as well as the rationalisation of some produ...
Israel's Clal sells 55% of Nesher cement unit to Livnats
Holding company Clal Industries agreed to sell a 55% stake in Mashav Initiating & Development, the parent of Nesher Cement, to the Livnat family for ILS1.32bn (US$355m). Clal will also receive ILS45m from a dividend Mashav will distribute prior to the deal, the company said in a statement on Sunday. It expects to post a capital gain of ILS750m-850m while its parent company IDB Holding Corp wi...
Zimbabwe: PPC to empower community, workers
Pretoria Portland Cement (PPC) has agreed to transfer 10% of its shareholding to the Community Share Ownership Scheme to comply with the indigenisation and empowerment laws. The indigenisation and empowerment laws require foreign-owned firms to sell at least 51% of their shareholding to indigenous people. Informed sources say that PPC, in its plan to government, said it would also extend a cu...
Qatar National Cement profit fell to QAR445m in 2011
Qatar National Cement Co said its profit fell to QAR445m in 2011 from QAR467m in 2010 on reduced domestic demand. It added that it will pay a cash dividend of QAR6/share.
FLSmidth wins Mongolia project
FLSmidth has been awarded a contract worth approximately EUR86m from the Mongolian company, Mongolyn Alt (MAK) Group, to supply a greenfield cement plant. The plant will be located some 330km from the capital city Ulaanbaatar, Mongolia. FLSmidth will deliver all equipment, engineering and commissioning for the cement plant, which will have a capacity of 3000tpd. "This order is a great ex...
Pacasmayo: substantial growth potential – report
Peruvian cement producer, Cementos Pacasmayo, which completed a US$230m share offering in New York, has “substantial growth potential” with its cement plant expansion and phosphate project, said Eduardo Hochschild, chairman of the company’s owner Hochschild Group. “The share will go up, down, sideways and what have you, and that’s what it usually does,” Hochschild said from New York after th...
WR Grace splits Grace Davison business in two
W.R. Grace & Co has split its Grace Davision business into two operating segments, a move the specialty-chemical company said would help it align more closely with its markets and reduce overhead costs. The split creates two new segments titled Grace Catalysts Technologies and Grace Materials Technologies. The company also has a construction-products segment, whose customers include cement ...
Sharjah Cement 3Q net profit rises due to lower costs
Sharjah Cement says its third quarter net profit rose AED6.7m (US$1.8m) from a loss of AED4.4m in the same period last year. The company said its performance was hampered by a falls in demand and prices, but was able to cut raw materials costs, resulting in higher profits, Gulfbase reported. Sharjah’s nine month 2011 net profit fell to AED27.3m from AED99.4m in the same period last year. De...
Morgan Stanley lifts Lafarge price target
Morgan Stanley has lifted the share price target of Lafarge from EUR36 to EUR42 and assigned an ‘equal-weight’ recommendations. Analysts at Morgan Stanley see optimistic prospects for the sector, reports SeeNews France, which increases its attractiveness. Last week Lafarge said it planned to cut 460 jobs worldwide as part of its reorganization plan presented on 21 November. Under the pla...
Morgan Stanley raises Japanese cement sector rating
Morgan Stanley MUFJ Securities has set the Japanese cement sector’s rating to “attractive” – the highest ranking on its three-tier scale. According to a Nikkei report, analysts at the brokerage wrote that profits at cement firms will rise in line with their on-going efforts to cut costs. Higher prices, an increasing balanced supply and demand ratio and rising demand related to earthquake re...
JK Lakshmi Cement board OKs buyback of shares, India
JK Lakshmi Cement said its board of directors has approved the buyback offer of 13.5m equity shares at a price not exceeding INR70/share for a total consideration of up to INR975m, India Investment News reports. "The Board of Directors of the company at its meeting held on February 7, 2012, inter-alia, have approved the buyback of equity shares up to an amount of INR97.50 crore (INR 975m), ...
Akcansa and Cimsa seek acquisitions
Two of Turkey’s leading cement producers, Akcansa Cimento and Cimsa, plan two separate overseas acquisitions this year, Bloomberg reports. According to Mehmet Gocmen, Head of Haci Omer Sabanci Holding – which has a stake in both producers – said the companies are looking at purchases in Turkey’s geographical region. The targets could be base in central and southern Europe to the Caucasus and ...
Cemex Espana increases offer for Readymix, Ireland
The Spanish unit of Cemex has increased its takeover bid for Readymix of Ireland by 13.6 per cent from EUR0.22/share to EUR0.25/share, the target company said in a statement on Monday. Cemex, which already owns 60 per cent of the Irish business, made the “possible offer” to buy the remaining 40 per cent of Readymix shares that it does not own last month through a Spanish subsidiary. A st...