Cement News tagged under: West China Cement

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Moody's upgrades West China Cement to Ba3; stable outlook

25 August 2015, Published under Cement News

Moody's Investors Service has upgraded West China Cement Limited's (WCC) corporate family and senior unsecured ratings to Ba3 from B1. "The upgrade reflects the improvement in WCC's financial profile following the investment by Anhui Conch Cement Company Limited (A3 stable) in the company," says Franco Leung, a Moody's Vice President and Senior Analyst. At the end of June 2015, Conch had completed a subscription to shares equivalent to a 16.67 per cent equity stake in WCC. As a result, WCC...

West China Cement first-half profit plummets

18 August 2015, Published under Cement News

West China Cement Ltd’s net profit slumped 99 per cent in the first half as China's economic slowdown took a toll on cement consumption. The company said first-half net profit fell to CNY2.4m (US$375,120), down from CNY160.2m a year earlier. Its revenue fell 15.4 per cent to CNY1.69bn from HK$2.00bn a year earlier.

West China Cement appoints Liu Shan as director

07 July 2015, Published under Cement News

West China Cement has appointed Liu Shan as non-executive Director. The appointment became effective on 1 July 2015.

West China Cement issues first-half profit warning

02 July 2015, Published under Cement News

West China Cement Ltd said Wednesday it expects to record a "significant decrease" in net profit for the six months ended June compared with a year ago. The Hong Kong-listed cement producer said the anticipated decline is mainly attributed to the low average selling price of cement over the past 12 months. The company also said it was unable to maintain "reasonable selling prices and healthy margins" in the southern part of the Shaanxi region. West China cement recorded a net profit of C...

Anhui Conch

29 June 2015, Published under Cement News

On 18 June Conch International Holdings (HK) Ltd, a wholly-owned subsidiary of Anhui Conch Cement, entered into a share subscription agreement with West China Cement. The total subscription price is equivalent to around HKD1.53bn (US$197.4m) and represents 20 per cent of West China’s issued share capital, or 16.67 per cent of its enlarged share capital. West China, which currently operates 14 cement plants across northwestern China, is expected to use the resulting liquidity for future acqui...

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...

Moody's: WCC's weakened 2014 results to have no impact on ratings

20 March 2015, Published under Cement News

Moody's Investors Service says that West China Cement Ltd's (WCC) weakened 2014 results are in line with the rating agency's expectations and will have no immediate impact on the company's B1 corporate family and senior unsecured ratings, or its stable rating outlook. "WCC's weakened profitability resulted in an increase in its financial leverage in 2014. However, we expect its financial leverage to slightly improve over the next 12-18 months owing to lower capital expenditure, says Jiming...

Moody's says WCC's profit warning is credit negative

03 November 2014, Published under Cement News

Moody's Investors Service says West China Cement Ltd's (WCC) profit warning for 2014 is credit negative. On 29 October 2014, WCC announced that its consolidated net profit for 2014 will fall substantially from 2013, based on preliminary results for the first nine months ended 30 September 2014. "Moody's expects WCC to demonstrate a lower EBITDA margin which will in turn increase its debt/EBITDA ratio, and will therefore continue to position the company weakly within the B1 rating level,...