Cement News tagged under: corporate
Consolidation on the cards: Fitch report03 February 2009, Published under Cement NewsIn its outlook released today, Fitch Ratings has said that with depressed valuations and smaller players getting realistic about their expectations, some more consolidation in the industry is on the cards. The report cautioned that smaller players could face issues like fund availability and working capital. “Smaller entities with poor cost structures and ongoing debt-led capex would be more vulnerable during the cement down turn,” the rating agency said. However, for larger players, the r... |
Gresik planning to acquire foreign cement company02 February 2009, Published under Cement NewsPT Semen Gresik has appointed Credit Suisse as its financial advisor with regard to its foreign acquisition plan. "We appointed Credit Suisse two weeks ago," its vice president director, Heru D Adhiningrat, said after an extraordinary general shareholders’ meeting here on Friday. He said Credit Suisse would need a month before it could give its assessment and recommendation on which company to acquire. "They will also seek a proper cement company for us in Southeast Asia. Until now they ... |
Dalmia Dec quarter net falls by over 75%30 January 2009, Published under Cement NewsDalmia Cement (Bharat) Ltd on Thursday said net profits for the December quarter were dragged down by more than 75 per cent due to rising energy costs and falling cement shipments. The south-India focused firm, which gets three-quarters of its revenue from cement, despatched 687Mt of cement in the October-December period, seven per cent less than a year ago. Power and energy costs rose 39 percent to INR1bn, slamming profit down to INR237m from INR1.13bn a year ago, Dalmia said in a statemen... |
Binani Cement 3Q net profit falls30 January 2009, Published under Cement NewsIndia’s Binani Cement Ltd said Friday its third-quarter net profit fell to INR84.9m from INR539.5m a year earlier on higher cost on imported coal. Net sales rose 54.5% to INR3.60bn from INR2.33bn a year earlier. The company couldn’t pass on the "substantial increase" in the cost of imported coal to customers, it said in a statement. |
TPI Polene swings to 2008 net loss29 January 2009, Published under Cement NewsTPI Polene of Thailand said Thursday it swung to a net loss of THB5.45bn (US$56.1m) in 2008 from a net profit of THB2.33bn the previous year, due mainly to a fine of THB6.90bn stemming from a stock manipulation conviction. Thailand’s third largest cement maker posted sales of THB25.71bn in 2008, up 3.1% from a year earlier. The company booked THB383.7m in foreign exchange translation losses, compared with THB399.8m gains in 2007. Thailand’s Criminal Court found TPI Polene and its founder,... |
Madras Cements 3Q net profit falls29 January 2009, Published under Cement NewsIndia’s Madras Cements Ltd said Thursday its fiscal third-quarter net profit fell 43% from a year earlier, hurt by higher fuel, transportation and interest costs. For the quarter ended Dec. 31, the company reported a net profit of INR627.3m, down from INR1.11bn in the same period a year earlier. Net sales during the quarter rose 19% to INR6.09bn from INR5.12 billion in the corresponding year-earlier period. During the third quarter, cement companies in India struggled with sluggish demand... |
Cemex successful completion of refinancing29 January 2009, Published under Cement NewsCemex announced that it has successfully completed its refinancing plan. Cemex had previously announced that it had selected five banks to coordinate a global effort to: i) negotiate new long-term syndicated facilities to replace existing short-term bilateral facilities; ii) extend the maturity by one year of a portion of the US$3bn Rinker acquisition syndicated loan facility due in December 2009 and iii) amend the leverage ratio covenant, among other conditions, of certain existing syndica... |
Siam Cement posts quarterly loss28 January 2009, Published under Cement NewsSiam Cement, Thailand’s fourth- largest publicly traded company, posted the first quarterly loss in eight years after sales collapsed and tumbling commodity prices forced it book a record inventory writedown. The loss was THB3.48bn (US$99.7m) in the three months to Dec. 31 compared with profit of THB5.77bn a year earlier, the company said today. The Thai economy may enter its first recession in a decade this quarter after anti-government protests and the global recession curbed demand, acc... |
Cemex seeks US$2bn from asset sales28 January 2009, Published under Cement NewsCemex has confirmed that it aims to nearly double the amount raised from asset sales to more than US$2bn this year and use the proceeds to pay down its hefty debt. Lorenzo Zambrano, chairman and chief executive, told the Financial Times that the Mexico-based company would step up an existing programme of divesting US$1.1bn in non-core assets to help meet total debt repayment obligations for 2009 of US$5.7bn. Source: FT.com |
Boral profit forecast by one third28 January 2009, Published under Cement NewsWeaker construction markets in the USA, Asia and Australia has led to Boral reducing its profit guidance for the year to the end of June from Aus$200m to Aus$120m. The main reason for the reduction is the sharper than expected fall in housebuilding activity, notably in the United States, but also in Australia. Boral has reduced its forecast for US housing starts for 2008/09 by almost 20% to around 625,000, while Australian starts are now expected to be around 135,000, a 13% reduction fr... |