Siam City 2Q04 earnings slow

Siam City Cement (SCCC) reported a slow down in 2Q04 earnings with a net profit of Bt950mn down 21 per cent  q-o-q but stable y-o-y. The quarterly slow down was the result of a downturn in sales and gross margins, while selling and administrative expenses were higher. For the remainder of 2004 and next year, the cement business prospects are expected to remain bright, as cement sales will grow around 1.5 - 2x GDP growth or annualised growth of 10 per cent.