Siam Cement profits recover in 4Q12

Siam Cement profits recover in 4Q12
30 January 2013

Siam Cement (SCC) said its profits more than doubled in the 4Q12 after sales rebounded from flooding a year earlier and dividend income increased.

Net income was THB6.91bn (US$231.7m), or THB5.8 a share, compared with THB3.20bn, or THB2.66, in the same period a year earlier, the company said in a statement.

Siam Cement’s profit slumped in the 4Q11 as Thailand’s worst floods in almost 70 years shuttered factories and halted construction projects. Full-year earnings fell 14 per cent in 2012 as Europe’s financial crisis and slower growth in China damped demand for chemical products.

Bangkok-based Siam Cement plans to spend THB23.2bn on new investments in Southeast Asia to diversify its sources of income. The company will spend THB11bn on a cement plant in Indonesia’s West Java, THB5.5bn to expand a cement plant in Cambodia and THB6.7bn on a new paper plant in Thailand, it said in October.

Siam Cement shares fell 0.9% to THB454 before the announcement, which came during the midday break in Bangkok.

The group’s fourth-quarter earnings were boosted by a year- end dividend contribution from SCG Investment, it said. Siam Cement’s board has recommended a dividend payment of THB6.5 per share for the second half of 2012, it said.

Published under Cement News

Tagged Under: 4Q12 Thailand Siam Cement