India: Star Cement’s profit in the first quarter of the 2021 financial year, to 30 June 2020, fell by 47% year-on-year to US$5.91m from US$11.2m. This was caused by a by 37% decline in sales to US$39.0m from US$61.6m. Earnings before interest, taxation, depreciation and amortisation (EBITDA) also fell, by 42% to US$8.72m from US$15.0m.
South Korean company considering building cement plant in Uzbekistan
Uzbekistan: South Korea-based Caris is considering build a cement plant in the Beruni region of Karakalpakstan. This follows the completion of geological studies in conjunction with the local government, according to the Dunyo News Agency. Caris is now working on a feasibility study for the project before arranging finance.
Imerys to buy majority stake in Haznedar
France: Imerys has signed an agreement to buy a 60% stake of Haznedar Group, a Turkey-based monolithic refractories and refractory bricks producer for the cement, steel, iron and petrochemical markets. The acquisition is expected to conclude in the fourth quarter of 2020 subject to approval by competition authorities. No value for the deal has been released.
The acquisition will add basic and acidic refractory bricks to Imerys’ product range and extend its industrial footprint with a production base in Turkey. It is also expected to strengthen its position within the Turkish market. The business will be consolidated in Imerys’ High Temperature Solutions business area, part of its High Temperature Materials & Solutions segment.
Eagle Cement shares first half 2020 results
Philippines: Eagle Cement recorded a net profit of US$26.5m in the first half of 2020, down by 61% year-on-year from US$68.0m. Sales also fell, by 44% to US$120m from US$214m.
Chief executive officer (CEO) Paul Ang said, “These are very difficult times but we remain confident that the economy will recover from this pandemic and emerge stronger. The government’s steady push for the completion of major infrastructure projects and the private sector’s readiness to bounce back offer encouraging signs for our company’s prospects moving forward.” He added, “More aggressive strategies in pricing and marketing will be undertaken in the remaining half of the year.”
