Displaying items by tag: Results
Bhutan: Dungsam Cement has reduced its loss in 2018 by increasing its production volumes. It reported a loss of US$0.43m in 2018 from US$10.3m in 2017, according to the Bhutan Broadcasting Service. Its cement production volume more than tripled to 0.63Mt in 2018 from 0.2Mt in 2014.
The plant at Nganglam has commissioned in 2014 and it has reportedly been making a loss since then due to a loan. The cement producer has suffered from a low production capacity utilisation rate, as the plant has a production capacity of 1.3Mt/yr and it has had problems exporting cement to India. However, sales to hydroelectric projects in the country have been increasing.
Greece: Titan Group’s turnover has benefited from the US market and growth in southeastern Europe. Its turnover grew by 12.5% year-on-year to Euro363m in the first quarter of 2019 from Euro323m in the same period in 2018. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 1.9% to Euro44.3m from Euro43.5m. It blamed its limited earnings growth on ‘challenging’ conditions in Turkey and Egypt.
Brazil: Votorantim Cimentos’ revenue rose by 5.5% year-on-year to US$615m in the first quarter of 2019 from US$683m in the same period in 2018. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) more than doubled to US$143m from US$52.2m. Its sales volumes of cement fell by 5% to 6.4Mt from 6.7Mt. It attributed the increase in revenue to its results in Brazil and Latin America, as well as positive currency effects.
Shree Cement profits weakened by fuel costs
20 May 2019India: Shree Cement’s revenue rose by 24% year-on-year to US$1.80bn in the year to 31 March 2019 from US$1.46bn a year earlier. Its profit fell by 27% to US$146m from US$199m. Its power and fuel costs increased by 56% to US$444m from US$284m.
JK Cement’s annual income rises by 4% to US$767m
20 May 2019India: JK Cement’s income rose by 4% year-on-year to US$767m in the year to 31 March 2019 from US$740m in the same period in 2018. Its profit fell by 8% to US$37.9m from US$41m, mainly due to tax expenses.
Malaysia: LafargeHolcim has completed the divestment of its activities in Malaysia with the disposal of its entire 51% shareholding in Lafarge Malaysia to YTL Cement for around Euro872m. The group says that the transaction will reduce its net financial debt by close to Euro530m. Together with the divestment of its activities in Indonesia, Singapore and the Philippines, this transaction is expected to ‘significantly’ reduce the company’s net debt to recurring earnings before interest, taxation, depreciation and amortisation (EBITDA) ratio.
US: Eagle Materials has blamed falling sales from its Heavy Materials sector, including cement, concrete and aggregates, on ‘unusually’ wet weather. Its revenue from this market fell by 1% year-on-year to US$677m in the year to 31 March 2019 from US$685m in the same period in 2018. Cement sales volumes dropped slightly to 5.34Mt and concrete volumes by 12.5% to 0.8Mm3. Its operating earnings decreased by 10% to US$177m. Overall, the company’s sales and earnings grew slightly boosted by sales from its gypsum division.
Switzerland: LafargeHolcim’s net sales grew by 2.2% year-on-year to Euro5.28bn in the first quarter of 2019 from Euro5.17bn in the same period in 2018. Its recurring earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 15.55 to Euro717m from Euro620m. Its cement sales volumes remained stable at 50Mt and sales volumes of ready-mix concrete increased by 2.1% to 11.1Mm3.
“We had a very strong start of the year and I am especially pleased to see our strong sales growth and an over-proportional increase in profitability. Our momentum is very positive and the Q1 2019 is the third consecutive quarter with recurring EBITDA growing faster than net sales,” said chief executive officer (CEO) Jan Jenisch. He added that the group’s decision to sell its Southeast Asian operations was, “executed with very attractive valuations, allowing us to achieve a new level of financial strength.”
By region the group performed poorly in Asia Pacific, Middle East Africa and Latin America, with falling net sales. Earnings also fell in Middle East Africa. However, significant sales increases in Europe and North America more than compensated for this.
Colombia: Cementos Argos’ revenue grew by 14% year-on-year to US$657m in the first quarter of 2019 from US$576m in the same period in 2018. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 3.7% to US$94m from US$90.7m. Its cement sales volumes increased by 4.7% to 3.86Mt from 3.69Mt. Ready-mixed concrete sales volumes increased by 2.3% to 2.5Mm3. Revenue grew fastest in the US followed by Colombia but it decreased in the Caribbean and Central America.
Sumitomo Osaka’s results blighted by coal price
15 May 2019Japan: Sumitomo Osaka has blamed falling income from its cement business on rising coal prices. Its overall net sales rose by 2.5% year-on-year US$2.92bn the year to 31 March 2019 from US$2.24bn in the same period in 2018. It net income nearly halved to US$71.2m from US$134m. Despite national exports falling in the cement sector the company said that it was focusing on an overseas cement strategy.