Cement News tagged: Corporate
Shriram Cement confirms talks on cement unit sale
India-based producer Shriram Cement has confirmed that it is in talks with investors over the sale of its cement business. The statement came following news reports that CRH is to buy Shriram's cement unit through its Indian joint venture, My Home Industries. Shriram said it is in discussions with a couple of potential investors, including CRH, but that no decision has been finalised to-date...
Harris Associates builds up stake in Holcim, Switzerland
Holcim said Chicago-based asset manager Harris Associates LB acquired shares in the Swiss cement major and now owns a stake worth CHF654m (EUR530m) Harris notified that it owned 3.04 per cent of Holcim's shares, therefore making it the third-largest shareholder in the Swiss cement major.
Thai Binh Cement swings second quarter to net loss, Vietnam
Thai Binh Cement JSC swung to a net loss of VND1.5bn (US$70,740) in the second quarter of 2013 from a net profit of VND246m a year ago. The company generated revenue of VND16.5bn in 2Q13 compared to VND18.8bn over the same quarter of 2012. For the first six months to the end of June 2013, TBX reported VND300m net loss on VND33bn revenue, compared to VND1bn net profit and VND37.3bn a year ...
Optimisation projects expected to lift TCK net profit, Bosnia
Bosnian cement maker Tvornica Cementa Kakanj (TCK) expects its net profit to rise by 20-25 per cent to some BAM11-12m (EUR5.6-6.1m) thanks to optimisation measures. TCK’s cement sales are expected to be nearly flat at around 425,000t, director Branimir Muidza told SeeNews. However, ongoing investment and process optimisation measures are expected to bear fruit this year, leading to the proj...
Shanshui Cement 1H hit by pricing pressures
China Shanshui Cement said it expects to record a significant YoY decrease in net profit for the six months ended 30 June 2013 of not less than 40 per cent due to to persistently lower prices. Since the start of this year, the Shandong region (one of the company’s core markets) have been affected by excess production capacity and prices have remained from the fourth quarter of 2012. Dema...
Can Tho Mineral & Cement to delist from HNX
Can Tho Mineral & Cement JSC (CCM), has approved a plan to delist 4.6m shares from the Hanoi Stock Exchange (HNX). The decision was made due to the company’s difficulties in operation and the low liquidity of its shares, CCM said in a statement sent to the bourse, Vietnam News Brief Service reported. This year, CCM targets a net profit of VND10bn (US$471,600) and a dividend payout of 15 per ...
CRH announces new group chief executive, Ireland
CRH has announced that Albert Manifold will assume the role of group chief executive on 1 January 2014, following the retirement of the current chief executive, Myles Lee, after 32 years with the group. Commenting on the appointment, CRH Chairman Nicky Hartery said: “I am delighted to announce Albert’s appointment as the next chief executive of CRH plc. This follows a comprehensive selecti...
Paraguay’s INC registers 5M13 loss
State-owned Industria Nacional del Cemento of Paraguay noted a loss of PYG22.413bn (US$5m) in the first five months of 2013, indicating a rise on the previous year. In 2012, the company registered a full-year loss of PYG41.646bn, according to local news service ABC. The 2012 loss is attributed to a combination of high sales and operational costs. Sales costs reached PYG343.676bn against a...
BBMG Corp issues profit warning, China
BBMG Corp announced yesterday that it expected its net profit to fall not more than 15 per cent YoY in the first six months of this year, due to pricing pressures. The company's net profit was CNY1.39bn in the first half of 2012. The company's sales of cement and clinker increased 9.1 per cent YoY to 16.38Mt in the first half. Concrete sales volumes jumped 33.2 per cent YoY to 5.46Mm3 in the...
Dyckerhoff shareholders approve Buzzi offer
The shareholders' meeting of Dyckerhoff AG gave the go-ahead to the squeeze-out launched by parent company Buzzi Unicem SpA on all outstanding ordinary and preferred Dyckerhoff shares still in the hands of minority shareholders. Buzzi Unicem's acquisition of the remaining stock of Dyckerhoff and the following cash payment of EUR47.16 per share ( for a total amount of EUR65.3m) will become e...
Saudi Cement reports 5.9% second-quarter rise
Saudi Cement Co reported a 5.9 per cent increase in second-quarter net profit on Monday, thanks to increased demand. The company posted a second-quarter net profit of SAR307m (US$81.7m) compared to SAR290m in the same period in 2012. Net profit for the first six months of 2013 was SAR647m, up five per cent from the previous year.
Prosperity Minerals confirms merger offer, China
Prosperity Minerals Holdings Ltd confirmed that it has received an initial approach from Prosperity International Holdings Ltd with a view to a possible offer being made for the company at a price no higher than 130 pence per ordinary Prosperity share. Prosperity International stated that it will, by not later than the 28th day following its announcement on 15 July either, confirm its intenti...
Higher volumes and sales boost Yanbu first half, Saudi Arabia
Yanbu Cement Co's first-half net profit rose by 44.7 per cent YoY to SAR521m (US$138.9m), thanks to higher production and sales volumes supported by the start of its kiln line No 5 last year. Earnings per share (EPS) stood at SAR 3.31, up from SAR 2.29 a year ago. For the second quarter of 2013, YCC registered a net profit of SAR274m, an increase from SAR216m a year earlier.
Siam Cement 2Q13 earnings growth forecast
Siam Cement Co is expected to report YoY robust earnings growth thanks to impressive performances from its three core businesses including its cement division. KGI Securities expect SCC to report a 2Q13 net profit of THB8.8bn, up 106 per cent YoY and 0.2 per cent QoQ. ? In terms of its cement division, concerns about a delay to the government's THB2tn borrowing bill would impact sentime...
Asia Cement forecasts higher 1H net profit
Asia Cement (China) expects its unaudited net profit to more than double for the six months to the end of June 2013 compared to the same period of last year. The 100 per cent forecasted increase in first half net profit was primarily attributable to the increase in sales and a decrease in coal costs compared to 1H12, the company said. Asia Cement's interim results are expected to be publi...
Texas Industries fourth-quarter net profit declines, sales rise
Texas Industries Inc reported that its fourth-quarter net income declined to US$44.14m as the prior-year results included a higher gain from asset sales. However, the company benefitted from continuing recovery in major markets and from the commissioning of new cement capacity and ready-mix acquisitions in Texas. Net income declined to US$44.14m from US$60.21m in the same quarter last ye...