Displaying items by tag: Results
Germany: HeidelbergCement has reported a double-digit rise in revenue and earnings as its sales volumes of building materials benefited from a continued market recovery in North America and the UK, offsetting concerns about weakness in Indonesia, according to Dow Jones.
Its net profit for the second quarter of 2015, which ended on 30 June 2015, rose by 16% year-on-year to Euro271m, while its operating income before depreciation grew by 15% to Euro752m. HeidelbergCement's revenue jumped by 10% to Euro3.64bn, fed by the weak Euro and low fuel costs. Excluding currency and consolidation effects, its revenue increased 0.4%.
"The sustained recovery in our mature markets, particularly in the UK and the US, has made a significant contribution," said CEO Bernd Scheifele. However, a delayed start of infrastructure projects in Indonesia, HeidelbergCement's key market in Asia, led to a decline in sales volume in the Asia-Pacific region.
On 28 July 2015, HeidelbergCement announced plans to take a 45% stake in Italy's Italcementi for Euro1.67bn. To reflect the positive impact of the deal, HeidelbergCement raised its mid-term targets. It now aims to generate more than Euro20bn in revenue by 2019, compared with the Euro17bn it had previously forecast, alongside an operating earnings of more than Euro5bn, compared with the Euro4bn it had previously forecast. For the entirety of 2015, HeidelbergCement has confirmed its guidance of a significant increase in revenue, operating income and profit.
India: Ambuja Cements has reported a 45% fall in its standalone net profit to US$35.4m for the first quarter of its 2016 financial year, which ended on 30 June 2015. Its total standalone income fell by 8% year-on-year to US$392m. Ambuja's board has approved the amalgamation of its wholly-owned subsidiary, Dirk India Pvt Ltd, with the company with effect from 1 April 2015. The move is now subject to the approval of shareholders, the High Court and appropriate authorities.
India: Century Textiles and Industries has posted a net loss of US$4.53m for the first quarter of its 2016 financial year, which ended on 30 June 2015. During the period, its net profit was US$10.4m and its sales rose by 5.59% to US$304m. Its cement division registered sales of US$175m, up from US$158m in the first quarter of its 2015 financial year.
Union Cement first half profit falls to US$14.9m
24 July 2015UAE: Union Cement has reported an 8% decline in its profits for the first six months of 2015 to US$14.9m from US$16.2m in the sale period in 2014. Union Cement's revenue fell by 3.7% to US$85.7m in the first half from US$88.9m. The cement producer attributed the decline to falling sales volumes during the reporting period.
Cemex reports sales growth in 2015
23 July 2015Mexico: Cemex's consolidated net sales in the second quarter of 2015 grew by 5% year-on-year on a like-for-like basis for ongoing operations and adjusting for currency fluctuations to US$3.8bn. Its operating earnings before income, taxes, depreciation and amortisation (EBITDA) increased by 1% during the quarter to US$744m. On a like-for-like basis, operating EBITDA increased by 13%.
The increase in consolidated net sales on a like-for-like basis was due to higher product prices in local currency terms in most of its operations, as well as improved volumes in most of its products in Mexico, the US, and the northern Europe and Asia regions.
Cemex's net sales in Mexico decreased by 9% in the second quarter of 2015 to US$745m while its operating EBITDA increased by 4% to US$256m. In the US, its net sales grew by 5% year-on-year to US$1.01bn and its operating EBITDA increased by 31% to US$156m. In northern Europe, net sales for the second quarter of 2015 fell by 21% to US$904m and its operating EBITDA fell by 8% year-on-year to US$111m. In the Mediterranean region its net sales fell by 9% to US$409m as its Operating EBITDA fell by 25% to US$75m. Cemex's net sales from operations in South, Central America and the Caribbean fell by 8% year-on-year to US$517m and its operating EBITDA fell by 10% to US$160m. In Asia, net sales grew by 11% year-on-year to US$177m and operating EBITDA was up by 34% year-on-year to US$45m.
"We are pleased with our results. Our controlling interest net income during the quarter was the highest in six years. In addition, our operating EBITDA grew by 13% on a like-fir-like basis. This is the third quarter with double-digit, like-for-like growth in EBITDA," said Fernando A Gonzalez, Cemex CEO.
Peru: Cementos Pacasmayo has announced that, its consolidated earnings before income, taxes, depreciation and amortisation (EBITDA) increased by 6.4% to US$28m in the second quarter of 2015. Its net income rose by 8% to US$13.9m, but its revenues fell by 8.8%. The company said that its second quarter results were impacted by continued weakness in cement demand from the public sector. This led to a 9.4% reduction in cement sales volumes and also reduced its EBITDA, excluding US$2.76m of income from the sale of a real estate asset.
In the first six months of 2015, Cementos Pacasmayo's consolidated EBITDA increased by 8.4% to US$55.9m, its net income grew by 19.4% to US$30.3m and its revenues fell by 6%. Despite lower year-on-year cement volumes, its gross margin was 43.1%, up from 40.5% in the first half of 2014, thanks to an increased focus on efficiency and cost reductions.
Cementos Pacasmayo announced that its US$386m Piura plant had reached the final stage of construction, with cement production set to begin in the third quarter of 2015 and clinker production in the fourth quarter of 2015. The plant will reach 60% capacity by the end of 2015, a level which the company has established as the optimal capacity utilisation given the current conditions in the Peruvian cement market.
Looking ahead, independent forecasts point towards a recovery in Peruvian infrastructure spending. Local government spending improved slightly late in the second quarter of 2015, this trend is expected to continue through the second half of 2015, while the self-construction market is expected to remain at or near its current level. Cementos Pacasmayo expects its full-year cement volumes to be similar to those of 2014.
Colombia: Cemex Latam Holdings' consolidated net sales fell by 11% year-on-year US$394m during the second quarter of 2015. The decline was attributed to currency fluctuations and lower sales. Operating earnings before interest, taxes, depreciation and amortisation (EBITDA), also adjusted for the currency fluctuations, increased by 2% year-on-year during the second quarter of 2015.
Operating EBITDA in Colombia decreased by 23% year-on-year to US$68m in the second quarter of 2015, with a 24% decline in net sales to US$198m. Adjusting for currency fluctuations, EBITDA in Colombia grew by 2% year-on-year. Consolidated cement volumes decreased by 3%, while ready-mix and aggregates volumes increased by 6% and 3%, respectively. In Panama, operating EBITDA fell by 3% to US$33m during the quarter and net sales grew by 9% to US$79m. Cement, ready-mix and aggregates volumes increased by 4%, 10% and 21%, respectively, year-on-year. In Costa Rica, operating EBITDA grew by 5% year-on-year to US$20m and net sales increased by 15% to US$46m. Volumes for the three main products grew at double-digit rates during both the second quarter and the first half of 2015. In the rest of Cemex Latam Holdings' region, net sales during the quarter reached US$76m and operating EBITDA fell by 7% year-on-year to US$20m.
In the first six months of 2015, Cemex Latam Holdings'cement volumes declined by 11%, while ready-mix and aggregates volumes increased by 4% and 2%, respectively. Compared with the first quarter of 2015, cement, ready-mix and aggregates volumes increased by 11%, 8% and 6%, respectively.
"We are pleased with the continued positive volume performance of our operations in Panama, Costa Rica and Nicaragua, where we are improving our volume guidance for the year. Additionally, our cement volumes in Colombia increased by 11% during the quarter compared with the first quarter of 2015," said Carlos Jacks, CEO of Cemex Latam Holdings.
"This year our priority is to continue working persistently towards improving our profitability, which has been affected by the depreciation of the Colombian Peso. Additionally, we continue to evolve as a company into a more customer-centric organisation, offering differentiated construction solutions to our specific customer segments."
UNACEM posts market growth in the first half of 2015
23 July 2015Peru: UNACEM has boosted its first half net income by 23% on higher prices and lower costs, according to Business News Americas.
UNACEM posted a US$47.8m profit and its sales rose by 6% year-on-year to US$896m in the first half of 2015. The company cut its operating costs by 8% in the first half of 2015 and its sales costs by 2.1%. Cement production fell by 1.6% to 2.71Mt in the first half of 2015, while clinker production fell by 6.3% to 2.58Mt. Exports jumped by 36.6% to 590,863t during the period.
UNACEM, which competes in Peru with companies including Cementos Pacasmayo and Gloria Group's Cementos Yura, said that it increased its domestic market share to 51.2% in the first half of 2015 from 49.9%. UNACEM expects to benefit from a growing contribution from its US$553m acquisition in 2014 from Lafarge Ecuador.
UNACEM has 7.6Mt/yr of installed cement capacity. Peru's cement production rose by 1.4% to 10.7Mt in 2014, according to cement producers' association Asocem. Exports from Peru rose by 37.4% to 306,277t in the same period.
TCL to be delisted from three stock exchanges
22 July 2015Trinidad and Tobago: Trinidad Cement Ltd (TCL) will delist from the Barbados Stock Exchange (BSE), the Guyana Association of Securities Companies and the Eastern Caribbean Securities Exchange. TCL chairman Wilfred Espinet made the announcement on 20 July 2015 at the company's annual general meeting (AGM).
Before asking the AGM for approval to delist the company, Espinet said little or no trading of the company's shares takes place on those exchanges, yet the company still incurs listing costs. TCL remains listed on the Trinidad and Tobago Stock Exchange (TTSE) and the Jamaica Stock Exchange.
TCL's revenue rose by 11% year-on-year and its cement sales grew by 8% quarter-on-quarter in the second quarter of 2015. According to its interim consolidated financial results for the six months that ended on 30 June 2015, the company made a US$573m profit.
At the AGM, new TCL CEO Jose Luis Seijo shared his plans for the company and refuted statements that TCL 'Would not make it.' He said that most difficult part of restructuring the company was now behind it. TCL completed its debt restructuring in May 2015, after the company missed its debt service payments in September 2014. Debt restructuring included an 11% debt prepayment discount and a US$15m cash prepayment, which reduced the company's outstanding debt to US$245m in May 2015 from about US$292m at the end of 2014.
"How are we planning to repay the loan? By working very hard," said Seijo. The CEO said that he was focusing on the basics of increasing revenue, reducing costs and strengthening the company's financial position. TCL will also expand beyond cement manufacturing to offer, oil well cement, concrete roads, social housing solutions and synergies with customers. Seijo said that he wants to bring efficiencies to the highest level. "We have been underperforming for the longest time." He added that he sees TCL pushing for alternative fuels and being very disciplined controlling costs.
Re-elected to the new TCL board during the AGM were chairman Espinet, Christopher Dehring, Nigel Edwards and Francisco Aguilera. New directors elected were former senate president Timothy Hamel-Smith, Ruben McSween, Jose Bavaro and Bryan Ramsumair.
Suez Cement’s consolidated profit falls to US$15.2m
22 July 2015Egypt: Suez Cement's consolidated net profit fell to US$15.2m in the first half of 2015 compared to US$39.9m in the same period of 2014, according to Arab Finance. Its standalone net profit fell to US$44.6m from US$53.2m in the 2014 period.