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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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- Central Electricity Authority - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
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