Thailand’s second-biggest cement maker, Siam City Cement PCL , said on Tuesday quarterly net profit rose two per cent, lifted by public construction projects such as a new airport, but margins were trimmed by high fuel and electricity costs. Analysts expect domestic cement demand to remain strong, rising 10 per cent this year. Cement sales have risen with a pickup in construction for residential, commercial and public sector building, including bridges, roads and work on Bangkok’s new $3 billion international airport.
Siam City Cement, 32-percent owned by Swiss cement giant Holcim , said January-March net profit rose to 1.23 billion baht (US$31m) from last year’s 1.20 billion baht. The figure was in line with analyst forecasts, which ranged from 1.1 billion baht to 1.3 billion baht, and was higher than the previous quarter’s 878 million baht.
Late last month, its bigger rival, Siam Cement PCL , reported a better-than-forecast 36 per cent rise in first quarter net profit, driven by high petrochemical prices and strong cement demand for construction projects.