Siam Cement expects to beat 2004 sales target

Leading Thai industrial conglomerate Siam Cement PCL said on it would beat its target of 10 percent sales growth in 2004 because of soaring prices for its petrochemicals products.

Company president Chumpol NaLamlieng also said rising energy prices had squeezed margins for cement, but a jump in sales volume meant third-quarter net profit at the unit was up.

The cash-rich firm was looking to cut debt further and pay dividends rather than make any big acquisition, while expanding exports to Southeast Asia, Chumpol said in an interview.

Like competitor Siam City Cement, the company’s cement unit is benefitting from an increase in government spending on infrastructure and a Bangkok house building boom.