Cement News tagged under: China
West China Cement net profit drops 65%, China16 August 2012, Published under Cement NewsWest China Cement has reported a 65 per cent drop in first-half profit as selling prices declined and production costs increased. Net income dropped to CNY138.5m (US$23m) from CNY419m a year earlier, the cement producer said in a filing to the Hong Kong Stock Exchange yesterday. Sales were down 7.1 per cent to CNY1.59bn. The Shaanxi cement market will gradually recover this year, with pricing power maintained and possibly improved, the company said in a statement. Earlier this week, ... |
Xinjiang Tianshan Cement 1Q net profit falls 68 per cent, China16 August 2012, Published under Cement NewsXinjiang Tianshan Cement Co Ltd, a cement and concrete manufacturer based in the Xinjiang Uygur Autonomous Region, announced net profit attributable to shareholders to reach CNY123.14m (US$19.3m) in the first half of this year, 68 per cent lower than the same period of last year. The decline is attributed to a fall in cement prices and higher financial costs, the company said in a statement filed with the Shenzhen Stock Exchange. Revenue was 0.69 per cent higher from a year earlier to CNY... |
Anhui Conch Cement reports 51% plunge in 1H profit15 August 2012, Published under Cement NewsAnhui Conch Cement announced yesterday that its net profit in the first half fell 51.33% YoY to CNY2.92bn (US$462m) under Chinese accounting rules, due to sharp declines in cement prices amid weak demand. Earnings per share were CNY0.55 during the period, down 51.33 per cent YoY, said the company in its interim report. Operating revenue dropped 8.22 per cent YoY to CNY20.3bn in the first half. The company's gross profit margin declined 15.70 percentage points to 27.09 per cent in the p... |
Credit Suisse: China materials sector outlook14 August 2012, Published under Cement NewsWith 1H12 earnings season ahead, Credit Suisse believes "surprises are more on the downside for the China material sectors." It expects a "deep loss" in the steel and aluminium sector in general, followed by base metals and Chinese cement names with 1H12 earnings set to decline 30-50 per cent on average; earnings for coal and gold sectors should be more stable on-year, yet, moderate downside risk remains. "Nevertheless, we do not believe the negative earnings would be too much of a negative ... |
China Resources Cement 1H net down 69%13 August 2012, Published under Cement NewsChina Resources Cement said its profit attributable to owners dropped 68.9 per cent YoY to HK$635m (US$81.9m) for the six months ended 30 June 2012. Turnover was up 9.8 per cent from a year earlier to HK$11.03bn. Consolidated gross margin was 20.8 per cent, representing a decrease of 12.3 percentage points from 33.1 per cent for the corresponding period last year. |
Moody's: no immediate concerns for West China Cement from short seller's report10 August 2012, Published under Cement NewsMoody's sees no immediate concerns for West China Cement from short seller's report. There is no pressure on its Ba3 corporate family and senior unsecured debt ratings. At the same time, the rating outlook remains negative, reflecting the consideration that its credit metrics, especially interest coverage, are under pressure from its fast expansion and weak cement prices. (Source: Reuters) |
Gansu Qilianshan hit by declining prices, China10 August 2012, Published under Cement NewsGansu Qilianshan Cement Group Co said that its net profit attributable to shareholders plunged 89 per cent YoY to CNY26.49m (US$4.2m) in the first half of this year due to a sharp fall in selling prices Basic earnings per share for the period were CNY0.06, less than CNY.52 it booked in the corresponding period of last year. According to a statement filed with Shanghai Stock Exchange, the company saw its operation revenue reached CNY1.86bn for the period, reflecting a YoY increase of 10... |
West China Cement denies fraud claim09 August 2012, Published under Cement NewsShares 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 instruments08 August 2012, Published under Cement NewsTangshan 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 - UBS02 August 2012, Published under Cement NewsChinese 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). |