Displaying items by tag: Results
Prism Cement’s net loss grew to US$5.08m in the second quarter of its 2016 fiscal year
04 November 2015India: Prism Cement's standalone net loss widened to US$5.08m for the second quarter of its 2016 fiscal year, which ended on 30 September 2015, compared to a net loss of US$3.02m in the same period of 2014. During the period, its net sales grew by 4.56% to US$213m. Prism Cement sold 1.35Mt of cement and clinker compared to 1.29Mt during the same quarter of its 2015 fiscal year.
Prism Cement said that the short term scenario remains 'challenging,' however, government initiatives such as housing, 'smart cities' and the push to infrastructure aided by a stable inflation and rate cut bodes well for the medium and long term economic outlook.
Suez Cement reports 18% revenue fall in the third quarter of 2015
03 November 2015Egypt: Suez Cement Group has reported that a much improved energy availability, driven by coal utilisation and a more steady supply of the heavy fuel oil known as mazut, has allowed the Egyptian cement industry to boost its production by 29% year-on-year in the third quarter of 2015 and 23% in the first nine months of 2015.
During the third quarter of 2015, market demand grew by 2.1%, while cement demand grew by 1.6% in the first nine months of 2015. Combined with a steep reduction in exports, this resulted in a marked oversupply of cement products in the domestic market, causing prices to decline. This trend was exacerbated in the third quarter of 2015 with a market demand slowed down by an unfavourable calendar and strong production activity in contrast with summer 2014, when energy supply was at its lowest. Simultaneously, traditional energy prices grew by around 30% with the implementation by the government of the subsidy lifting programme. Suez Cement was able to maintain its market leadership, but saw its sales volumes decline slightly as it tried to defend its pricing. Exports to regional markets, such as Libya and Yemen, remained limited because of political and economic instability.
Suez Cement reported an 18% decrease in revenues for the third quarter of 2015 and a 12% fall for the first nine months of the year. The company continued to implement its action plans to improve internal efficiencies and modify its energy mix, with two plants now fully converted to use coal and waste-derived fuel. The resulting cost improvement was insufficient to offset the impact from pricing, energy price and cost of labour increases.
Suez Cement expects Egypt's supply-demand imbalance and lower cement prices to remain negative for the rest of 2015. However, it foresees improved cement demand and rebounding prices in 2016. Egypt will move forward with the implementation of several large national projects under the auspices of government stimulation initiatives designed to boost demand for cement across the country.
Suez Cement is currently preparing for the implementation of coal conversion projects at the Helwan and Tourah plants in the next two years. The company's energy diversification programme is focused on increasing the use of waste-derived fuels, petroleum coke, coal and renewable energy in order to prevent fluctuating natural gas and mazut prices from negatively impacting the company's bottom line. Suez Cement anticipates that its energy programme will continue to improve its manufacturing capacity and decrease operational and production overheads.
The India Cements’ net profit grew almost five-fold in the second quarter of its 2016 fiscal year
03 November 2015India: The India Cements Limited (ICL) has posted a nearly five-fold growth in its net profit for the second quarter of its 2016 fiscal year, which ended on 30 September 2015.
Its net profit grew from US$1.14m to US$6.26m in the second quarter of its 2016 fiscal year. Growth mainly stemmed from improved operating parameters and substantial reductions in variable costs. Its operating profit grew to US$35.4m from US$27.9m. Cement capacity utilisation was at 60% and is expected to rise.
According to Managing Director and Vice-Chairman of ICL, N Srinivasan, the last three quarters have seen the company posting consistent profits, a development that Srinivasan said had resulted in the company seeing better times ahead. "We have remained on the profit track for three consecutive quarters. Going forward, we see better times ahead. We had a tough time for two years and have achieved a turnaround by cutting costs and maintaining a healthy cement price," said Srinivasan. "With expected the increase in cement demand in the southern states and Andhra Pradesh building its new capital city Amaravati, we hope that the company will do well in the coming years."
Fauji Cement posts profits of US$5.71m
02 November 2015Pakistan: Fauji Cement Company Limited's profit rose from US$5.71m to US$10.5m in the third quarter of 2015, which ended on 30 September 2015. Company revenue grew by 4.9% year-on-year to US$41.6m as local dispatches remained strong and prices remained intact.
"The result outperformed the market forecast for the quarter on the back of lower-than-anticipated cost of goods sold and financial charges," said Faizan Ahmed. "Resultantly, gross profits grew by 41% to US$18m. In addition, financial charges declined by 40% to US$1.88m due to deleveraging and monetary easing."
India: JK Cements has reported a 58% fall in its consolidated net profit to US$2.09m for the quarter that ended on 30 September 2015. However, its total standalone income rose by 5% to US$133m. The company's total expenses grew to US$122m from US$11.7m.
Semen Indonesia’s cement production to reach 30Mt in 2016
30 October 2015Indonesia: PT Semen Indonesia's CEO Suparni has predicted that company production will reach 30Mt in 2016 and is optimistic that sales performance will improve in the fourth quarter of 2015 until next year.
"In 2016 we will increase the number by 5%. This year is at 28.6Mt, so it's almost 30Mt," said Suparni. "Starting in August 2015, we recorded an increase that has continued to rise until this day." Since August 2015, the company's plant in Padang, Gresik and Tonasa have begun to achieve maximum utilisation. Suparni also said PT Semen Indonesia has started to supply some infrastructure projects whether for both the government and private companies. "Those projects include tolls, dams and others," said Suparni.
Looking by the numerous infrastructure projects that have been worked on, Suparni predicts that next year's company expenditure will rise by 20 – 25%. He also expects PT Semen Indonesia's earnings to increase by 5 – 6% as prices will increase.
Lucky Cement reports US$28.2m net profit for the first quarter of its 2016 fiscal year
30 October 2015Pakistan: Lucky Cement's net profit rose by 11.2% year-on-year to US$28.2m during the first quarter of its 2016 fiscal year, which ended on 30 September 2015. On a consolidated basis, its net profit rose by 13.8% to US$31.3m.
The company's net sales revenue declined by 1.2% to US$98.1m during the quarter. This was primarily attributed to a 2.7% decrease in sales volume, which was partially offset by a 1.5% increase in net retention due to an improved sales mix. Lucky Cement's domestic sales volume grew by 11% to 1.07Mt, whereas export sales volumes fell by 23.2% to 490,000t.
The Board of Directors have also decided to set up a 2.3Mt/yr capacity greenfield cement manufacturing plant in Punjab. The expected project cost is US$200m and construction work is expected to start in the first quarter of the 2016 calendar year. It is expected that plant will become operational in the second quarter of the 2018 calendar year. Lucky Cement also reported progress on its key foreign and local projects; namely an integrated cement plant in the Democratic Republic of Congo; a 660MW, supercritical, coal-based power project; a 50MW wind farm, electricity supply to the Peshawar Electric Supply Company (PESCO); and a waste heat recovery unit at its Pezu power plant.
Holcim more than doubles profits in the third quarter of 2015
29 October 2015Philippines: Holcim Philippines' profits more than doubled in the third quarter of 2015 due to strong sales from sustained construction activity into the rainy season. Its net income grew to US$32.5m from US$15.3m in the same period of 2014. Its net sales rose by 23.2% year-on-year to US$212m.
Holcim Philippines' profits for the first nine months of 2015 grew by 12.7% to US$96.7m. This brings the company's sales for the first nine months of 2015 to US$595m, some 9.44% higher than in same period of 2014. Cement demand was healthy nationwide and strongest in Visayas and Mindanao, with no let-up in the building activity by both the private and public sectors.
Holcim Philippines Country CEO Eduardo A Sahagun said that the company's third quarter results were made possible by the improved performance of the plants, which can now operate longer before maintenance activities. "Demand usually dips during the rainy season but this time, we experienced even stronger demand in the third quarter. Under these conditions, it is critical to sustain operations to support the market and we did so due to the steady investments for better plant performance," said Sahagun. Sahagun said that logistics operations also improved with more flexibility to supply the National Capital Region through its newly-acquired Holcim Manila Terminal.
Ambuja Cements’ third quarter 2016 net profit falls by 36%
29 October 2015India: Ambuja Cements reported a 36% decline in its standalone net profit at US$23.6m for the third quarter of its 2016 fiscal year, which ended on 30 September 2015, due to an additional depreciation charge, among other factors. Its total standalone income fell by 4% to US$324m during the quarter.
China: Anhui Conch Cement's operating profit fell by 31% year-on-year to US$1.1bn in the first nine months of 2015 as weak demand and price competition took a toll. Its revenue dropped by 13% to US$5.96bn.
Chinese demand for cement has languished following a rush of infrastructure building. Domestic cement production shrank by about 5% year-on-year to roughly 1.7Bnt during the first nine months of 2015, according to the National Bureau of Statistics.