Concerns over the outcome of Cemex' $500 million bond sale surfaced on Thursday as pricing soared. However, Cemex said that it is still looking to issue the bonds to help pay debt maturing in 2009, but its stock fell more than 15% on worries the company is facing an uphill battle to complete the issuance.
Bolu Cimento in Turkey reported that full-year 2008 profits declined to 39,3 million liras ($22 million) from 48,4 million liras in 2007, according to a statement on the Istanbul Stock Exchange’s Web site, Bloomberg reported.
Italcementi-controlled Ciments Francais reported a 44% decline in 2008 net profits and said that the company expects 2009 to be another difficult year. Emerging market segment only ray of light in the fourth quarter last year.
Holcim announced that it will mothball two additional cement plants in the US as well as accelerating capacity reductions worldwide to offset slumping demand. Cost cutting to continue and investments to see drastic cuts.
Holcim provided a gloomy outlook after reporting a 54% drop in 2008 net profits on a dramatic collapse in demand worldwide. Profits missed analyst estimates and the company said that it has no plans to acquire HeidelbergCement.
Spain's Cementos Molins saw a 2008 consolidated net profit of 108,5 million euros, 8% less than in 2007. Turnover also experienced a slight decline, reaching 804,6 million euros, 1,4% less than the year before the company reported. The group invested 168 million euros in new projects worldwide during the year.
Lafarge's Kenyan unit, Bamburi Cement, reported an 11% fall in pre-tax profits for the period ending December 2008. Nonetheless, the company said that it is still advancing with plans to build its third cement plant in the country.
The East African Portland Cement Co, Kenya's number two cement maker, recorded a first-half loss of 391,91 million shillings ($4,9 million), versus a profit of 338,23 million shillings in the previous year.