Cement News tagged under: corporate
Holcim Indonesia books record net profit12 March 2009, Published under Cement NewsPT Holcim Indonesia Tbk, the country’s third-largest cement producer, on Wednesday announced that it had achieved a record profit in 2008 due to stronger sales in the first half of the year and a significant drop in fuel costs in the second half. Holcim booked a net profit of IDR282bn (US$23.69m) last year, up 67 per cent from IDR169.41bn in 2007, supported by a 28 per cent increase in sales over the same period to IDR4.8trn from IDR3.75trn. “The cement industry in general, including Holci... |
Semapa 2008 profit drops 12.8%11 March 2009, Published under Cement NewsPortuguese holding firm Semapa yesterday posted a consolidated net attributable profit of EUR106.3m for 2008, a 12.8% fall compared with 2007. EBITDA dropped 17.7% to EUR356.2m and recurrent EBITDA dived 16.4% to EUR339.7m. The EBITDA margin fell to 30.1% from 24.7% and the recurring EBITDA margin shrank to 23.6% from 28.3%. Semapa’s consolidated sales edged up by 0.4% to EUR 1.442bn. Net debt amounted to EUR1.086bn, expanding 22.3%, mainly because of the group’s ongoing capital expendit... |
Southern Province 2008 net profit up 12.4% YoY11 March 2009, Published under Cement NewsSaudi cement producer Southern Province Cement (SPC) managed to boost its net profit to SAR791.1m (US$210.9m) in 2008 from SAR703.9m in 2007, or an increase of 12.4% YoY, the company said in a filing to the Saudi Stock Exchange. SPC attributed the increase to higher sales and other income but did not give exact figures. The earnings per share (EPS) stood at SAR 5.65, up from SAR 5.03. The company reported a 4.3% year-on-year decline in the operating profit to SAR720.9min 2008. |
Huaxin Cement profits up 58% in 2008, China11 March 2009, Published under Cement NewsHuaxin Cement Co, in which Holcim holds a 39.88 per cent stake, posted a 58 per cent jump in net profits in 2008, boosted by increased sales. Its net profits rose to CNY460m (US$67.25m) last year, on sales of CNY6.34bn, up 33 per cent from a year earlier, the company said in its earnings report on Wednesday. The Shanghai-listed company sold 27.88Mt of cement in 2008, up 20 per cent from a year earlier. Huaxin aims to sell 33.59Mt of cement this year while sales revenue is expected to incr... |
Fitch cuts debt ratings of Cemex11 March 2009, Published under Cement NewsCemex’s credit ratings were cut five levels by Standard & Poor’s and three levels by Fitch Ratings a day after the company shelved a bond sale and said it was pursuing debt renegotiation with banks, reports Bloomberg News. The company’s long-term global rating was lowered to B-, or six levels below investment grade, from BB+ by S&P. Fitch cut Cemex’s foreign- and local-debt ratings to B, or five levels below investment grade, from BB. Both S&P and Fitch said they may lower the rating furthe... |
Holcim Philippines refinances short-term borrowings with bank loan10 March 2009, Published under Cement NewsHolcim Philippines Inc. said it had taken a P2.45-billion loan from Banco de Oro Unibank to refinance maturing short-term borrowings, according to reports by Business Inquirer. Holcim is engaged in the manufacture, sale and distribution of four cement brands, namely, Holcim Premium Cement, Holcim Excel Cement, Holcim Duracem Cement and Holcim Wallright Cement. It is also a wholesale seller of clinker. |
CRH rights issue will generate €4bn acquisition fund10 March 2009, Published under Cement NewsCRH (Ireland) should be well placed to spend up to €4bn on acquisitions after its €1.2bn rights issue is completed, according to analysts at UBS, which is co-managing the fundraising with Davy, reports the Irish Independent. Market sources say there is strong institutional demand for the issue ahead of next Wednesday’s deadline for acceptance from shareholders. "You won’t see the underwriters being left with a large rump of stock," said one source, referring to the fact that UBS and ... |
Cemex starts debt renegotiation talks after failed bond sale10 March 2009, Published under Cement NewsCemex has started discussions with banks to renegotiate about US$14.5 billion of debt after a surge in borrowing costs forced it to shelve a bond sale, according to Bloomberg. Monterrey, Mexico-based Cemex’s U.S. shares sank to a nine-year low after the company said it was “indefinitely postponing” a planned $500 million international bond sale. The cost of protecting the company’s debt against default jumped to the highest in at least three years today, according to CMA Datavision. Cemex ... |
Cement stocks rally10 March 2009, Published under Cement NewsShares in Korean cement manufacturers jumped after negotiations between cement manufacturers and ready-mixed concrete makers were settled on Monday, reports Forbes. Both parties agreed to raise the prices of cement by 14.4 percent per tonne, a Ssangyong Cement spokesman said. Even though the settled price is lower than cement makers asked for last year, it will certainly help. Cement makers have been suffering from rising raw material prices and other manufacturing costs, said Sung Jun... |
Lafarge, Saint-Gobain to sell US$3.8bn in shares09 March 2009, Published under Cement NewsSaint-Gobain investors will be offered EUR1.5 billion of stock at EUR14 apiece, the supplier of glass and concrete products said . That’s 50 per cent less than Thursday’s closing price of EUR27.99. Lafarge, yet to announce terms, said its two largest shareholders, Groupe Bruxelles Lambert and NNS Holding, back the plan. The rights offerings highlight a deepening building slump at a time when the companies have spent more than US$25bn combined on acquisitions to expand globally. Saint-G... |