07 November 2014
Tasek Corp suffers third quarter earnings drop 07 November 2014
Malaysia: Tasek Corp reported a 7.1% drop in earnings to US$6.4m in the third quarter of 2014 amid stiff competition. Earnings declined despite a 3.3% rise in revenue to US$44.4m during the three month period. Tasek said that it suffered lower margins from the cement segment due to intense price competition on the market. For the nine months to the end of September 2014, earning were 16.3% higher at US$23.2m, with revenue climbing by 14.5% to US$144m. Tasek said that the outlook for the fourth quarter of 2014 was expected to remain positive.
Bua Group spends US$500m on 3Mt/yr greenfield cement plant 07 November 2014
Nigeria: Bua Group International has invested US$500m in a 3Mt/yr capacity greenfield cement plant in Okpella, Edo State. The Obu Cement Plant will take Bua's cement capacity to 5.3Mt/yr when it is commissioned in February 2015.
Bua Group already operates a 0.5Mt/yr capacity cement plant in Sokoto State via its subsidiary, Sokoto Cement. The plant currently operates at 100% capacity. Bua Group is also constructing a new 1.5Mt/yr capacity in the same state. In Edo State, Bua Group currently owns the 0.3Mt/yr capacity Edo Cement Plant.
The Obu plant is planned for conclusion and commissioning within the first quarter of 2015, and is predicted to hire over 1000 direct labour and thousands of indirect labour, according to Yusuf Binji, executive director, project and technical, Bua Group, Okpella, Edo State.