Displaying items by tag: Results
Australia: Adelaide Brighton's net profit has fallen by 9% to US$55m in the first six months of 2013 from US$60.1m in the same period in 2012. Managing Director of Adelaide Brighton, Mark Chellew, blamed the fall on weak residential and commercial building activity.
"While headline earnings fell, modest growth in underlying net profit on healthy sales growth is encouraging," said Chellew. The Australian building materials manufacturer and lime producer's sale revenue rose by 4.5% to US$523m from US$501m. Earnings before interest and tax (EBIT) fell by 7.2% to US$81m from US$87.3m.
Adelaide Brighton expects that cement and clinker sales in 2013 will be similar to those in 2012, with demand from projects in South Australia, Western Australia and the Northern Territory offset by general problems with the residential and commercial building sectors. In its press release, Adelaide Brighton also mentioned that the Australian Carbon Tax cost the company US$1.81m after tax in the half-year and it is estimated to read US$4.52m for the entire year. However due to policy statements from the political parties ahead of the September 2013 Australian federal election and the company strategies to reduce its carbon output, it reckoned that carbon pricing is unlikely to have any major impact on long term growth.
CRH slips into the red in first half of 2013
20 August 2013Ireland: Irish cement conglomerate Cement Roadstone Holdings (CRH), has released its results for the first half of 2013, which show that it made a loss of Euro7.1m before tax for the six month period. This compares to a Euro102m pre-tax profit in the first half of 2012. Its operating profit came in at Euro41m, down from a restated Euro162m operating profit in the first half of 2012.
Commenting on the results, CRH's Chief Executive Myles Lee said, "Although recent economic indicators suggest that the Eurozone may be emerging from recession, overall construction activity remains weak and we expect challenging trading conditions in Europe for the remainder of 2013. In the United States, economic growth is estimated to have strengthened over recent quarters and we expect second half EBITDA to be ahead of last year."
"Overall for CRH, we expect EBITDA for the second half of the year to be in line with 2012 (Euro1.04bn)," continued Lee. "The group continues to focus on cost management, operational excellence, value-adding acquisitions and strong cash generation and is well-positioned to progress as markets recover."
CRH's sales revenue was down by 3% (by 6% on a like-for-like basis). This was made up of 7% year-on-year fall in the four months to April 2013, moderating to a 3% decline in May and June 2013.
CRH's earnings before interest, tax, depreciation, amortisation and impairment charges (EBITDA) amounted to Euro400m. Its first half acquisitions/investments came to Euro470m and it made Euro202m from asset disposals.
Anhui Conch profit up by 4.9% in first half of 2013
16 August 2013China: Anhui Conch has reported that its net profit rose by 4.9% year-on-year to US$501m for the first six months of 2013 from US$477m in the same period of 2012. The leading Chinese cement producer attributed its result to lower input costs such as coal and cutting operating costs.
Conch reported a 14.7% increase in revenue year-on-year to US$3.86bn from US$3.36bn. However, its net cash flow generated from operating activities fell by 5.61% to US$1.04bn from US$1.10bn.
By region, sales revenue fell by 1.0% in its East China territory, the cement producer's biggest sales area, due to a decrease in prices to combat increased competition. Sales rose markedly in its Central and West China territories at 33.7% and 39.6% respectively. Sales rose more modestly in South China and for exports.
Projects that Conch completed in the first half of 2013, including three 5000t/day clinker production lines and eleven grinding plants, added 5.4Mt/yr of clinker production capacity and 12.1Mt/yr of cement production capacity. Two waste heat recovery systems were installed at Jianghua Conch and Guiding Conch adding 18MW of power. The group also successively implemented staged combustion technology modification for 45 clinker production lines and SNCR flue gas denitration technology modification for 25 clinker production lines.
Holcim saves on outgoings but India weighs first half down
15 August 2013Switzerland: Swiss multinational cement producer Holcim has seen a rise in its net income and cash flow in the first half of 2013 with increased operating earnings before interest, tax, depreciation and amortisation (EBITDA) in Latin America and Europe. However, the group said that it saw lower sales volumes in India, which affected its results badly. Despite this, it said that its EBITDA growth and operating profit were in line with its outlook for 2013.
Holcim's consolidated net sales decreased by 5.1% to Euro7.75bn. A 3.4% decline in operating EBITDA to Euro1.45bn was largely attributable to its two Indian group companies as well as Holcim Canada, Holcim Mexico, Holcim Morocco and Holcim France. Consolidated operating profit fell by 3.3% to Euro810m, but on a like-for-like basis moderate growth of 0.1% was recorded. Group net income increased by 23.8% to Euro613m. The group's net financial debt was down by Euro970m compared to the same period of the previous year at Euro8.87bn.
Europe and Latin America reported year-on-year increases in operating results. On account of Canada, North America was not able to match the figures of the previous year and Asia Pacific and Africa Middle East fell considerably short of the previous year's levels owing to India and Morocco, respectively. Holcim Philippines, Aggregate Industries UK, Holcim Ecuador and Holcim US achieved substantially improved operating results. Overall, like-for-like operating EBITDA at group level fell by 0.6% in the first half. At 0.1%, like-for-like operating profit developed moderately positively. The corresponding figures for the second quarter were positive at 2.8% and 5.4% respectively.
Holcim achieved its financial results based on marginally lower cement sales compared to the first half of 2012. Consolidated cement sales were down by 3.7% to 68.6Mt. Price development in all regions continued to be positive with the exception of Europe.
Holcim said that it anticipates an increase in sales of cement in 2013. While Holcim's group regions Asia Pacific and Latin America are expected to witness higher cement sales volumes, Holcim is somewhat less optimistic with regard to Europe and Africa Middle East. In North America, cement sales are expected to reach similar levels to 2012.
Turning to operating EBITDA and operating profit, the board of directors and executive committee expect a further improvement in margins. Holcim says that its development and efficiency programme, the Holcim Leadership Journey is gaining further momentum, and will continue to contribute to this development. Under similar market conditions, organic growth in operating EBITDA and operating profit should be achieved in 2013.
India: India Cements has reported that its net profit has fallen by 73% year-on-year to US$2.74m for the first quarter of the 2013 – 2014 fiscal year that ended on 30 June 2013. Its net profit for the same period in the 2012 – 2013 fiscal year was US$10.1m. The Indian cement producer attributed the weak performance to overcapacity in the south of the country, poor demand for cement and low prices, increasing energy costs and depreciation of the rupee against the US dollar.
India Cements' sales remained stable at US$201m in the first quarter of the 2013- 2014 fiscal year compared to US$196m of the same quarter in the previous year. Clinker production rose by 18% year-on-year to 2.08Mt from 1.80Mt. The combined volume of cement and clinker production rose by 11% year-on-year to 2.65Mt from 2.38Mt. The company also reported that its captive power plant at its Vishnupuram cement plant had been commissioned in July 2013 and is expected to stabilise operations in the autumn of 2013.
Suez Cement profit soars by 46% to US$56m despite market uncertainty in first half of 2013
14 August 2013Egypt: Suez Cement Company has reported that its consolidated revenue rose by 7% year-on-year to US$368m in the first half of 2013 from US$343m in the same period in 2012. Despite continued energy-supply uncertainties and increased energy prices, the Italcementi subsidiary managed to increase its profits by controlling and improve costs and improving manufacturing efficiency.
Suez Cement's recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 15% year-on-year to US$93.3m from US$81.3m. Net profit rose by 46% to US$55.7m form US$38.0m.
For the second quarter of 2013 Suez Cement's revenue rose by 11% to US$186m from US$168m. EBITDA rose by 18% to US$45.1m from US$38.3m. Net profit rose by 19% to US$20.2m from US$24.0m.
In its outlook, Suez Cement issued caution over ongoing market uncertainty in the second half of 2013. If the country stabilises politically the cement producer expects cement demand to improve as public and private construction spending resumes. Given growing supply shortages for energy, Suez Cement will continue to focus on industrial and environmental efficiency and postpone any capacity expansion projects.
China: China Resources has reported that its net profit rose by 80.4% year-on-year to US$148m for the first half of 2013. The major Chinese cement producer's revenue rose by 16.5% to US$1.66bn. Gross profit rose by 29% to US$383m.
China Resources expects that its cement production capacity will reach 76.5Mt/yr by the end of 2013. Clinker production capacity is expected to reach 51.8Mt/yr.
Taiheiyo sales rise by 12% to US$1.91bn in Q1 2013
14 August 2013Japan: Taiheiyo's sales revenue rose by 12% year-on-year to US$1.91bn for the first quarter of the 2012 - 2013 Japanese financial year that ended on 30 June 2013. In the quarter ending on 31 March 2012 it was US$1.70bn. The Japanese cement producer attributed the increase to rebuilding following the March 2011 earthquake and tsunami disaster, increased private sector construction investment in urban areas and favourable policies by the Japanese government.
The company returned to a net profit, making US$20.8m from a loss of US$54.8m in the same period as the prior year. For Taiheiyo's cement business sales of cement to external customers rose by 10% to US$1.20bn from US$1.09bn.
Kenya: Bamburi Cement expects a robust second half of 2013 according to Reuters, after it saw its pretax profit drop by 12% in the first half of 2013. It attributed the decline to uncertainty over the Kenyan elections and a slowdown in its export markets.
Bamburi, which is controlled by the French multinational cement giant Lafarge, posted a first-half pretax profit of US$37.46m, while its turnover declined by 18% to US$180.8m.
"We started seeing a significant turnaround in the markets of Kenya and Uganda with continued signs of an improving macro-economic environment in both countries," said the company. "The group is therefore strongly optimistic of a stronger second half."
Eagle Materials reports strong increases in revenue and earnings in first fiscal quarter
08 August 2013US: Eagle Materials has reported financial results for the first quarter of the 2014 fiscal year, which ended on 30 June 2013. It saw its revenue for the quarter increase to US$227m, an increase of 47% year-on-year and earnings before interest and income taxes were up by 109% to US$49.5m. Its net earnings were US$30.1m, a 115% rise from US$14m in the first quarter of the prior fiscal year.
Operating earnings from Eagle's cement activities were US$19m, a 93% increase from the same quarter a year earlier. The earnings increase was driven by increased sales volumes and average net cement sales prices partially offset by a slight increase in operating costs.
Cement revenues for the first quarter, including joint venture and inter-segment revenues, came to US$117.7m, 55% higher year-on-year. The revenue improvement reflects a 46% increase in its first quarter cement sales volume, including sales volume attributable to cement plant assets acquired form Lafarge in 2012. The average net sales price for this quarter was up by 6% from the first quarter of the 2013 fiscal year.