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Birla Corporation profits drop sharply 17 August 2015
India: Birla Corporation has witnessed a sharp drop in its first quarter profit to US$2.55m from US$15.2m a year ago. Income stood at US$119m against US$132m.
Harsh V Lodha, Birla Corporation chairman, said that poor demand in the company's major markets in the north and central regions put cement prices under severe pressure. He added that, though realisations during the quarter were very low, BCL could partially mitigate its impact on profitability by improving operational efficiencies in various areas. The resilient markets in east provided some relief. Lodha said that the company was installing equipment to set up the alternative fuel and raw material system to increase the use of alternative fuel on a continuous basis at its clinker units. This initiative to utilise agricultural waste and will be operational by the first quarter of its 2017 fiscal year, which ends on 30 June 2016.
India: LafargeHolcim has entered into a letter agreement with Birla Corporation Limited, subject to approval by the Competition Commission of India (CCI), for the divestment of certain assets in India as part of the merger for US$768m. The proceeds from the sale of the divestment business will be used to further reduce debt.
The assets include Lafarge's Sonadih cement plant and Jojobera grinding plant in Eastern India, which have 5.15Mt/yr of cement production capacity. The transaction with Birla Corporation will be submitted to the CCI for approval and is subject to other regulatory approvals and customary conditions. Following the divestment, LafargeHolcim will have around 68Mt/yr of cement capacity in India.
Jaypee Cement wins major coal block 14 August 2015
India: The third tranche of coal auctions that came to an end on 13 August 2015 included the successful US$281m bid for the Majra mine in Maharashtra by Jaypee Cement. This translates to US$18.89/t.
Misr Beni Suef profit up in first half 14 August 2015
Egypt: Misr Beni Suef Cement has announced a net profit of US$6.9m for the first half of 2015, compared to a net profit of US$2.2m in the same period of 2014.
Attock Cement reveals results and expansion plans 14 August 2015
Pakistan: Attock Cement has released its results for the 2015 Pakistani fiscal year, which ended on 30 June 2015. The company earned a net profit of US$21.7m, a 9.5% increase on the US$19.6m that it made in the year to 30 June 2014. Its revenue rose by 4.3%, from US$122.7m to US$127.6m.
The results were released at the same time as an announcement of the company's expansion plans. In a notice sent to the Karachi Stock Exchange, Attock Cement announced the expansion of its production capacity by installing a US$120m cement kiln line at its existing facility in Hub, Balochistan.
Attock Cement is the third cement manufacturer to announce an expansion after DG Khan Cement and Cherat. There is anticipation that the government will shortly ramp up infrastructure developments, leading to anticipation that there will be higher demand for cement in the coming years.