Siam Cement second quarter drop, Thailand

Siam Cement second quarter drop, Thailand
Published: 30 July 2009

Siam Cement PCL reported a 5% drop in second-quarter profit on weaker sales, and warned that its petrochemical and paper businesses would continue to be hit hard by the global economic slowdown.

Thailand’s largest industrial conglomerate said it recorded a profit of THB6.84bn (US$201.3m) in the three months ended June 30, from THB7.2bn a year earlier. Sales fell 29% to THB56.88bn from THB80.25bn a year ago, with the company citing the global trend of lower chemicals and paper product prices.

President and Chief Executive Kan Trakulhoon said Siam Cement is maintaining its view that sales would contract by 20%-25% this year amid weakness in global and domestic demand.