Cement News tagged under: China

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Tangshan Jidong Cement majority shareholder increases stake, China

30 August 2012, Published under Cement News

Tangshan Jidong Cement announced that its controlling shareholder, Jidong Development Group Co Ltd, has acquired a combined 14.01m shares, ore a 1.04 per cent stake in the company between 11 July 2012 and 28 August 2012. As of 28 August, the controlling shareholder holds 526m shares, or a 38.32 per cent stake in Jidong, according to reports from China Business Newswire. Tangshan Jidong Cement is based in the Hebei province of China.

JP Morgan lowers BBMG Corp target price, China

29 August 2012, Published under Cement News

JP Morgan has lowered its target price for BBMG Corp to HK$5.5 from HK$6.3 and maintained its ‘neutral’ rating. The research house says the weakness in the cement business was offset by BBMG’s robust property development business where revenue and gross profit both saw 42-44 per cent YoY growth. JP Morgan expects the stock to continue trading sideways although it might outperform its cement peers due to its property exposure. (Source: ET News Agency).

China quarry blast death toll rises

29 August 2012, Published under Cement News

The death toll from a quarry blast at a south China cement factory earlier this week has risen to 10 while 18 other have been confirmed injured, local authorites have said. The blast occurred on Monday afternoon at the Longshan Cement Company in Yingde, Guangdong province, Xinhua news agency reported . The blast has resulted in the death of eight of the company’s workers, a driver from an explosive sales company and a security guard, Liu Weirong, spokesperson of the Yingde municipal g...

China cement plant explosion kills nine

28 August 2012, Published under Cement News

An explosion at the quarry of a cement plant in southern China killed nine people and left one person missing, the official Xinhua News Agency reported, citing local authorities. The blast occurred at around 2:30pm at the Hailuolongshan cement plant in Yingde city in the southern province of Guangdong, when workers were unloading explosives off three trucks, the report said, citing a city government statement. The trucks were carrying 13t of explosives and workers had already unloaded 6t ...

China Shanshui Cement first-half net profit falls 41 per cent

28 August 2012, Published under Cement News

China Shanshui Cement has reported a net profit of CNY728m (US$114m) for the first half of 2012, representing a decline of 41 per cent YoY on the back of a slowing demand. In the period its operating revenue slid 5.8 per cent YoY to CNY7.38bn, with basic earnings per share of CNY0.26. Zhang Bin, Vice Chairman and General Manager of Shanshui Cement, said: “In the first half of 2012, affected by a contraction in China’s macro economy and slowdown in fixed asset investment, industry demand sl...

Jidong Cement's 1H12 profit down 85 per cent

23 August 2012, Published under Cement News

Tangshan Jidong Cement Co Ltd, a construction materials manufacturer and distributor based in Tangshan, Hebei province, has announced its net profit attributable to shareholders plunged 85.05 per cent YoY to CNY112m (US$17.6m) in 1H12. In the first six months of this year, Jidong Cement saw its operation revenue decreased 10.68 per cent from a year earlier to CNY6.38bn. Basic earnings per share were CNY0.08 for the period. In the reporting period, the company produced 25.96Mt of cemen...

China: State Council plans to invest CNY2.366tn over 2011-15 on energy conservation

23 August 2012, Published under Cement News

China plans to invest about CNY2.366tn (US$372.5bn) in projects for energy conservation and carbon-emissions reduction over the 2011-15 period, the State Council, said in a statement. The statement, which was issued to ministries and provincial-level governments on 6 August but only released to the public this week, didn't disclose the amount already invested or how much would be spent over the coming years. The projects supported by the investment will help save on 300Mt of standard c...

West China Cement faces downgrade review by Moody

23 August 2012, Published under Cement News

Moody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed it was selling its products at a premium price. But Glaucus, citing independent sources, said the s...

Taiwan Cement and Asia Cement’s Chinese profits fall

22 August 2012, Published under Cement News

Decreasing cement prices and shrinking infrastructural work in China has impacted the profits of Taiwan Cement Co (TCC) and Asia Cement, two Taiwan-based cement makers operating in China. Taiwan Cement International Holdings Ltd, a subsidiary of TCC, posted 70.4 per cent YoY net profit decline to HKD269m (US$8.97m) in the first half, while Asia Cement (China) Holdings Co, an affiliate of Asia Cement, saw profits drop 81 per cent to CNY122m (US$19.154m). A representative of TCC pointed ...

China Tianrui 1H net down 38.7% to CNY402m

20 August 2012, Published under Cement News

China Tianrui Group Cement said its profit attributable to owners dropped 38.7 per cent YoY to CNY402m for the six months ended 30 June 2012. Its basic earnings per share were CNY17 cents. The revenue was CNY3.71bn, a decrease of 8.9 per cent from a year earlier. The gross profit fell 24.3 per cent YoY to CNY911m. The gross profit margin decreased to around 24.6 per cent in the 1H12 from 29.5 per cent in the same period 2011. The decrease in both gross profit and gross profit margin were pr...