Cement News tagged under: West China Cement

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West China Cement chief visits Italcementi's new i.lab

28 May 2013, Published under Cement News

In early May, West China Cement (WCC) representatives led by CEO Tian Zhenjun and Vice CEO Wang Jianli visited Italcementi's new i.lab at its Calusco cement plant in Bergamo, Italy. Accompanied by Federico Vitaletti, CEO of Italcementi's Innovation and Research Center, and Girolamo Veronese, Global Marketing Director, WCC representatives visited the facility to further deepen its cooperation with the the Italcementi Group in the fields of energy conservation and environmental protection,...

Moody's: West China Cement's medium-term notes issuance is credit positive

11 April 2013, Published under Cement News

Moody's Investors Service says West China Cement's (WCC) issuance of medium-term notes (MTN) totalling CNY800m (US$129m) for three-years at 6.1 per cent is credit positive. The notes were issued on 28 March 2013 through WCC's indirectly wholly owned onshore subsidiary Yaobai Special Cement Group Co Ltd, which owns the vast majority of the group's assets in Mainland China. The proceeds from the MTN issuance will be used to refinance onshore bank loans, expand production facilities and for g...

Moody’s: West China Cement investment slowdown ‘positive sign’

21 March 2013, Published under Cement News

West China Cement’s (WCC) slowdown in investments is also a positive, according to Moody's analyst, Jiming Zou, lead analyst for WCC. WCC's shift from an aggressive expansion strategy to more prudent financial management follows the need to stabilise its capital structure, Moody’s highlighted in a statement. "This approach is necessary as it will need to refinance offshore debt in January 2016. It also reflects less pressure on WCC to increase market share, given a stabilising competitive ...

West China Cement sees 2012 net profit jump

20 March 2013, Published under Cement News

West China Cement Ltd has reported a rise in net profit and operating revenue for 2012 and says it expects an improved operating environment going forward due in part to increased infrastructure demand. Net profit for the group jumped 44.9 per cent YoY in 2012 to CNY360m in 2012 and operating revenue grow 10.5 per cent YoY to CNY3.52bn. Cement sales volumes grew by 28 per cent, including sales from the newly constructed  Danfeng Line 2 Plant during its trial production period, compared to ...

West China Cement chairman shares buy positive - DB

07 September 2012, Published under Cement News

Deutsche Bank (DB) says according to Hong Kong Stock Exchange filings West China Cement’s chairman, Zhang Jimin, has been buying back shares for the last few weeks since Aug. 16 (7.2 million shares at a weighted average price of HK$1.20/share). It adds, Zhang's shareholding has increased by 15 bps to 38.53% of the total issued share capital.  "We believe the chairman will continue buying shares at current levels given it appears he finds the current valuation attractive. More importantly, w...

S&P lowers West China Cement corporate rating, China

04 September 2012, Published under Cement News

Standard & Poor's Ratings Services lowered its long-term corporate credit rating on West China Cement Ltd. (WCC) to 'B+' from 'BB-'. The outlook is negative. The research house also lowered the issue rating on the China-based cement manufacturer's senior unsecured notes to 'B+' from 'BB-'. S&P said in a statement: “We lowered the rating to reflect our view of WCC's weakened liquidity position, given the company's low cash balance and high short-term debt. WCC's cash balance fell to CNY173m...

West China Cement faces downgrade review by Moody

23 August 2012, Published under Cement News

Moody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed it was selling its products at a premium price. But Glaucus, citing independent sources, said the s...

West China Cement net profit drops 65%, China

16 August 2012, Published under Cement News

West 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, ...

Moody's: no immediate concerns for West China Cement from short seller's report

10 August 2012, Published under Cement News

Moody'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)

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...