Cement News tagged under: Anhui Conch

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Fitch revises West China Cement's Outlook to Stable, affirms 'BB-' Ratings

25 June 2015, Published under Cement News

Fitch Ratings has revised West China Cement Limited's (WCC) Outlook from Negative to Stable. Its Long-Term Issuer Default Rating (IDR), senior unsecured and bonds ratings have been affirmed at BB-. The change in Outlook reflects WCC's strengthened position in its core Shaanxi market and its improved leverage, following the recent equity placement to Anhui Conch Cement Company Ltd (Conch). Key rating's drivers Conch ties strengthen market leadership Collaborating with conch will stre...

Moody's reviews West China Cement's B1 ratings

22 June 2015, Published under Cement News

Moody's Investors Service has put West China Cement Limited (WCC) B1 corporate family and senior unsecured debt ratings under review for upgrade. On 19 June 2015, WCC announced that Conch International Holdings (HK) Ltd (unrated) – a wholly owned subsidiary of Anhui Conch Cement Co, Ltd. (unrated) -- would subscribe to shares equivalent to a 16.67 per cent equity stake in WCC. The subscription proceeds of about HKD1.5bn would be used for general working capital and for potential acquisitio...

West China Cement issues Conch International HK$1.53bn worth of shares

19 June 2015, Published under Cement News

West China Cement said Friday that it will issue HKD1.53bn (US$197.4m) worth of shares to to Conch International Holding, a wholly owned subsidiary of Anhui Conch Cement Company Ltd. The Hong Kong-listed company said it would use the proceeds for future acquisitions and investments. At HK$1.69 a piece, the issued shares are at a 0.59 per cent discount to the stock's last closing price. The total amount of shares represent 20 per cent of the company's issued share capital and 16.67 per cen...

Conch's 1Q15 earnings fall 31%

29 April 2015, Published under Cement News

Anhui Conch reported 1Q15 net profit of CNY1.7bn (US$274m), down 31 per cent YoY. Sales declined 11 per cent YoY driven by almost a 20 per cent decline in average selling prices. Due to the weak seasonal recovery in cement price, Jefferies expect 2Q15 earnings could decline 30 per cent year-on-year as well. "Seasonal recovery in cement price has been happening slower than expected due to weak demand growth. Cement price continues to fall well into April and is now 10-25 per cent lower t...

Anhui Conch full-year profit rises 17%

24 March 2015, Published under Cement News

Anhui Conch Cement Co's net profit rose 17 per cent in 2014 but warned that the cement sector in its home market of China was under pressure as the economy slowed. The company reported net profit of CNY11bn (US$1.77bn) in 2014, up from CNY9.4bn in 2013, it said in a filing on the Shanghai stock exchange. Some 23 analysts polled by Thomson Reuters SmartEstimate forecast a net profit of CNY11.5bn. Earning per share were CNY2.07. "Demand in the cement market is facing increasing pressure with...

Conch places new order with Claudius Peters, Myanmar

09 January 2015, Published under Cement News

Conch has awarded Claudius Peters an order for the supply of an ETA cooler to be installed in Myanmar. This new order takes the total number of Claudius Peters ETA coolers ordered by Conch to 22. The new order will be Conch's first ETA cooler, installed outside of China.

Conch Group unveils restructuring plan, China

30 December 2014, Published under Cement News

State-owned Conch Group of China has unveiled a plan to streamline shareholdings within the company.  The Anhui provincial government intends to convert its indirect controlling shareholding of Anhui Conch Cement Co and Wuhu Conch Profiles & Science Co into direct ownership, according to filings to the Hong Kong exchange on Monday.  Morgan Stanley said this might be an early step for the Anhui provincial government to exit from its shareholdings. 

Two Conch subsidiaries hit September highs

13 October 2014, Published under Cement News

Anhui Conch Cement Co Ltd reported that output and sales of its major subsidiaries hit record highs in September. The company's Foshan subsidiary in south China's Guangdong province saw daily sales exceed 10,000t for five consecutive days in September, with average daily sales stablising at 8000t, according to a Xinhua-run cnstock.com report. Conch claimed that the subsidiary's September output, sales, clinker cement outturn all hit new highs in 2014, with output and clinker cemen...

Chinese companies ink Indonesian plant agreement

26 September 2014, Published under Cement News

Two Chinese companies signed an agreement on Thursday to jointly invest in an Indonesian cement factory as part of investment cooperation measures agreed by the two countries in 2013. State Development and Investment Corp (SDIC) and Anhui Conch Cement Company (Conch) will fund the project of building production lines and relevant facilities of the factory located in West Papua Province. After the construction is completed, the factory will have a capacity of 3Mta, serving for Indonesia'...

Anhui Conch issues positive profit alert, China

03 July 2014, Published under Cement News

Yesterday, Anhui Conch said it expects first-half net profit up about 90 per cent YoY compared to CNY3.06bn (US$492.75m) a year earlier. The advance is being attributed to increased product sales and prices. Dow Jones cited a report by Barclays which says higher sales and lower coal prices are responsible. "We expect the share price to react positively" Thursday but the stock may "then fall back on ongoing seasonal weakness in cement prices," Barclays says. This may persist throughout the...