Siam Cement 3Q net profit up, Thailand

Siam Cement 3Q net profit up, Thailand
Published: 26 October 2011

Siam Cement Pcl, Thailand’s biggest industrial conglomerate, posted a 12.5 per cent rise in quarterly net profit on Wednesday, boosted by gains from the sale of a stake in olefin maker PTT Chemical.

The company reported a July-September net profit of THB7.38bn (US$239.2m), or THB6.15/share, up from THB6.56bn a year earlier but lower than the THB7.5bn in the previous quarter.

The result was a little lower than the consensus forecast by five analysts polled by Reuters, which was THB7.89bn.

Siam Cement further noted that recent flooding has not affected its main production capacity and that it will speed up production of building materials to serve demand after the floods recede. It expects very weak domestic demand in cement and building materials in the fourth quarter due to flooding but forecasts the business to recover in the first and second quarters next year