Cement News tagged under: corporate
Prosperity receives completion notice for disposal, China29 April 2010, Published under Cement NewsProsperity Minerals Holdings Limited announced that on 29 April 2010, it has received, together with Pro-Rise (a wholly-owned subsidiary of the company) an irrevocable completion notice from TCC International Holdings Limited to complete the disposal of the majority of Prosperity’s cement business. The specified completion date for the disposal is 30 April 2010. |
HeidelbergCement secures liquidity until end-201328 April 2010, Published under Cement NewsHeidelbergCement said it has signed a new, self-arranged EUR3bn syndicated credit facility with a group of 17 banks. The new credit facility will be used for repaying bank debt remaining under the old credit facility which had been agreed with 60 banks in June 2009 with a maturity in December 11. The new, syndicated credit facility has been concluded with the following 17 banks: Bank of America / Merrill Lynch, Bayern LB, BNP / Fortis, Citigroup, Commerzbank, Deutsche Bank, Svenska Handel... |
Siam Cement 1Q beats forecasts, Thailand28 April 2010, Published under Cement NewsSiam Cement posted a 32 per cent rise in quarterly net profit on Wednesday after the economic recovery pushed up revenue and petrochemical spreads improved. The company, which earns up to half of its profits from petrochemicals, reported a January-March net profit of THB6.86bn (US$212.7m), up from THB5.2bn a year earlier. The profit was above the THB6.58bn forecast by six analysts polled by Reuters. Siam Cement had posted a THB5.3bn profit in the 4Q09, turning round from a loss a year ear... |
Cemex increases first quarter loss28 April 2010, Published under Cement NewsCemex first quarter turnover declined by 10.2% to US$3,042.6m, which represented an underlying reduction of some 16%. EBITDA declined by 22.8% to US$515m, which becomes 29% once taking changes in structure and currency movements into account. The trading profit fell by 50.3% to US$148.4m and, after net interest charges that were 55.2% higher at US$308.3m and other financial items, the pre-tax loss emerged just 0.2% higher at US$231.7m. Equity shareholders’ funds recovered by 16.4% to US$... |
Cemex mulls sale of stakes27 April 2010, Published under Cement NewsCemex is considering selling off minority stakes in some of its worldwide operations in a bid to cut its debt, the Financial Times reported in its Tuesday edition. Cemex chief executive, Lorenzo Zambrano, told the paper that the company was considering other ways to reduce its US$19.1bn debt. “We are analysing selling minorities in some areas,” Zambrano told the FT. “So instead of having 100 per cent of X company in a country, we are going to have 51-plus per cent…it is one of the things ... |
Eagle Materials finished a poor year on a weak note27 April 2010, Published under Cement NewsIncluding its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the financial year to the end of March fell by double digits for the third year in a row and was down by 23.6% to US$533.3m. Of the total turnover, cement accounted for 42.0%, plasterboard for 39.5%, plasterboard liner for 10.1% and aggregates & concrete for 8.4%. The trading profit declined by 29.1% to US$76.6m, but corporate expenses were reduced by just 6.0% and interest charges were down by ... |
Jefferies International give Lafarge Hold rating27 April 2010, Published under Cement NewsInvestment banking advisor Jefferies International Ltd is initiating coverage of Lafarge with a Hold rating and a EUR58 12-month price target. The EUR58 price target is one per cent above the current share price. Lafarge has a substantial presence in the Middle East and Africa. This region accounted for 42 per cent of the company’s operating profit in 2009 and for 35 per cent of Jefferies’ estimate of its mid-cycle profitability. It expects Lafarge’s significant presence in these higher gr... |
Binani Cement Q4 net dips 15%26 April 2010, Published under Cement NewsBinani Cement reported a 15% dip in net profit for the fourth quarter ended March at INR17 crore due to a rise in raw material costs. Net sales for the quarter stood flat at INR491 crore against INR497 crore in the year-ago period. The company could not translate the volume growth into higher income as it failed to increase prices. Sales volume rose by 12% in the March quarter. Its consolidated net profit for the fiscal ended March has almost doubled to INR292 crore from INR146 crore, wh... |
Cemex seen posting first quarter loss26 April 2010, Published under Cement NewsCemex is expected to post a US$140m net loss for the first quarter after a harsh winter in the United States and Europe and few signs of a recovery in global construction, according to a Reuters poll of six analysts. Cemex reported a profit of US$3m for the same period a year ago. This weak earnings report is being largely factored in by the market," BBVA Bancomer said in a report to clients, adding that Cemex) warned last month it could post a loss for the first quarter. Cemex said in J... |
Lafarge seeks approval to transfer US$12m, Zimbabwe23 April 2010, Published under Cement NewsNext month, Lafarge will seek shareholder consent to transfer US$12m from its non-distributable reserves to issued share capital and retained income, making the funds available to support operations. The request is to be tabled at the company’s Extraordinary General Meeting scheduled for May 20, during which shareholders would consider other requests. Larfage wants shareholder consent to transfer US$12,335,182 from the non-distributable reserves to US$800,000 issued share capital of nomina... |