Siam City Cement PCL, Thailand’s second largest cement producer, said third quarter net profit fell 27%, hit by the weak economy and the higher cost of fuel and electricity.
Net profit for the July-September quarter fell to THB732.8 million ($21.6 million) from THB1.01 billion a year earlier, Siam City Cement said in a statement Friday.
Sales fell 4.7% to THB5.76 billion from THB6.04 billion a year earlier "mainly due to lower domestic cement sales," the company said.
Thailand’s economy has been sluggish this year, with consumer spending and business investment depressed in the aftermath of last year’s tainted elections and army coup.
Total expenses rose 3.9% to THB4.75 billion from THB4.69 billion a year earlier, reflecting higher electricity and fuel costs.
For the first nine months of this year, the company booked a net profit of THB2.82 billion, down from THB3.21 billion a year earlier.