China: Asia Cement (China) Holdings has reported a net profit of US$320m in the nine months to 30 September 2019, up by 40.2% year-on-year from US$228m. The company attributed this to steady earnings growth.
Australian Competition and Consumer Commission to probe Barro Group’s Adelaide Brighton stake
Australia: Barro Group, the family-owned supplier of premixed concrete, quarry machinery and associated products, has attracted the scrutiny of the Australian Competition and Consumer Commission (ACCC) over its 43% stake in Adelaide Brighton due to the possible overlap in the two companies’ roles as suppliers of cement, concrete and aggregates. The Advertiser reported that Adelaide Brighton chairman Raymond Barro defended the pairing, saying the companies had ‘complementary footprints’ with ‘limited crossover of products and locations in which for Adelaide Brighton and Barrow Group to compete.’
Cemex Holdings Philippines turns US$17.1m nine-month profit
Philippines: Cemex Holdings Philippines has recorded a profit of US$17.1m in the nine months to 30 September 2019, compared to US$13.0m losses in the corresponding period of 2018. The company attributed the turn-around to steadily growing sales, up by 1.7% year-on-year to US$0.36bn from US$0.35bn, foreign exchange gains and lower income tax expenses, in spite of falling domestic volumes. The Manila Times has reported that a drop in construction activity and delays to projects failed to prevent a 5% rise in domestic cement prices throughout the period.
Xinjiang Tianshan Cement grows third quarter net profit
China: Xinjiang Tianshan Cement has recorded a net profit of US$72.2m in the three months to 30 September 2019, representing an increase of 12% from US$64.5m in the corresponding quarter of 2018. Revenue leapt up to US$464m from US$376m.
Shangfeng Cement also improved its profits in the quarter by 70% year-on-year to US$839m from US$494m in the three months to 2018.
