Cement News tagged under: West China Cement

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WCC raises US$400m in bond offering, China

05 September 2014, Published under Cement News

West China Cement (WCC) has raised US$400m in a five-year bond deal with proceeds intended to refinance the same amount of debt. With an order book of US$4bn from 260 institutional accounts, the latest bond deal offered investors a coupon rate of 6.5 per cent, compared with 7.5 per cent on the previous five-year bond that matures in 2016, according to a term sheet seen by the South China Morning Post. At the subscription level the deal was well received by fund investors, who represente...

Fitch rates West China Cement's Proposed Notes 'BB-(EXP)'

02 September 2014, Published under Cement News

Fitch Ratings has assigned West China Cement Ltd's (WCC) proposed US dollar senior unsecured notes an expected rating of 'BB-(EXP)'. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. Refinancing drives Outlook revision WCC has US$400m of senior notes due January 2016 and CNY800m of onshore medium-term notes (MTN) due March 2016 that remain outstanding. The company intends to use the proceeds of the proposed no...

West China Cement: proposed bond offering for refinancing

29 August 2014, Published under Cement News

West China Cement (WCC) proposes to conduct an international offering of senior notes and will commence a series of roadshow presentations beginning on or around 1 September 2014 to certain institutional investors in Asia and Europe. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. WCC plans to use the proceeds of the proposed notes to refinance a portion of its US$400m notes due January 2016. However, the com...

Moody's: WCC results in line with expectations

21 August 2014, Published under Cement News

Moody's Investors Service says that West China Cement Ltd's (WCC) first-half results are in line with Moody's expectations. As a result, WCC's B1 corporate family and senior unsecured ratings remain unchanged. "WCC improved its profitability and financial leverage in 1H 2014, despite a moderation in revenue growth, due to slowing cement demand," says Jiming Zou, a Moody's Assistant Vice President and Analyst. During 1H 2014, WCC achieved a 1.5 per cent YoY  growth in sales, which was do...

West China Cement first-half revenue rises despite flat volumes

18 August 2014, Published under Cement News

West China Cement reported higher revenue and gross profit margins for the six months to the end of June 2014, boosted by higher average selling prices (ASP) in its core markets in Southern Shaanxi province as overall sales volumes remained flat. Revenue reached CNY1,997.7m an increase of 1.5 per cent from a year earlier. The gross profit margin increased to 19.3 per cent from 17.6 per cent for the same period last year. Profit attributable to owners for the six months ended 30 June 2014 d...

West China Cement repurchases 2m shares

09 April 2014, Published under Cement News

West China Cement Ltd bought back 2m shares for HK$1.9m on 8 April 2014, media reported, citing Hong Kong Stock Exchange documents. Between 1 January and 8 April, the Xi'an City-based cement manufacturer repurchased a total of 2m shares, occupying an 0.04 per cent stake.

West China Cement ratings upgrade

25 March 2014, Published under Cement News

Moody's Investors Service has changed the outlook of the  B1 corporate family rating and B1 senior unsecured bond ratings of West China Cement from negative to stable. At the same time, the research house has affirmed both ratings. "The change in outlook to stable reflects an improvement in WCC's debt leverage and a slowdown in its capital expenditure," said Jiming Zou, a Moody's Assistant Vice President and Analyst. In addition, Moody's pointed out that the acquisitions made by WCC in ...

West China Cement profit edges ahead

21 March 2014, Published under Cement News

West China Cement reported a 3.6 per cent YoY rise in pre-tax profit to CNY475.08m (US$76.4m) for the year ending 31 December 2013, compared to CNY458.58m a year ago.   Net income attributable to shareholders rose to CNY378.32m from CNY364.88m. Earnings per share were on a par with last year at CNY0.883. Revenue increased by 18.3 per cent to CNY4.17bn from CNY3.52bn in 2012.   Cement sales volumes rose by 23.1 per cent last year to approximately 17.6Mt for the year from approximately 14.3M...

West China Cement completes Phase 1 of waste sludge treatment facility

24 January 2014, Published under Cement News

West China Cement announced that it has completed Phase 1of its first waste sludge treatment facility at its Lantian plant, as part of on-going energy conservation and environmental protection efforts. The facility has been established under the auspices of the Shaanxi Provincial and  Municipal Environmental Protection Administrative Department to co-treat industrial waste  produced by the new manufacturing plant of Samsung (China) Semiconductor Corporation (Samsung) in Shaanxi Province. ...

Fitch revises West China Cement outlook

05 August 2013, Published under Cement News

Fitch Ratings has revised West China Cement Limited's (WCC) Outlook to Negative from Stable reflecting continued weak average selling prices (ASP) in the cement producer's core cement markets of Shaanxi and Xinjiang. If this trend persists, the company may face challenges in repaying its outstanding US$400m notes due in January 2016, cautions the ratings agency. Continued weak ASPs have compressed WCC's gross profit to CNY47/t (US$7.67) in 2012 from CNY76/t for 2011. The ASP was CNY238/t i...