Siam Cement second-quarter net profit surges

Siam Cement posted a surge in YoY net profit in the second quarter of 2013, boosted by strong earnings in its core businesses including its cement division.

Thailand’s largest conglomerate doubled net profit for the April-June 2013 period to THB9.92bm (US$317m), up 132 per cent from THB4.28bn a year ago.

Revenue increased six per cent in the second quarter from a year earlier to THB106.5bn. The company said it received THB2.9bn in dividend contributions from SCG Investment during the period.

As a result, it was lifting its full-year revenue target by 0.5 per cent to THB437bn (US$14bn) from the previous target of THB435bn.

"Growth will be strong in the second half as private investment should continue to boost demand for building factories, while demand from the residential sector is still growing," Chief Executive Kan Trakulhoon told a news conference.

The company plans to raise its domestic capacity by 10 per cent in 2015, when new cement plants in Indonesia, Cambodia and Myanmar will also gradually come on-stream.