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Tokyo Cement

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Tokyo Cement Empty Tokyo Cement

Post by The Invisible on Wed Jul 24, 2019 10:38 pm

Currency collapse, price controls hit Sri Lanka's Tokyo Cement in 2018

ECONOMYNEXT- Sri Lanka's Tokyo Cement Company (Lanka) Plc said it was badly hit by a steep currency collapse in Sri Lanka in 2018 amid a slowdown in the construction industry, while price controls made the firm run losses but had turned around in the March 2019 quarter.

Sri Lanka's price control agency has given a 100 rupee increase per 50 kilogram pack of cement in February 2019, allowing the firm to make profits.

"The most detrimental external aspect for Tokyo Cement, was the unexpected rate of rupee depreciation," Chairman Harsha Cabraal told shareholders.

The rupee fell from 153 to 182 to the US dollar in 2018 as the central bank printed money to push down rates and later injected liquidity to sterilize (fill) liquidity shortages from defending the peg on a shifting convertibility undertaking.

"As we are entirely import dependent, our foreign exchange exposure considerably increased the cost of clinker, bags, and freight, over the course of the year," Cabraal said.

"This loss was compounded by local retail losses, as cement is a price controlled commodity and we had to absorb the product cost increase until a maximum retail price increase revision as approved.

But steel which had no price controls had raised prices 45 percent he said. Steel imports are protected to give profits to politically connected businesses, pushing up house building cost for ordinary people, and making hotels and Sri Lanka' exports uncompetitive, critics have said.

Skimping on steel due to high import taxes may also pose safety risks, critics say.

Due to delays in payments by the government and liquidity shortages many smaller construction had gone out of business, Cabraal said.

"Industry liquidity was also squeezed due to delayed payments by foreign contractors for large scale government projects," Managing Director R S Gnanam said.

"While the local construction industry follows a 90 days credit rule, foreign contractors demand a 120 days credit period, which is unsustainable for local sub contractors.

Foreign contractors also use tenders to "push down" the price of local contractors, Gnanam said.

The firm had lost 283 million rupees on retail sales with 183 million in the December quarter.

Tokyo Cement group lost 463 million rupees in the year to March 2019 down from a profit of 2.3 billion rupees a year earlier.

In the March quarter it made a profit of 181 million rupees or 45 cents per share.

The rupee has so far appreciated to 176 to the US dollar amid a private credit collapse, and the central bank instead of printing money is now mopping up liquidity from dollar purchases (sterilizing inflows).

There have been calls to reform the central bank so that it cannot target both the exchange rate (defend the peg) and a ceiling policy rate (print money), generating monetary instability, depreciation and output shocks frequently. (Colombo/July24/2019)
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Tokyo Cement Empty Re: Tokyo Cement

Post by serene on Thu Jul 25, 2019 7:32 am

Thanks Mate.
It seems that playing field for Tkyo is much better now.

serene
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Tokyo Cement Empty Re: Tokyo Cement

Post by NEWER on Thu Jul 25, 2019 9:03 am

Thanks Invisible

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Tokyo Cement Empty Re: Tokyo Cement

Post by The Invisible on Fri Jul 26, 2019 5:36 am

Fly ash cement grabs over third of sales at Sri Lanka's Tokyo Cement

ECONOMYNEXT - Tokyo Cement Plc said its blended hydraulic cement made with fly ash from Sri Lanka's coal power plants has made rapid market gains and made up 35 percent of sales by the March 2019 quarter.

"The new cement, which is not only stronger, but also contains sulphide resistance, and has more water impervious properties that ordinary Portland cement...:, Managing Director S R Gnanam told shareholders.

"..[O]ver the medium term we hope to transition from Portland to the more sophisticated, Blended Hydraulic Cement," Managing Director S R Gnanam told shareholders.

The cement is made to international standard with technical assistance from the firm's Japanese partners Ube Cment.

"Ube provided Tokyo with on-site engineers to monitor the manufacturing process, to ensure international quality. Our manufacturing facilities continue to maintain technical communications with Ube."

The firm launched the product last year. In the June 2018 quarter BHC cement was only 5 percent of market share. But it had increased to 35 percent my March 2019, taking the market "by storm" Tokyo said.

BHC is made with 'top-grade' fly ash from coal plants in Norochcholai, in the Western coast of Sri Lanka. Fly ash from different coals may have different chemical properties or granular sizes.

Tokyo said a fly ash separator was set up in the second quarter of 2018/2019 year to develop the highest quality blended hydraulic cement.

The BHC cement complies to Sri Lanka Standard SLS 1247:2015 Strength Class 42.5N and BS EN 197-1:2011 under type CEB IV/A (V) 42.5 N - SR international standard, the firm said.

The introduction of fly ash as a partial substitute for some raw material making it the 'greenest' cement in Sri Lanka, the firm said. Tokyo also generates renewable power for its factories.

Tokyo Cement has the capacity to produce up to 2.8 million metric tonnes a year. In 2018 following monetary instability with a steep currency collapse the overall market has contracted, and the firm said it had excess capacity.

Tokyo had increased production 7.63 percent by gaining market share recording revenues of 38.49 billion rupees in the year ending March 2019.

The firm also produces other materials such including sand, plaster and tile adhesives. (Colombo/July25/2019)
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Tokyo Cement Empty Re: Tokyo Cement

Post by The Invisible on Wed Jan 08, 2020 10:48 pm

After hitting 55 six weeks back the share price has nicely dropped to 42/-. Its oversold now. There may be good short term recovery if market settles by next week. Keep an eye.
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