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Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
 "Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The December quarter results of India Cements Ltd disappointed the street, as freight costs eroded its profits. The firm’s net profit fell by 49% to Rs34.8 crore, compared with the year-ago period. Sequentially, profit was around 75% lower.
Even after factoring in oversupply and weak demand in the cement sector, mainly in the southern markets, analysts had estimated a net profit of around Rs75-100 crore. However, the combination of lower realizations in southern India and higher costs lowered its profitability. According to an analyst from an international brokerage, the freight cost was higher than expected. It increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter.
| “Coal prices are on the rise since April. From around $94 per tonne during the third quarter, it is expected to touch around $115-117 per tonne in the coming months” - India Cement |
India Cements incurred higher freight costs as the lead distance of markets increased. In a conference call to discuss results, the company said it sold cement in farther markets such as Gujarat, Assam, West Bengal and Bihar, given the slack demand in Andhra Pradesh, Tamil Nadu and Karnataka. Higher freight costs were borne in a bid to hike the net realizations.
Also, the cement maker’s royalty payments for mines increased from Rs 45 (US$ 0.96) per tonne to Rs 63 (US$ 1.36) per tonne, and cost of fly ash, a key input in cement production, rose from Rs 60 ($ 1.30) per tonne to Rs 200 (US$ 4.34) per tonne over a year. Operating profit margin for the December quarter slipped by 10 percentage points to around 15% from around 25% in the year-ago period. Notwithstanding these interim challenges, India Cements is striving to combat rising costs in the longer term. For example, coal prices are on the rise since April. From around $94 (around Rs 4,350) per tonne during the third quarter, it is expected to touch around $115-117 per tonne in the coming months. The firm, therefore, has identified a coal mine in Indonesia for stable and regular supplies of coal.
One of the two 50MW power plants it is constructing will be operational in the first quarter of the next fiscal, which will rein in costs while ensuring power availability. The only positive during the quarter was that net sales increased by around 14% over the year-ago period to around Rs864 crore. But sequentially, given the bunching of new capacity in the south and the poor demand offtake due to political and seasonal factors in the region, net sales fell by around 13%. The net realization per tonne of cement during the December quarter fell to Rs 3,019 ($ 65.68) from Rs 3,638 ($ 79.15) a year ago and Rs 3,534 ($ 79.15) in the previous quarter.
Cement prices in the south have been recovering, as demand is picking up. However, analysts reckon that a rebound in the company’s profits, and, hence, earnings growth will be visible only after 15-18 months.(1 USD = 45.9602 INR)
Source: Live Mint
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Wednesday, 27 January 10
ASIA'S 2010 STEAM COAL IMPORTS TO REACH 460 MLN T
* China to import up to 100 mln T of steam coal in 2010
* China, India seen investing in southern Africa assets
Asian imports of steam coal will ...
Wednesday, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Ministry of Transport, Egypt
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- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- MS Steel International - UAE
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- Dalmia Cement Bharat India
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- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- London Commodity Brokers - England
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- Billiton Holdings Pty Ltd - Australia
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- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
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- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
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- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
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- Trasteel International SA, Italy
- Goldman Sachs - Singapore
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- Coal and Oil Company - UAE
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- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
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- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
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- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
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- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
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- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
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- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
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- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
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- CIMB Investment Bank - Malaysia
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- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
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- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
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- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
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- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
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- Bhoruka Overseas - Indonesia
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- Krishnapatnam Port Company Ltd. - India
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