Siam City Cement PCL, Thailand’s second-largest cement maker by capacity, Friday said its net profit for the third quarter dropped 4.9% on year as expenses rose in the wake of high oil prices.
In the quarter to Sept. 30, the company posted a net profit of THB988.5 million, or THB4.23 a share, down from THB1.04 billion, or THB4.38/share, a year earlier.
The earnings came in higher than analysts’ expectations.
Siam City Cement reported total revenue of THB6.15bn for the quarter, up from THB5.67bn a year earlier.
It said expenses rose to THB4.69bn, from THB4.19bn in the previous year.
The company’s executives said in August that oil prices, which account for 85% of its cement production costs, would continue to weigh on earnings throughout the year.