Skip to main content

Profit warning issued by Kenya’s Portland Cement

Published by , Editor
World Cement,


Reuters are reporting that East African Portland Cement is expecting its profit to fall by more than 25% in the financial year ending 30 June citing year-earlier gains on land sales.

"The unrealised fair value gain on investment property and the gain on disposal of land will not recur this financial year," Portland commented in a statement.

The company's pre-tax loss increased to US$7.33 million in the first half on higher finance costs and foreign exchange losses.

East African Portland Cement recently announced that demand for cement was expected to remain strong due to numerous, ongoing infrastructure projects, but cautioned that an oversupply in the local market would weigh on prices in the short to medium term.

Portland has said that in response it plans to control costs and expected a technical support agreement it has entered into with Lafarge Holcim to boost its operations.


Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/africa-middle-east/25022016/profit-warning-issued-kenya-portland-cement-575/

You might also like

World Cement podcast

The World Cement Podcast

In this special joint episode of the World Cement Podcast, and Cementing Europe’s future, the podcast of CEMBUREAU, David Bizley and Koen Coppenholle take a deep dive into the Clean Industrial Deal and a discussion of what it means for the European cement industry.

Listen for free today at www.worldcement.com/podcasts or subscribe and review on your favourite podcast app.

Apple Podcasts  Spotify Podcasts  YouTube

 

Filter Bags For The Future

César Javier Alanis Cruz, W. L. Gore & Associates, presents a case study from Cementos y Concretos Nacionales, highlighting how the plant enhanced production and extended filter life by optimising its coal mill baghouse filtration system.

 
 

Embed article link: (copy the HTML code below):