Thailand’s largest industrial conglomerate by revenue, said Wednesday its 2010 net profit rose 53.5% mainly due to a gain from selling its stake in PTT Chemical, as well as higher sales.

The company posted full year net profit of THB37.38bn (US$1.21bn), compared with THB24.35bn in 2009, according to a filing with the Stock Exchange of Thailand.

Siam Cement’s 2010 net profit was in line with the THB35.16bn average forecast of seven analysts surveyed by Dow Jones Newswires.

Sales rose 26.3% to THB301.32bn from THB238.66bn while expenses increased to THB30.33bn from THB25.66bn.

In December, Siam Cement sold a 15.6% stake in PTT Chemical PCL for THB33bn.
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