Thai Siam Cement 2Q group net up 6.7%

Thai Siam Cement 2Q group net up 6.7%
Published: 28 July 2010

Siam Cement Pcl (SCC) Thailand’s biggest industrial conglomerate, posted a better-than-expected 6.7 per cent rise in quarterly earnings on Wednesday, thanks to higher sales.

The company, 30 per cent-owned by the Crown Property Bureau, reported an April-June net profit of THB7.29bn (US$226.5m), or 6.08 baht per share, up from the THB6.84bn a year earlier and higher than the THB6.02 billion baht forecast by eight analysts polled by Reuters.

Siam Cement, which earns up to half its profit from petrochemicals and also makes paper, cement and building materials, reported a THB6.86bn profit in the first quarter.

Analysts expected pressure from the fall in petrochemical spreads to continue in the third quarter but said Siam Cement would see a major turnaround in 2011, driven by new capacity that would boost sales volume plus its focus on value-added products.