Cement News tagged under: corporate
Lucky Cement earnings’ outlook, Pakistan14 April 2011, Published under Cement NewsLucky Cement Limited is set to release its 9MFY11 financial results on April 16, 2011. Arif Habib Limited expects the company to earn profit after tax of PKR2696m (US$32m) for 9MFY11, representing a 5% YoY improvement, when compared with PKR2561m (EPS: PKR 7.92) in the corresponding period last year. The growth in profit after tax is expected from a 20% YoY jump in the average retention prices. For 3QFY11 alone, Arif Habib Limited expects the company to post QoQ growth of 68% to PKR1235m, m... |
Texas Industries declares quarterly dividend, USA14 April 2011, Published under Cement NewsThe Board of Directors of Texas Industries, Inc (TXI) declared a cash dividend of US$.075 per common share payable May 31, 2011 to shareholders of record May 6, 2011. Meanwhile, company has also announced the promotion of Les Vines to Treasurer of the Company. In addition, Mr. Vines will direct TXI’s Investor Relations efforts. Vines will also continue to serve as TXI’s Vice President – Corporate Controller. |
Mexico’s Cemex sees US$400m in savings – report14 April 2011, Published under Cement NewsCemex expects a reorganisation to save some US$400m annually after 18 months, Chief Executive Lorenzo Zambrano told Reforma newspaper. The expected savings come after Cemex announced a management reshuffle earlier this week. "With this new structure, with fewer [management] levels, we think we’ll have savings of close to US$400m on top of other savings previously announced," Zambrano said in an interview published on Wednesday. The company said on Monday that senior executive Fernando Gon... |
RAM Reaffirms ratings on Lafarge Malayan cement debt facility13 April 2011, Published under Cement NewsRAM Ratings Bhd (RAM) has reaffirmed the respective long-term and short-term ratings of Lafarge Malayan Cement Bhd’s (LMCB) MYR350m (US$115.7m) Islamic Securities Programme (2010/2017), at AA2 and P1. In a statement Wednesday, RAM said the long-term rating has a stable outlook. "The reaffirmation of the ratings is premised on LMCB’s strong business profile as the largest integrated cement player in Malaysia, where the group owns four cement plants and possesses almost half of the industry’... |
Misr Cement Qena posts 11% 1Q11 drop13 April 2011, Published under Cement NewsEgypt’s Misr Cement Qena posted an 11 per cent drop in 2011 first quarter net profit to EGP103.7m (US$17m), the stock exchange said on Wednesday. The firm is one of the first to report first quarter results, which analysts have been waiting for keenly as an indication of how strongly companies were affected by the political turmoil that toppled President Hosni Mubarak. Misr Cement’s profit in the first quarter of 2010 was EGP117.7m. Source: Reuters |
Cement makers up on Exane upgrade13 April 2011, Published under Cement NewsShares in Holcim and HeidelbergCement surged more than four per cent, outperforming a 1.8 per cent higher STOXX Europe 600 Construction & Materials .SXOP index, after a sector upgrade from broker Exane BNP Paribas. Lafarge is also up two per cent as Exane analysts say the outlook for the whole cement sector is brightening. "Cement prices are increasing sequentially in several key markets," the broker says in a note. "Strong production data across developed markets in the first quarter of 2... |
Cemex sells US$800m in floating-rate notes12 April 2011, Published under Cement NewsCemex issued US$800m in floating-rate senior secured notes denominated in US dollars, the company said late Tuesday. The notes priced at Libor plus 500 bps, with an OID of 99, bringing the total yield to Libor plus 525 bps. Bank of AmericaMerrill Lynch, JPMorgan and RBS served as the bookrunners. The company will use the proceeds to prepay outstanding debt under a credit facility it received in 2009. It expects to avoid a 50 bps increase in the annual interest rate of the debt, which has r... |
Mediobanca lowers Cementir’s price target, Italy12 April 2011, Published under Cement NewsAnalysts at Mediobanca lowered on Monday morning the price target on the shares of Italian cement maker Cementir Holding to EUR1.95 from EUR2.10, reiterating "underperform" on the group’s stock and reminding that the management had difficulties making forecasts on the group’s business in Egypt. Mediobanca slashed its estimates on Cementir’s gross operating profit in Egypt to EUR11m from EUR23m, as a reflection of the temporary freeze of production in February and the strong cement market co... |
Qassim 1Q beats expectations, Saudi Arabia12 April 2011, Published under Cement NewsQassim Cement Company said it has seen net profits rise more than 30% against the previous quarter. Net profit increase by 1.3% YoY and 30.5% QoQ to SAR147.2m. Gross profit was up by 3.8% to SAR162.7m and operating profit increased 2.9% YoY to SAR151.7m. Qassim’s results exceeded Global Investment House’s (GIH) 1Q11 net profit estimate of SAR138.7m by 6.1%. The company cited increase in average realisation price and improved operating performance of the subsidiary company as the reason behi... |
Fitch assigns ‘B’ to Cimento Tupi, Brazil12 April 2011, Published under Cement NewsFitch Ratings has assigned the following ratings to Brazilian producer Cimento Tupi S.A. (Tupi): -- Foreign Currency Issuer Default Rating (IDR) ’B’; -- Local Currency IDR ’B’; -- Long-Term National Rating ’BBB-(bra)’. Fitch has also assigned a ’B/RR4’ rating to Tupi’s proposed US$150m senior unsecured note issuance due 2021. The proceeds from this issuance will be used to refinance existing debt and to fund a portion of the company’s expansion plan. Tupi’s ratings reflect the volatili... |