Cement News tagged under: corporate
Cemex Says Bankers Agree to Waiver in Debt Proposal03 August 2009, Published under Cement NewsCemex said banks agreed to extend a covenant waiver to allow the company to complete a refinancing of almost $15 billion of debt. The extension of the waiver, which expired today, still needs to be formalized, Jorge Perez, a Cemex spokesman, said in an e-mailed response to questions. Cemex said on July 29 that it had more than 90 percent support for the refinancing proposal, which would extend maturities on almost $15 billion of debt to February 2014, with some payments due periodically be... |
Colombia’s Cementos Argos 1H profit up31 July 2009, Published under Cement NewsCementos Argos SA, Colombia’s biggest cement maker, reported profit rose 128 per cent in the first six months of the year. Net income rose to COP297bn (US$143.1m) in the first half from COP130bn a year earlier, according to a statement posted late yesterday on the financial regulator’s Web site. Profit fell to COP38bn in the second quarter of 2009 from COP49bn in the year-earlier period, according to Bloomberg calculations. |
Thailand’s TPI Polene (TPIPL): 2Q09 earnings31 July 2009, Published under Cement NewsTPIPL reported a 2Q09 net profit of Bt840mn, turning from a net loss of Bt6.8bn in 2Q08 and up 109% QoQ. The results were 38.0% above market expectations due to greater-than-expected extra gains. Stripping out the extra gains from the debt repurchase at a discount of Bt156mn and FX gains of Bt225m, its normalised profit was Bt458m, down 24.6% YoY, but up 5.0% QoQ. The YoY dip was caused by a contraction in cement sales volume. Meanwhile, the slight rise QoQ was due to the reversal of finan... |
Global recession continues to undermine Cemex31 July 2009, Published under Cement NewsCemex’ results continue to slide as global recession undermines second quarter results. Cemex reported net sales of US$4.2bn in the second quarter, representing a 34% drop YoY, and is mainly attributed to lower volumes in its major markets in the US (down 37%) and Spain (down 43%). The company was also affected by the exclusion of its Venezuelan operations and the sale of its assets in the Canary Islands which were partially mitigated by price stability in most of its markets. Group EB... |
Siam Cement second quarter drop, Thailand30 July 2009, Published under Cement NewsSiam Cement PCL reported a 5% drop in second-quarter profit on weaker sales, and warned that its petrochemical and paper businesses would continue to be hit hard by the global economic slowdown. Thailand’s largest industrial conglomerate said it recorded a profit of THB6.84bn (US$201.3m) in the three months ended June 30, from THB7.2bn a year earlier. Sales fell 29% to THB56.88bn from THB80.25bn a year ago, with the company citing the global trend of lower chemicals and paper product prices... |
Cemex Has 90% creditor support for refinance plan30 July 2009, Published under Cement NewsCemex has 90 per cent creditor support for a plan to refinance almost $15 billion of bank debt and is requesting more time to conclude the proposal. The plan needs approval from all creditors, Hector Medina, chief of finance and legal, said today on a conference call. The company is requesting an extension of a debt-covenant waiver that expires on July 31 to allow it to gain support from remaining creditors and complete legal documents. The refinancing plan would extend debt maturities thr... |
Wesfarmers chairman to succeed Ken Moss at Boral, Australia29 July 2009, Published under Cement NewsAfter 10 years as chairman of building materials group Boral, Ken Moss will step down next May to make way for Bob Every, chairman of Wesfarmers and Iluka Resources. However, Mr Every will give up his chairman’s position at the Perth-based Iluka at the company’s annual general meeting to be held in May before taking on his new role as chairman of Boral. Mr Every said being chairman of three listed companies was "not appropriate". John Pizzey was yesterday appointed deputy chairman of Iluka... |
Holcim increases shares in Cessa, El Salvador29 July 2009, Published under Cement NewsHolcim has acquired 90% of the shares of Cemento del Salvador (Cessa). Cessa currently exports cement and other products to Belize, Guatemala, Nicaragua and Honduras. La Prensa Gráfica published on its website: "During the first semester, Holcim bought the shares through a Dutch subsidiary, increasing its share in the company from 64% to over 90%. The remaining shares are distributed among over 370 persons and companies, mostly Salvadorans." |
Strong sales lift Grasim net 61%29 July 2009, Published under Cement NewsGrasim Industries, part of the Aditya Birla Group, has posted a 61% growth in consolidated net profit at Rs 1,080 crore the June quarter because of higher sales coupled with lower expenditure of its cement division. The consolidated net sales for the quarter rose by 15% at Rs 5,080 crore in the first quarter of this fiscal from Rs 4,394 crore in a year-ago period. Adesh Gupta, group executive president and chief financial officer of Grasim told ET, “The cement business has been the key con... |
Portland opts to hedge on loan over volatility, Kenya29 July 2009, Published under Cement NewsEast African Portland Cement Company has decided to hedge on a yen-denominated loan it got from the Japanese government to tackle foreign exchange volatility. The repayment of the loan which has to be in Japanese yen undermines the company’s profitability as it converts either shillings or US dollars to yen. This poses a perpetual foreign exchange risk to the company if the exchange rate changes unfavourably before the currency is exchanged. To confront this challenge, the company would do... |