Displaying items by tag: Results
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.
CCNN reports US$9.64m profit in 2014
17 August 2015Nigeria: The Cement Company of Northern Nigeria (CCNN), part of BUA Group, has declared a post-tax profit of US$9.64m for the 2014 financial year, some 23.1% higher than in the 2013 financial year.
CCNN chairman, Abdulsamad Rabiu, said that despite lower cement sales recorded in the last quarter of 2014 mainly due to pockets of unrest in CCNN's business markets, the company's focus on efficiency and strategic investments resulted in steady growth during the period. From a high of US$13.9m in 2013, CCNN's production and operational expenses significantly declined to US$12.1m in 2014. CCNN also announced plans to expand its cement plant to 2Mt/yr of cement capacity with a US$241m investment.
Attock Cement reveals results and expansion plans
14 August 2015Pakistan: Attock Cement has released its results for the 2015 Pakistani fiscal year, which ended on 30 June 2015. The company earned a net profit of US$21.7m, a 9.5% increase on the US$19.6m that it made in the year to 30 June 2014. Its revenue rose by 4.3%, from US$122.7m to US$127.6m.
The results were released at the same time as an announcement of the company's expansion plans. In a notice sent to the Karachi Stock Exchange, Attock Cement announced the expansion of its production capacity by installing a US$120m cement kiln line at its existing facility in Hub, Balochistan.
Attock Cement is the third cement manufacturer to announce an expansion after DG Khan Cement and Cherat. There is anticipation that the government will shortly ramp up infrastructure developments, leading to anticipation that there will be higher demand for cement in the coming years.
India: The India Cements has posted a net profit of US$6.15m for the quarter that ended on 30 June 2015 when compared with a net loss of US$455,297 in the same period of 2014. This is the second successive quarter that it has reported a net profit. The India Cements attributed the good performance to better prices for cement bags and lower expenses as a consequence of cost-control measures.
The India Cements' earnings before interest, taxes, depreciation and amortisation (EBIDTA) grew to US$30.6m from US$25.5m in the same quarter of 2014. Net sales for the quarter fell to US$165m from US$189m in the same period of 2014 as cement sales fell to 2.08Mt from 2.39Mt in the 2014 quarter.
"It was a strong quarter and price stabilisation is slowly taking place. Overall, we have turned a corner. Our next task is to the stabilise performance and improve the bottom line through a combination of cost control measures and increases in volume," said N Srinivasan, vice chairman and managing director of the company.
Srinivasan said that cement demand in the south of India continued to be under pressure with negative growth. With the huge excess capacity in the region, utilisation levels remained at less than 60%, compared with the 70% levels seen for India as a whole. Srinivasan said that he hoped that Seemandhra and Telangana would spur demand to help improve utilisation levels.
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.
Cement sales indicate good growth in the Philippines
10 August 2015Philippines: Philippine construction activity growth, which slowed to 4.4% in the first quarter of the 2016 fiscal year compared with an average 5% growth in the previous three quarters, appears to have picked up in the second quarter of fiscal 2016, which ended on 30 June 2015, as indicated by Holcim Philippines' sales over the period and reported by Dow Jones.
In the second quarter of its 2016 financial year, Holcim Philippines' net sales rose by 9.7% year-on-year to US$212m, aided by higher sales volumes and prices. Holcim president Eduardo Sahagun said that the company was improving plant efficiency and upgrading it to run longer to cover strong demand. He said that cement prices don't appear to be as big a concern as supply. "We understand that contractors are most concerned with steady cement supply and this is what we are trying to address in the second half," said Sahagun.
Sumitomo Osaka Cement reports strong growth in the second quarter of its 2016 fiscal year
10 August 2015Japan: In the April - June 2015 period, Sumitomo Osaka Cement's operating profit rose by 26.8% year-on-year to US$35.5m. Its sales rose by 6% to US$455m, according to Reuters.
Shree Cement’s profit down by 63%
06 August 2015India: Shree Cement's profit in the quarter that ended on 30 June 2015 fell by 62.5% year-on-year to US$16.3m, but its overall earnings beat expectations due to strong growth in its power business.
Its revenue grew by 4% to US$270m and its operating profit fell by 18.7% year-on-year to US$55.9m. Its results were affected by 8.2% higher power and fuel costs, 26% higher freight and forwarding expenses and a 55% depreciation cost. The cement business grew by 1.7% to US$238m, while its earnings before interest and taxes (EBIT) was a US$7.46m loss. Overall performance was supported by its power business, which contributes 23% to total revenue.
India: Orient Cement has reported a 20% year-on-year decline in its net profit to US$4.37m for the first quarter of its 2016 fiscal year, which ended 30 June 2015, on the back of fall in revenues. Total income from operations decreased by 8.69% to US$54.8m. However, its earnings before interest, taxes, depreciation and amortisation (EBITDA) margin was stable at 17%, mainly due to lower raw material and power and fuel expenses. Orient Cement also announced that it has appointed Swapan Dasgupta as additional director in the category of Independent Director.