The Siam Cement Group, Thailand announced operating performance for the first quarter of fiscal 2007 decreased from the previous year, noting that the chemicals business was still doing well. The group pursued its cost efficiency and asset optimisation policy during a period of economic slowdown.
Kan Trakulhoon, President of The Siam Cement Public Co Ltd (SCC), disclosed the unreviewed consolidated financial statements for SCC and its subsidiaries for the first quarter of fiscal year 2007 which showed total sales of THB65.337bn, an increase of two per cent YoY, while net profit registered THB8.213bn, down 14% per cent YoY. This compares to the one-time gain of THB1.4bn from the Bangkok Synthetic (BST) transaction in Q1/2006, while the general slowdown in the domestic economy had affected the cement and building materials businesses.
The cement business recorded total sales of THB11.459bn, a drop of two per cent YoY due to the lack of demand from the residential and government sectors, while increasing 11 per cent QoQ on the recovery from the flooding effect of the previous quarter. Operating profit decreased 13 per cent YoY on the lower domestic sales volume.
Through its Cementhai business, Siam Cement owns or part owns clay roofing tile companies Thai Ceramic Roofing Tiles, Lafarge Siam Roofing and PT M Class Industry (Indonesia); ceramic tile companies Thai Ceramic Co (COTTO brand), Sosuco Ceramic Co, PT Surya Siam Keramik (Indonesia) and Mariwasa Manufacturing (Philippines); and ceramic sanitaryware manufacturer Siam Sanitaryware Co (TOTO brand).