"I can’t tell the exact impact but profit will be shaved off less than THB700m (US$22.8m) for every THB1 that is stronger against the greenback," President Kan Trakulhoon told reporters on the sidelines of a seminar.
The Thai baht has been among the strongest performers in Asia this year against the U.S. dollar, with exporters increasingly making louder noises following the local currency’s sharp 7% rise in the year-to-date. The dollar was trading at THB30.74 late Monday, a fresh 13-year low.
Kan said exports now make up between 23% and 29% of total revenue, with this expected to increase to 30% by the end of the year. Siam Cement posted a net profit of THB6.99 billion in the third quarter of 2009, a 17.7% rise from a year earlier.
Siam Cement’s business operations include the chemicals, paper, cement and construction sectors.
He said Siam Cement’s product margin between high density polyethylene and naphtha has risen to around $400 per metric ton from $380-$390 per ton last month, he said.
