Displaying items by tag: warning
China: China Resources Cement has issued a profit warning for the nine-month period ending on 30 September 2022. The producer said that it expects its profit to 'significantly' decline year-on-year on account of lower sales volumes and an increased cost of sales during the period, compared to the corresponding period in 2021.
Competition and Markets Authority contacts Hanson UK over potential market data breach
27 November 2020UK: The Competition and Markets Authority (CMA) has written to HeidelbergCement subsidiary Hanson UK to express concern and set out actions to prevent a recurrence of a breach of a market data order for “data disclosed which could have been a proxy for Individual Cement Market Data.” The CMA says that on 11 September 2020 Hanson made a payment in error to the Mineral Products Association (MPA) which involved three pieces of information: the payment; relating to MPA subscription fees, remittance advice relating to the payment; and an invoice following the MPA’s querying of the payment. In the view of the CMA each piece of information breached the Cement Market Data Order, because it contained ascertainable cement volume data information.
Hanson has explained that the breach arose due to administrative error.
Bureau of Indian Standards warns of product description rule changes
08 September 2020India: The Bureau of Indian Standards (BIS) has warned producers to avoid the use of objective product descriptions which may subsequently be proven as false claims. The Economic Times newspaper has reported that the advice follows an internal circular of the Ministry of Consumer Affairs, Food and Public Distribution detailing plans for a tightening of standards around the use of objective terms such a ‘corrosion resistant,’ ‘weather proof’ and ‘damp proof’ by cement producers.
Dongwu Cement issues profit warning
27 July 2020China: Dongwu Cement has predicted a net profit of US$1.71m in the first half of 2020, down by 62% year-on-year from US$4.56m in the first half of 2019. Company chairman Liu Dong said the expected decrease was “primarily attributable to a decline in sales volume and sales price of the group’s products resulting from the outbreak of the coronavirus pandemic during the period.”
Adelaide Brighton issues profit warning for 2019
09 May 2019Australia: Adelaide Brighton expects that its net profit in 2019 will fall by up to 15% year-on-year from the US$133m it reported in 2018. It forecasts that the decline will be driven by weakening demand from the residential market, increased competition from cement imports, higher competition in Queensland and rising raw material costs.
Tanga Cement warns of profit drop in first half of 2017
03 November 2017Tanzania: Tanga Cement has issued a profit warning for the first half of 2017. It expects its operating profit before interest and tax for the six months that ended on 30 June 2017 to be 125 - 135% lower than that achieved in the same period in 2016. The cement producer blamed the competitive local market leading to lower prices. It also attributed the profit loss to new competitors using imported clinker.
China Shanshui Cement warns of loss in 2016
28 February 2017China: China Shanshui Cement has warned its shareholders that it expects to make a loss in 2016. Despite making improvements in administrative expenses the company has blamed the situation on consolidation in the Chinese cement market. It plans to release its financial report for 2016 in March 2017. It also said that it has appointed an independent financial advisor to its board.
Russia: The Federal Antimonopoly Service (FAS) has issued warnings to companies certifying cement products that certification has been mandatory since March 2016. The competition body reported that the decision by Cemiscon and SibNIIcement to refuse some applications for certification without adequate grounds could restrict competition in the cement market. The FAS has since warned the companies that their actions broke the law.