Displaying items by tag: China
Jiangxi Wannianqing Cement's first half net profit plummets
25 August 2015China: Jiangxi Wannianqing Cement has reported that its first half net profit fell by 61.2% year-on-year compared to the first half of 2014 at US$15.3m.
Pakistan: A memorandum of understanding has been signed between the Punjab Government and Chinese cement producer Yantai Baoqiao Jinhong to establish a US$350m cement plant in Salt Range.
Allied Cement swings to a loss
18 August 2015China: Hong Kong's Allied Cement's revenue fell by 28.8% year-on-year to US$259m in the first half of 2015. It reported a net loss of US$3.61m, compared to a US$15.2m net profit in the same period of 2014. No interim dividend was declared.
West China Cement’s net profit falls by 99%
18 August 2015China: West China Cement's net profit plunged by 99% year-on-year to US$375,120 in the first half of 2015 as China's economic slowdown took a toll on cement demand, according to Dow Jones. West China Cement's revenue fell by 15.4% to US$264m. As for 2014, it omitted an interim dividend.
Xinjiang Tianshan Cement’s net loss widens
17 August 2015China: Xinjiang Tianshan Cement's net loss grew to US$39.7m in the first half of 2015, compared to from US$3m in the same period of 2014. The company intends to invest US$19.9m in a power plant, according to Reuters.
Anhui Conch to build cement plant in Ulyanovsk
11 August 2015Russia/China: Anhui Conch Cement plans to build a 2Mt/yr capacity cement plant in Ulyanovsk, Volga for Euro274m.
China: China Resources Cement's net profit fell by 25.6% year-on-year to US$242m in the first half of 2015.
China: Guangdong Tapai's net profit in the first half of 2015 fell by 47.8% year-on-year to US$29.9m, according to Reuters.
Asia Cement’s first half 2015 revenue down by 23%
05 August 2015China: Asia Cement said that its profit attributable to owners for the first half of 2015 plunged by 97.4% year-on-year to US$1.59m in the first half of 2015. The decrease in net profit was attributed primarily to the fall in average cement sales price. Its revenue fell by 23.1% to US$484m and its gross profit margin on revenue dropped to 14% from 24% in the same period of 2014. No interim dividend will be distributed.
Local construction firms cry foul over new PPC plant
30 July 2015Zimbabwe: PPC is under fire from local construction companies that have accused it of sidelining them in the construction of a new cement plant in Ruwa in favour of foreign companies, as reported by All Africa.
According to 'inside sources,' local companies submitted bids, but these were rejected due to a directive from the cement company's head office to sideline local companies and renegotiate a new contract with the main contractor, China's Sinoma International Engineering. The Chinese company was already undertaking construction works at the cement plant. Sources have said that since the beginning of construction, no projects have been awarded to local firms, which claim to have the same technical ability and expertise as the foreign companies.
"PPC is constructing a cement plant in Ruwa and is using only Chinese contractors to build the plant at the expense of local construction companies with the same capacity. Local companies submitted bids and none of them got a contract," said one unnamed source.
Another source said that a Chinese workforce drove the whole construction project being executed by Sinoma, which was against the Zimbabwe Agenda for Sustainable Socio- Economic Transformation Agenda's goal of creating jobs. "A number of local indigenous companies have tendered for various technical expertise, but none of them have been recognised. We believe that in order to empower local companies, there should be joint ventures between the foreign companies and locals to get a win-win scenario," said the source.
PPC managing director Njombo Lekula said that the company had engaged Sinoma on an engineering, procurement and construction management (EPCM) arrangement. He said that the EPCM was a common form of contracting arrangement for very large projects within the infrastructure, mining, resources and energy industries. "We engaged the Chinese in an EPCM arrangement and the contractor is the one that knows how to execute the project. Right now, Sinoma employs 60 locals, which I think is a large number. Due to the arrangement it is obvious that the contractor will provide for all the materials required, but we told them that we need a quarter of local supply as well. The claims are baseless considering that we contracted also JR Goddard construction to do our road and sewer reticulation works for US$700,000. So to say we are sidelining locals is unfounded," said Lekula. He added that the company would continue to empower local companies and suppliers. For example, an indigenous company has been awarded a contract to do all of the rail infrastructure at the plant at a contract value of about US$3m.
PPC expects to complete the construction of its 1Mt/yr capacity cement plant in the first half of 2016 with an investment of about US$86m having been made towards the project so far. The project would cost a total of US$200m after completion, with the investment package set to aid the setting up of another plant in Mashonaland Central. PPC is also building a separate grinding facility in Mozambique's Tete Province.