Displaying items by tag: Results
Oman Cement’s 2014 net profit declines by 13% on weaker sales
17 February 2015Oman: Oman Cement's net profit in 2014 declined by 12.8% to US$34.2m from US$39.2m in 2013. The decline was mainly due to a lower volume of cement sales, lower clinker production and higher volumes of imported clinker. Oman Cement imported higher volumes of clinker to bridge a temporary shortfall due to one of its kilns being closed for capacity enhancement.
The company said that it would consider a joint venture project for setting up a new cement plant after detailed studies. It said that its on-going US$39m project to install an additional 150t/hr cement mill with supporting infrastructure of cement silos and bulk despatches is expected to be completed during the fourth quarter of 2015.
Oman Cement sold 2.01Mt of cement during 2014 compared to 2.1Mt in 2013, a decrease of 1.1%. In value terms, total sales dropped by 2.05% in 2014 to US$133m, from US$136m in 2013. "Market demand for cement in Oman remains good due to continued emphasis on infrastructure development. With the company's well-structured pricing policy, we hope that in spite of stiff competition with other cement manufacturers, particularly from neighbouring countries, the company will continue to do well to retain its market share," said Oman Cement's report.
Oman Cement said that government's decision to double the price of natural gas, effective from 1 January 2015, is bound to have a major impact on its performance in the coming years. "Similarly, restrictions on carrying capacity for road transport of materials will also increase the cost of operations. However, we are committed to meet the challenge by directing our efforts towards better cost management," said the report.
Semen Baturaja’s sales down by 9.7% in January 2015
12 February 2015Indonesia: State-owned PT Semen Baturaja Tbk has reported a 9.7% decline in sales volumes from 100,603t in January 2014 to 90,764t in January 2015. Zulfikri Subli, corporate secretary of Semen Baturaja, said that the decline is due to increased rainfall and weakening commodity prices, which resulted in property and infrastructure developments being delayed. "Until the end of January 2015, we managed to sell 90,764t valued at US$6.85m," said Subli.
However, Semen Baturaja expects sales volumes to rise in the following months, bringing total sales in 2015 to 1.75Mt and total revenues to US$133m. The company's performance in 2014 was equal with that in 2013, with sales volume of 1.26Mt.
Semen Baturaja is seeking external financing of US$58.7m from the issuance of bonds or bank loans to finance the construction of the Semen Baturaja II plant with a total investment requirement of US$260m.
The India Cements slips into loss in the third quarter of 2015
12 February 2015India: The India Cements Ltd has reported a net loss of US$1.87m for the quarter that ended on 31 December 2014 against a marginal profit of US$674 in the corresponding quarter of the previous year. Total income from operations stood at US$167m for the quarter, up marginally from US$166m in the corresponding quarter of the previous year.
Vice chairman and managing director N Srinivasan said that the increased net plant realisation helped it to offset the cost increase and drop in sales volume. Consequently, earnings before interest, depreciation, tax and amortisation (EBIDTA) improved to US$26.2m compared to US$23.4m during the same period of the prior year quarter. Srinivasan said that cement demand in the south of India had been almost flat. In this context, he pointed to capacity utilisation, which stood at 56% in the third quarter of 2015, as against 63% in the same quarter of the previous year.
The board of directors of The India Cements also reappointed Rupa Gurunath as wholetime director for a further five years with effect from 5 March 2015, subject to necessary approvals.
Buzzi Unicem cement sales flat in 2014
11 February 2015Italy: Buzzi Unicem has reported sales of Euro2.50bn in 2015, a slight decrease from Euro2.51 in 2014. Buzzi Unicem's sales rose in the United States and the Czech Republic, grew slightly in central Europe, were flat in Russia and continued to drop in Italy and Poland, according to a preliminary financial statement for 2014.
The Italian cement producer's net debt dropped by Euro34m to Euro1.06bn in 2014 due to cash flow from operations, disposal of non-strategic assets and a careful dividend policy. The group expects its recurring earnings before interest, tax, depreciation and amortisation (EBITDA) in 2014 to have risen to slightly over Euro400m, in line with previous guidance.
Buzzi Unicem's board of directors are called to approve the consolidated audited 2014 profit and loss statement on 27 March 2015.
Vulcan Materials’ profit soars on higher aggregates sales
11 February 2015US: Vulcan Materials' 2014 fourth quarter earnings surged on continued growth in aggregates shipments and stronger average selling prices. The company has also been expanding through a string of deals. Vulcan reported that it spent US$322m for bolt-on acquisitions during 2014.
"Strong momentum in the latest quarter bodes well for 2015, a year in which we expect a continued recovery in demand for our products and, importantly, an improving pricing and margin environment," said Chief executive Tom Hill. "Although aggregates demand remains well below normal levels, this steady and gradual improvement is a further indication of construction activity recovery," said Hill.
Vulcan reported a profit of US$38m in the fourth quarter of 2014, up from US$9.1m in the same period of 2013. Revenue during the period increased by 11% to US$755m. Vulcan said that the latest results benefited by around US$7m as the result of lower diesel fuel costs, mostly in its aggregates business.
Italy's Cementir raises EBIT by 36% in 2014
11 February 2015Italy: In its initial results statement, Cementir Holding SpA has reported earnings before interest and tax (EBIT) of Euro104m in 2014, up by 35.7% annually. Revenues dropped by 4.1% to Euro948m, mostly due to the appreciation of major currencies against the Euro.
During the entire of 2014, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 13.4% to Euro192m, as non-recurring items of some Euro12m pushed the result up. EBITDA margin grew to 20.3% in 2014, up from 17.2% in 2013. Cementir's net debt dropped to Euro278m at the end of 2014 from Euro325m at the end of 2013, thanks to positive operating cash flow.
Cementir's operating results in 2014 beat its own targets, due to efficiency improvement efforts, according to chairman and CEO Francesco Caltagirone Jr. In its outlook for 2015, Cementir expects to post EBITDA of some Euro190m and have its net debt at around Euro230m at the end of the year. It expects to raise its sales of both cement and ready-mix concrete, to increase the proceeds from waste treatment in Turkey and the UK and to achieve efficiency savings on energy costs.
HeidelbergCement reports higher fourth quarter revenue
10 February 2015Germany: HeidelbergCement's core profit rose by 1.7% in the fourth quarter of 2014 thanks to strong demand in the US and Asia. HeidelbergCement said that the weak Euro and the mild winter in Europe had also contributed to the profit increase. Operating income before depreciation (OIBD) increased to Euro625m in the three months to 31 December 2014. Revenue grew by 6.4% to Euro3.31bn. HeidelbergCement expressed optimism in view of the economic growth forecasts, but warned of geopolitical and monetary policy risks, which are difficult to estimate.
Italcementi’s consolidated revenues fell to Euro4.16bn in 2014
10 February 2015Italy: Italcementi generated consolidated revenues of Euro4.16bn in 2014, down by 1.8% year-on-year at current exchange rates and down by 0.7% annually at constant exchange rates. In 2014, cement sales grew in all geographical areas, except from west-central Europe, where they fell by 0.7%. In the fourth quarter of 2014, Italcementi registered a 2.7% rise in cement sales, mainly due to growth in North America, Asia, Spain and Greece. As a result, revenues rose by 2.3% to Euro1.04bn in the fourth quarter of 2014.
Mangalam Cement posts third quarter loss
10 February 2015India: The B K Birla Group company Mangalam Cement has posted a US$386,116 loss for the third quarter of its 2015 fiscal year due to higher finance costs. This compared to a US$75,614 net profit in the October – December 2013 quarter. Mangalam Cement's board has also approved building a new grinding plant at Aligarh, Uttar Pradesh, with a capacity of 500,000t/yr.
Mangalam Cement's total income rose to US$34.3m in the third quarter of its 2015 fiscal year, up from US$26m during the same period of 2013. Expenses also rose to US$34.2m from US$28.1m in the prior-year quarter. Mangalam Cement consumed raw materials worth US$6.59m, up from US$4.5m during the comparable quarter of 2013. Finance costs went up to US$1.71m in the October – December 2014 period, from US$371,637 in the same period of 2013.
HeidelbergCement India dips on weak third quarter
09 February 2015India: HeidelbergCement India has reported a net loss of US$1.59m in the third quarter of its 2014 - 2015 financial year, which ended on 31 December 2014. This compares to a net loss of US$1.07m in the same period of 2013. Its total income rose by 16.6% year-on-year to US$67.8m in the October - December 2014 quarter. Heidelberg Cement India said that pursuant to the sale of the Raigad plant in Maharashtra, which came into effect on 3 January 2014, the result for the quarter is not comparable with the same period of 2013.