Cement News tagged under: China

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West China Cement denies fraud claim

09 August 2012, Published under Cement News

Shares in mainland cement maker West China Cement were suspended from trading at the company's request yesterday, following the release of an analyst's report alleging the company was guilty of "blatant fraud". The request followed the overnight release of a report by US firm Glaucus Research Group that investigates Chinese listed companies, accusing West China Cement of "fabricating" its financial statements. "We believe that West China Cement is a blatant fraud. We believe West China...

Jidong Cement set to sell debt financing instruments

08 August 2012, Published under Cement News

Tangshan Jidong Cement Co plans to issue not more than CNY3bn (US$471m) debt financing instruments maturing in not more than three years in a non-public offering. Financing will be used to replenish working capital and repay bank loans. Coupon rate of the issuance will be determined in accordance with capital supply and demand relation on bond market and companies' demands; interest rate of the instruments will be determined in terms of an agreement that investors and the company sign. The ...

China cement demand to recover by end-Aug - UBS

02 August 2012, Published under Cement News

Chinese cement makers are higher on hopes that Premier Wen Jiabao's remarks on ensuring growth may boost demand for the sector given its wide use in infrastructure and construction projects. UBS Securities says it expects cement demand to recover by the end of August, partly helped by stimulus plans announced by local governments recently, including cities of Changsha and Nanjing. (Source: Dow Jones).

Tongli Cement reports 8.61% increase in 1H12 net profit

24 July 2012, Published under Cement News

Henan Tongli Cement Co said that its net profit rose 8.61% YoY to CNY97m (US$15.2m)  in the first half of 2012, with basic earnings per share of CNY0.3. Meanwhile the company's operating revenue dipped 2.75% YoY to CNY1.97bn. (Source: China Business Newswire)

FLSmidth falls on weaker China outlook

24 July 2012, Published under Cement News

FLSmidth & Co fell the most in eight weeks in Copenhagen on the outlook for slowing demand for its products as China’s expansion cools, according to Bloomberg reports. The shares slid as much as four per cent, the biggest decline since June 1. They dropped 3.3 per cent, making it the fourth-biggest loser in the Copenhagen 20 Index, to DKK332.3 as of 2:09pm in the Danish capital. Growth in China may slow for a seventh straight quarter to 7.4 per cent in the three months to September, sa...

China Tianrui Group considers bond sale

24 July 2012, Published under Cement News

China Tianrui Group Cement Co is considering selling a three-year offshore yuan bond, known as a dim sum bond, a source disclosed to Dow Jones. The cement producer, which operates in the Henan and Liaoning provinces, has mandated BOC International as the global coordinator to arrange a series of bond investor meeting and conference calls, the source said. The company plans to use the proceeds to refinanced existing debt obligations and supplement working capital. Meanwhile, Moody’s Inv...

BBMG Corp expects 1Q net profit drop, China

23 July 2012, Published under Cement News

BBMG Corp expects its net profit to fall 12.75 per cent in the first half of 2012 to CNY1.43bn (US$223.9m) due to declining cement prices amid weak demand. The company’s operating revenue was forecast to rise 14.84 per cent YoY to CNY15.02bn in the first six months, according to reports in China Business Knowledge. The Beijing-based cement producer earlier reported a net profit attributable to shareholders of CNY293m in the first quarter of 2012, 32.94 per cent less than the correspond...

Xinjiang Tianshan Cement to issue CNY400m of bills

20 July 2012, Published under Cement News

Xinjiang Tianshan Cement Co Ltd said it plans to issue CNY400m (US$62.7m) worth of unsecured short-term bills with a maturity of 365 days on July 24th. Shanghai Pudong Development Bank Co Ltd is the lead underwriter for the issuance. Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA and A-1 respectively. The company stated that CNY110m of the proceeds from the issuance will be used to replenish working capital and the remainder will be used to ...

Daiwa cuts Shanshui Cement, China

18 July 2012, Published under Cement News

Daiwa Research has lowered its price target for China Shanshui Cement to HK$4.2 from HK$8.7 and downgraded its stock from ‘outperform’ to ‘buy.’ Shanshui has revised down its target by 15 per cent to 55Mt. With more cement coming from Hebei Province, Daiwa sees downside risks for prices and a likelihood of more and longer production cuts in Shandong and Liaoning. It noted that Shanshui has already prepared for 1-2 more cuts of 20-30 days each in Shandong and believes Shanshui will sacr...

Deutsche Bank cuts Shanshui Cement forecast, China

17 July 2012, Published under Cement News

Shanshui Cement has lowered its 2012 sales target for blended cement and clinker to 55Mt from 65Mt mainly due declining sales in Shandong, Deutsche Bank reported. The bank has cut its forecast for Shanshui’s average selling price in the second half of 2012 by five per cent. It has also cut Shanshui’s earnings forecast for 2012 and 2013 by 29 per cent and 17 per cent, respectively. (Source: AAStocks Financial News)