Displaying items by tag: Philippines
Solid Cement uses US$75m loan to upgrade Antipolo plant
28 November 2018Philippines: Solid Cement is using a US$75m loan from Cemex Asia to partly pay for a new production line at its plant in Antipolo, Rizal. The subsidiary of Cemex Holdings Philippines has made an initial withdrawal of around US$41m, according to the Manila Standard newspaper. The upgrade has a total cost of US$235m and it is scheduled completion in 2020. The new line will be supplied and built by China’s CBMI Construction.
APO Cement to scale back operations
21 November 2018Philippines: Cemex Philippines’ subsidiary APO Cement plans to close its Davao cement terminal and indefinitely suspend one of its kilns at its Barangay plant in Cebu. It said in a statement that it had taken this action due to uncertainty caused by the disruption to its raw material supply, according to GMA News. It follows the on-going suspension of APO Land and Quarry following a landslide in September 2018. APO Land & Quarry supplies raw materials to APO Cement.
CRH earnings driven by American markets so far in 2018
20 November 2018Ireland: CRH’s sales rose by 3% year-on-year to Euro19.9bn in the first nine months of 2018. Its earnings before interest, taxation, deprecation and amortisation (EBITDA) increased by 2% on a like-for-like basis to Euro2.5bn. The building materials producer said that its earnings had been supported by growth in the Americas despite poor weather. It added that ‘momentum’ remained positive in Europe and demand had improved in Asia. However, its EBITDA dropped by 44% in Asia.
By region the group reported falling cement sales volumes in the UK and Ukraine. Sales volumes rose in most other European territories, with particular growth in Hungary, Germany, Poland, Serbia and Switzerland. In the US it said that its newly acquired Ash Grove Cement assets and ones in Florida had performed in line with expectations. However, sales in Canada fell due to poor weather. Sales in the Philippines rose by 3% due to rising cement sales volumes and prices following growing demand. However, here earnings were hit by higher fuel and power costs.
Cemex Philippines facing legal action over landslides in Naga
20 November 2018Philippines: Cemex Philippines is facing legal action in relation to the quarry operations of its subsidiary in Naga following a landslide that killed nearly 80 people in September 2018. It said that it had received a summons order for the class suit along with its subsidiary APO Cement, according to the BusinessWorld newspaper. The defendants also include APO Land & Quarry, the Mines and Geosciences Bureau Regional Office VII, the City Government of Naga and the Province of Cebu. The lawsuit is attempting to seek damages of up to US$80m on environmental grounds on relation to the quarry.
Apo Cement to lay off third of employees following landslides
14 November 2018Philippines: Apo Cement is preparing to temporarily lay-off up to 30% of its employees and 40% of its contractors. It has filed a formal notice detailing its intentions with the Department of Labor and Employment in Central Visayas, according to the Philippines News Agency. It says it has been forced into reducing its workforce in response to the on-going suspension of Apo Land and Quarry following landslides in September 2018. APO Land & Quarry supplies raw materials to CHP’s subsidiary Apo Cement, and it is indirectly 40% owned by Mexico’s Cemex.
Eagle Cement’s sales grow by 9% to US$229m so far in 2018
12 November 2018Philippines: Eagle Cement’s sales grew by 9% year-on-year to US$229m for the first nine months of 2018. It attributed the growth to rising cement demand in the country due to government infrastructure project, according to the Philippine Star. Its income grew by 6% to US$65.8m. The company is planning to upgrade the grinding capacity of its plant in Bulacan in 2019.
Vietnam: China has become the largest importer of clinker and cement from Vietnam in the first nine months of 2018. It imported 6.56Mt with a value of US$235m, according to the Việt Nam News newspaper. The Philippines, Bangladesh and Taiwan were the next largest importers with 4.75Mt, 5.64Mt and 1.23Mt respectively.
Philippines: The Philippine Constructors Association (PCA) has rejected any move to impose tariffs on cement imports, as this will only increase construction costs. The PCA said that imposition of safeguard measures would ‘adversely’ affect customers, according to the Philippines News Agency. In a position paper it has argued that cement imports counteract alleged price rises from cartel-like behaviour. The Department of Trade and Industry (DTI) started an investigation into cement imports in September 2018 amid reports of declining revenue from local producers.
Cemex Philippines signs CBMI for Solid Cement plant upgrade
18 October 2018Philippines: Cemex Philippines says that its subsidiary Solid Cement has chosen China’s CBMI as the main contractor for an upgrade project at its plant in Antipolo, Rizal, according to ABS-CBN News. The new US$225m production line will increase cement production by 1.5Mt/yr to 3.4Mt/yr.
Cement salvaged from grounded ship in Philippines
15 October 2018Philippines: Around 4500 bags of cement have been salvaged from the MV Star Liberty that ran aground in early September 2018. The ship ran aground at the San Jose de Buenavista Port due to the strong waves caused by the southwest monsoon, according to the Philippines News Agency. The ship was carrying a consignment of 20,000 bags at the time. The salvaged cement has been stored at a dump in Barangay Pantao. The salvage team are hoping to complete the removal of the cement from the ship by the end of October 2018 and then the ship may be transported back to Cebu for repairs.