SCCC second-quarter net profit down, Thailand

Siam City Cement Co (SCCC), Thailand's second-largest cement producer, posted a nine per cent YoY decline in 2Q14 net profit to THB1.47bn (US$46m) due to foreign exchange losses and declining equities revenue from associated companies.

Net sales were ahead by 4.4 per cent YoY to THB7.8bn but fell 10 per cent QoQ on seasonal effects. First-half net profit increased by 19.2 per cent to THB3.38bn on sales of THB16.5bn, up by 10 per cent.

"Net profit and profitability margins improved further as energy-saving initiatives and operational efficiencies gathered momentum in containing costs. Nevertheless, production costs were affected by higher tariff rates, SCCC chief executive, Vorathep Rangchaikul, said.