Cement News tagged under: China

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Moody's assigns definitive Aa1 to China Resources Cement bonds

05 November 2012, Published under Cement News

Moody's Investors Service has assigned a definitive Aa1 rating to the 5-year bonds issued by China Resources Cement Holdings Ltd. Moody's has removed the rating from provisional status upon the closing of the transaction. The rating outlook is negative.

Tangshan Jidong Cement profit slumps, China

01 November 2012, Published under Cement News

Tangshan Jidong Cement Co’s operating revenue in the first three quarters of 2012 slumped 77.77 per cent YoY while net profit fell 83.06 per cent to CNY241m (US$38.7m). Earnings per share in the first three quarters plunged 84.71 per cent YoY. For the third quarter alone, operating income fell 3.51 per cent to CNY4.72bn and net profit stood at CNY129m which is a decline of 80.84 per cent.

Anhui Conch to issue bonds, China

01 November 2012, Published under Cement News

Anhui Conch Cement Co Ltd has been given the greenl ight by China Securities Regulatory Commission to issue no more than CNY6bn (US$2.13bn) of 10-year corporate bonds publicly. The proceeds from the issuance will be used to replenish working capital and repay bank loans.

Sinoma nine-month net profit down 76 per cent, China

30 October 2012, Published under Cement News

Sinoma said its net profit attributable to equity holders of parent dropped 76.41 per cent YoY to CNY305m (US$48.9m) for the nine months ended 30 September 2012. Its basic and diluted earnings per share were CNY9 cents. Operating revenue was CNY36.73bn, an increase of 3.5 per cent from a year earlier. Morgan Stanley said the fall in profit missed market expectations and expects Sinoma’s 2013 earnings to stay flat.

Jiangxi Wannianging Cement profit declines, China

30 October 2012, Published under Cement News

Jiangxi Wannianging Cement has posted an 82.33 per cent drop in net profit for the first nine months of 2012 on the back of lower sales volumes and prices. For the nine months to September, net profit was CNY74.12m (US$11.9m) while operating revenues fell 22.44 per cent YoY to CNY3.19bn. For the third quarter alone, operating revenue fell 23 per cent YoY to CNY1.183bn while net profit plunged 86.77 per cent to CNY16.24m. The company attributed the decline in profits to a drop in sales ...

Asia Cement profit falls, China

29 October 2012, Published under Cement News

Asia Cement (China) said that revenue for the first nine months of 2012 was CNY4.73bn (US$757m), a decline of 19.83 per cent from a year earlier. Gross profit declined 58.5 per cent to CNY696m and gross profit margins fell 15 per cent, down by 13 percentage points compared to the same period of last year. Net profit attributable to shareholders fell 84.8 per cent YoY to CNY147m for the first nine months of the year. Its basic and diluted earnings per share were CNY9.4 cents.

JP Morgan expects improved China pricing environment

29 October 2012, Published under Cement News

JP Morgan has raised its target price for BBMG Corp to HK$6.5 from HK$5.5 and maintained its “neutral” rating and sees improved trading conditions in the second half of 2012. It said that the Chinese company’s nine month results were in line with expectations with the weakness due to sluggish demand and a tough pricing environment throughout the industry. JP Morgan expects the pricing in the second half of 2012 will be better as new capacities coming on line will be lower and the rece...

Henan Tongli Cement nine-month net profit declines, China

26 October 2012, Published under Cement News

Henan Tongli Cement Co Ltd reported a net profit of CNY138m (US$22m) for the first three quarters of 2012, a YoY decline of 6.86 per cent. Operating revenue during the period climbed 4.19 per cent YoY to CNY3.13bn. The Shenzhen-listed cement producer said net profit for the third quarter slumped 30.28 per cent YoY to CNY41.16m, while operating revenue grew 18.64 per cent YoY to CNY116bn.

Anhui Conch 3Q12 net down, China

25 October 2012, Published under Cement News

Anhui Conch Cement said its net profit attributable to equity shareholders dropped 66.75 per cent YoY to CNY1.02bn (US$163m) for the third quarter ended 30 September 2012. Operating revenue was CNY11.69bn, representing a 7.6 per cent decline from a year earlier. Operating profit dropped 69 per cent to CNY1.23bn. For the first three quarters of 2012, net profit fell about 57 per cent YoY to CNY3.94bn.

Tianshan Cement net profit declines, China

23 October 2012, Published under Cement News

Xinjiang Tianshan Cement Co Ltd, a Shenzhen-listed cement producer, reported a net profit of CNY343m (US$54.9m) in the first nine months of 2012, representing a YoY decline of 64.85 per cent. Operating revenue during the period was down by 4.45 per cent YoY to CNY6.1bn. Net profit for the third quarter plunged 62.94 per cent YoY to CNY220m.