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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.
Vicat holds sales steady in first half of 2013
07 August 2013France: The Vicat Group has reported that its sales rose by 1.7% year-on-year to Euro1.15bn in the first half of 2013 from Euro1.13bn in the same period of 2012. The group's earnings before interest, taxes, depreciation and amortisation (EBITDA) remained static year-on-year at Euro201m.
" Performance in Turkey, Kazakhstan and the United States improved substantially, making up for the tough competitive environment in India and the uncertainty that continues to prevail in Egypt. Operating performance in France also improved despite the persistently unfavourable market climate," said Vicat chief executive officer Guy Sidos.
Vicat's cement sector saw its volumes increase by 3.8% year-on-year to 9.21Mt from 8.87Mt. Operational sales increased slightly by 1.2% to Euro693m from Euro685m. EBITDA for the cement sector fell by 5.2% to Euro147m from Euro155m.
By region for its cement business, sales in France fell by 10.5% in the first half of 2013, mostly caused by a poor first quarter and a decline in export markets. Vicat declined to present specific figures for certain territories. In Switzerland its cement business saw its EBITDA fall by 6.2% and in Italy sales fell by 16%. In the US sales rose by 4.1% with strong growth from new infrastructure projects.
In Turkey sales rose by 18.9% due to volume and price rises. In India overall sales rose by 18.4% to Euro87.3m as Vicat built up its cement businesses. However competition, increased production costs and start-up costs for Vicat Sagar caused EBITDA to fall by 77.7%. In Kazakhstan overall sales rose by 42.8% to Euro38.9m. In Egypt sales fell by 11.8% to Euro47.2m despite a sharp increase in prices. In West Africa sales fell by 4.1% due to a fall in prices.
Cementos Pacasmayo sales up by 11% in Q2
07 August 2013Peru: Cementos Pacasmayo has reported a rise in sales of 9.1% to US$197m for the second quarter of 2013 from US$180m in the same period in 2012. However the Peruvian cement producer's net profits were hit by negative exchange rate changes in the second quarter of 2013 and fell by 21.7% to US$8.38m. Despite the effects of the exchange rate drop, the company attributed its increase in sales to growing domestic demand for cement by so-called 'self-construction' projects.
The company's operating profit rose by 72.9% in the second quarter to US$27.9m from US$16.1m. Consolidated earnings before interest, tax, depreciation and amortisation rose by 60% to US$32.8m from US$20.5m. Total cement production increased year-on-year to 0.55Mt from 0.51Mt.
In its summary of quarterly events Cementos Pacasmayo reported that it obtained the approval of the environmental impact study in May 2013 for the construction of the new cement plant in Piura. Construction of the plant is expected to begin in the 'coming months.'
Titan increases sales in Q2
07 August 2013Greece: Titan Cement has increased its sales year-on-year in the second quarter of 2013 by 2% to Euro329m from Euro323m. The Greek-based multinational cement producer said that recovery in the US and 'resilient' demand in Egypt had compensated for continued decline in the Greek market.
Despite the increase in sales net profit fell by 81% to Euro5.3m from Euro27.8m. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 12.6% to Euro67.9m from Euro77.7m. Overall for the half-year to 30 June 2013, sales rose by 4.4% to Euro572m and EBITDA fell by 17.8% to Euro92.2m.
In Greece demand for cement continued to decline with domestic cement sales at around just a sixth of Titan's cement production capacity. In the US, the rebound of the housing market, particularly in Florida, has had a positive effect on demand for building materials. In south-eastern Europe demand for building materials remained low and profit margins 'shrank' due to competition. In Egypt, despite political instability and problems with production, demand remained stable and Titan was able to increase sales by importing clinker. In Turkey, construction activity grew, both in the private and public sectors, as did exports.
In its outlook Titan reflected upon the mixed fortunes of its major production territories, with continued growth expected for the US, instability in Egypt and continued gloom in Europe.
Vulcan sales up by 7% in Q2
07 August 2013US: Vulcan Building Materials has increased its sales year-on-year by 7% to US$696m in the second quarter of 2013 from US$649m. The construction aggregates and building materials producer said that demand for its products had followed the recovery in private construction activity, particularly residential construction.
"Each of our operating segments reported solid growth in second quarter earnings, contributing to improved gross profit margin and earnings per share. We achieved these results despite challenging, wet weather conditions that sharply reduced June shipments in many markets, " said chairman and chief executive officer Don James.
Vulcan's gross profit for the quarter rose by 25% year-on-year to US$133m from US$106m. Its net earnings were US$28.8m up from a loss of US$18.3m. Vulcan's cement business reported a rise of 11% to US$11.9m from US$10.7m. Volumes of cement shipped rose by 20% to 0.26Mt from 0.22Mt.
In its outlook for the rest of 2013 Vulcan expects the continued recovery of the US economy and building sector to drive demand. Cement earnings are predicted to improve overall in 2013 due to higher shipments and pricing as well as lower production costs.
Siam Cement Group reports robust Q2 earnings
07 August 2013Thailand: Siam Cement Group (SCG) has reported that its revenue rose by 10.5% year-on-year to US$412m for the three months ending on 30 June 2013 from US$373m. Net profit for the period rose by 10.3% to US$369m from US$334m.
Chief executive officer Kan Trakulhoon said that SCG will acquire a company that makes roofing products in Cambodia, Laos, Vietnam and the Philippines, extending a strategy of expansion in Southeast Asia to access rising incomes in countries neighbouring Thailand.
Sumitomo Osaka Cement profits rise sharply in Q1 2013
06 August 2013Japan: Sumitomo Osaka Cement has reported that its operating profit rose by 77% to US$38.5m in 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$21.8m. The Japanese cement producer noted that public-sector demand for cement was increasing due to reconstruction following the March 2011 earthquake and tsunami disaster and that private-sector demand had also increased in urban areas.
The company's sales revenue rose slightly in the first quarter of the 2012 – 2013 financial year to US$547m from US$539m. Net profit increased by 151% to US$25.8m from US$10.3m. Sales from the company's cement business in the quarter were US$440, a slight increase year-on-year.
Italy: Buzzi Unicem made a net loss of Euro26.6m in the first half of 2013, 44% higher than the Euro18.5m loss seen in the first half of 2012. It recorded a 25% fall in first-half core earnings for 2013, which it said were hit by lower sales volumes.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months fell to Euro150.7m from a restated Euro200.5m in the first half of 2012. Buzzi's net sales fell by 5.7% to Euro1.27bn. Buzzi's cement sales for the first half of 2013 were 12.3Mt, representing a 5.8% decrease compared to the first half of 2012 when it sold 13.1Mt.
The company said that the results for the first half of 2013 were below its own expectations and were caused by the extremely difficult economic situation in Italy, flat activity in Central Europe, the lack of clear signs of recovery in Eastern Europe and an unforeseen slowdown in Mexico.
Buzzi also said that it believed that there were grounds for a sizeable improvement of results in the second half of 2013, thanks especially to a volume recovery in Central Europe, acceleration of sales and prices in the United States and the attainment of an operating profitability closer to that of the previous year in Eastern Europe.
Based on the above considerations, for the full financial year 2013, Buzzi expects to report a recurring EBITDA that is 5 - 10% lower than that of 2012.
Holcim Indonesia sells less amid temporary overcapacity
02 August 2013Indonesia: Holcim Indonesia has reported that market oversupply has caused lower cement sales in the first half of 2013 than in the first half of 2012. Sales volumes dropped by 1.3% to 4Mt between January 2013 and June 2013.
"The company had foreseen the contraction after a similar dip in the first quarter, the first time after eight consecutive quarters of growth," said Holcim Indonesia's president director Eamon Ginley.
In the first quarter, Holcim Indonesia reported that its cement sales volume had declined by 1.6% to around 2Mt. Ginley said the condition was temporary as demand would continue to increase over the medium to long terms, citing government and private sector investments in infrastructure and housing.