Cement News tagged under: corporate
Cemex expecting US$170m16 July 2009, Published under Cement NewsCemex expects to raise up to CHP2.3bn (US$170m) from a securitisation of accounts receivables Wednesday, the Wall Street Journal reported. Cemex plans to place the 2.5-year bonds at a spread of two percentage points over the 28-day TIIE interbank rate, which currently stands at 4.835%, the report said. Standard & Poor’s has assigned an mxAAA rating to the bonds, and local brokerage IXE Casa de Bolsa is the underwriter. The local subsidiary of HSBC Holdings PLC has been selected as the trus... |
Cemex to raise US$167m in debt sale15 July 2009, Published under Cement NewsCemex is planning to sell 2.5-year bonds worth US$167m, The Wall Street Journal reports. The Mexican cement maker has not yet determined the amount or timing of the deal. Local brokerage, Ixe Casa de Bolsa, will serve as the underwriter, while the Mexican arm of HSBC Holdings will be the trustee for the sale. Cemex is renegotiating the maturities on US$14.5bn in bank debt that comes due between 2009 and 2011. |
Readymix predicts €7m pre-tax loss15 July 2009, Published under Cement NewsReadymix has forecast it will post a pre-tax loss of nearly €7m for the first half of this year. The cement products and building materials company, predominantly owned by Cemex, had previously warned further full-year operating losses were on the cards this year, although substantially lower than the €47.3m losses reported for 2008. Yesterday, management said via a pre-close trading update ahead of the August publication of Readymix’s first half financial results that losses of about €6.9... |
Tabuk Cement Q2 net profit tumbles 45%14 July 2009, Published under Cement NewsSaudi Arabia’s Tabuk Cement Co said on Monday its 2009 second-quarter net profit dropped 45 per cent to SAR37.8m (US$10.1m) from SAR68.8m (US$18.3m) in the same period last year. In a statement posted on the Saudi bourse website, the company said its net profit for the first-half of the year reached SAR71.3m, down 40 per cent compared with SAR119.4m in the corresponding period in 2008. Tabuk said the reason behind the slump in profits was mainly due to lower cement prices. Earnings per sha... |
Yamama profit drops 27%, Saudi Arabia14 July 2009, Published under Cement NewsYamama Saudi Cement Co said on Monday its 2009 second-quarter net profit dropped 27 per cent to SAR165.3m (US$44.1m) compared to SAR227.8m (US$60.55m) during the same period last year on lower sales. First-half net profit also decreased, dropping 31 per cent to SAR291.3m, compared to SAR425.2m a year earlier, the company said in a statement posted on the Saudi bourse website. Earnings per share for the first six months of the year reached SAR2.16, compared to SAR3.15 during the respective ... |
New capacity ’key to Lafarge India plans’14 July 2009, Published under Cement NewsLafarge is planning to nearly double the revenue contribution of its Indian subsidiary to 8% over the next three-five years, said a senior executive of Lafarge India Ltd. The Indian outfit will acquire other firms and build new plants to meet the target. “The growth in India will be a combination of fresh capacities and acquisitions, and we will follow a multi-product strategy to get closer to the customer,” said Uday Khanna, managing director and chief executive of Lafarge India. The fir... |
Sunway declines comment on HeidelbergCement buy13 July 2009, Published under Cement NewsSunway Holdings Bhd has declined comment on talk that the company is bidding to acquire the local concrete plants, quarries and asphalt factories owned by HeidelbergCement AG. Executive chairman Tan Sri Cheah Fook Ling would only say the company was not yet sure whether to acquire the factories. It was reported that Sunway was interested in acquiring these assets when the indicative selling price was US$200m (MYR717.4m) but might pull out from the bid after the price was raised to US$250m.... |
Southern Cement 2Q net falls 7.8% , Saudi Arabia13 July 2009, Published under Cement NewsSouthern Cement made a net profit of SAR212m ($56.53m) in the three months to June 30, down from SAR230.5m in the year-earlier period, it said in a statement on the Saudi bourse website. The company also blamed higher costs for maintenance apart from a lower yield from a murabaha, an Islamic finance tool, the firm said. It also said it would pay a first-half dividend of SAR2.5 for each share. Southern Cement said last month it may freeze expansion plans due to the year-long export ban tha... |
Qassim Cement mulls 100 per cent bonus shares13 July 2009, Published under Cement NewsThe Qassim Cement Company of Saudi Arabia is planing to offer shareholders one bonus share for each existing one to raise its paid-up capital to SAR900m (US$240m) from SAR450m. Southern Province Cement Co, Saudi Arabia’s largest cement maker by market value, said second-quarter earnings fell 7.8 per cent, blaming an export ban that has hit producers in the largest Arab economy. |
Prosperity Minerals FY Pretax profit US$7.7m vs US$59.3m09 July 2009, Published under Cement NewsProsperity Minerals Holdings Ltd said Thursday that for the year ended March 31, it made a pretax profit of $7.7 million compared with a profit of $59.3 million in the previous year. MAIN FACTS: -28% increase in revenue to $647.7 million (2008: $507.5 million) -43% decrease in EBITDA to $44.3 million (2008: $77.7 million) -54% decrease in operating profit to $21.6 million (2008: $47.1 million) -73% decrease in adjusted profit before tax to $15.9 million (2008: $59.3 million) adjusted fo... |