Cement News tagged under: corporate
Tian An gets nod for Allied Cement spin-off, China18 April 2011, Published under Cement NewsAllied Cement will become a holding company of the cement Group, the subject of the proposed spin-off, which comprises certain existing subsidiaries of Tian An China and is engaged principally in the manufacture, sale and trading of cement and clinker in Shanghaiand Shandong province. Tian An China intends to maintain not more than about 75% equity interest in Allied Cement. The net cash proceeds from the spin-off will provide Allied Cement additional funding to repay shareholder’s loan and... |
Steppe Cement 1Q sales rise, Kazakhstan18 April 2011, Published under Cement NewsSteppe Cement Limited announced Monday for the first quarter of 2011, it sold 187,404t of cement compared to 177,391t of cement in the first quarter of 2010. The total market in Kazakhstan during 1Q, 2011 was similar to the same quarter last year. Steppe Cement maintained its market share at 21% with additional volumes achieved through exports. Average price for the current quarter for delivered cement was KZT9,188/t (excluding VAT) as compared with KZT 7835/t in 2010, an increase of 17%.... |
Tabuk and Eastern Province opposing results, Saudi Arabia18 April 2011, Published under Cement NewsTabuk Cement and Eastern Province Cement Company reported mixed results in their net profits, with reasons ranging from higher demand to higher labour cost. Tabuk Cement said net profits rose to SAR41.22m (US$11m) for the first three months, up 21% against SAR34m last year and up 73% against the previous quarter. Operating profits for the period reached SAR42.95m against SAR34.7m last year, up 24%, with earnings per share rising to SAR0.46 against SAR 0.38. “The reason for the increase in... |
Jidong Cement earnings rise almost 50%, China18 April 2011, Published under Cement NewsTangshan Jidong Cement posted a 40.88 per cent YoY rise in 2010 net profit to CNY1.4bn (US$214m), according to a company filing. Earnings per share increased 40.95 percent to CNY1.15. Sales revenue rose 58.29 per cent YoY to CNY11.06bn. The company plans to distribute cash dividends of CNY0.5 (including tax) for every 10 shares held. The cement producer predicts that it will incur a loss of between CNY9m and CNY13.5m in the first quarter. Jidong plans to issue CNY2.5bn worth of corporate... |
Attock Cement nine-month profit seen rising 65%, Pakistan15 April 2011, Published under Cement NewsAttock Cement Pakistan Ltd (ACPL) is scheduled to announce its financial result for 9MFY11 on April 19, 2011. The company is likely to post QoQ profitability growth of 65% to PKR228m (US$2.7m) in 3QFY11, mainly on account of 7% growth in average retention prices coupled with a 2% QoQ improvement in the sales. According to analysts at Arif Habib Ltd, despite the massive expected recovery in the profitability of 3QFY11, the company is likely to suffer a bottom line contraction of 53% YoY t... |
Holcim posts slower profit hike after blackouts cut output15 April 2011, Published under Cement NewsHolcim Philippines, Inc. grew profits by a slower pace in 2010 after plant operations in Mindanao were hit by a power shortage, the company said in a financial report released yesterday. The local arm of the Swiss-based cement giant posted a 23% increase in net income attributable to equity holders to PHP3.835bn last year versus the 142% surge it enjoyed in 2009. "In 2010, deficiency in power generation in the [Mindanao] grid was brought about by the drought in the country," Holcim Philipp... |
Daiwa ups West China Cement but prefers peers15 April 2011, Published under Cement NewsDaiwa upgrades West China Cement to Hold from Underperform, and raises the target price to HK$3.33 from HK$2.38 after revising up its FY11-12 earnings forecasts to reflect the company’s expansion in Xinjiang and Shaanxi provinces. The house says the upgrade is also due to the fact that the stock was not de-rated in the way it had expected following its rating downgrade in late February on the back of the chairman’s share pledge for a personal loan, with feedback from investors suggesting t... |
Credit Suisse raises Asia Cement to outperform15 April 2011, Published under Cement NewsCredit Suisse upgrades Taiwan-based producer, Asia Cement to Outperform from Neutral and boosts its target price to NT$43.10 from NT$29.60 on strong profit outlook in China cement sales. It also notes returns from equity investment in Far East New Century should help offset declines in U-Ming Marine. The house adds slowing growth of new capacity in China helps support cement prices; it forecasts Asia Cement’s EBITDA in China to rise 96% in 2011, and by another 11% in 2012, after falling arou... |
UOB keeps Sinoma at buy, booming Xinjiang demand, China14 April 2011, Published under Cement NewsUOB KayHian keeps Sinoma at Buy with a target price of HK$9.50, citing "booming cement demand in Xinjiang". It says cement prices in southern Xinjiang have picked up by CNY60-CNY80/t to CNY320-CNY340/t because of accelerating construction activity, while northern Xinjiang’s cement prices remain stable. The house adds that contract prices for late-April rose by CNY20-CNY30/t, and expects that once the market moves into peak season, cement prices may shoot up CNY100/t, ahead of cement prices... |
Fitch reaffirms Cementos Argos’ ratings, focus on Colombia14 April 2011, Published under Cement NewsFitch Ratings Colombia reaffirmed Cementos’ Argos’ rating of AA+ (high level) with a stable outlook for the bonds the company issued in 2009, despite the firm posting a negative performance over the last year. Revenues fell 13% because of lower prices especially in the US but in its domestic market of Colombia cement volumes rose 7% last year whilst concrete volumes soared 40%. Back in 2006, the production and sale of concrete in the US represented 49% of Argos’ EBITDA. Four years later and... |