SCG Philippine operations post higher sales

SCG Philippine operations post higher sales
Published: 20 August 2014

Siam Cement's operations in the Philippines posted stronger sales of cement, building materials and tiles in the first half of 2014, the Thai conglomerate said in a statement.

The group reported a nine per cent YoY increase in the consolidated sales of its Philippine subsidiaries for the second quarter, amounting to US$38m.

Contributions from the Philippine operations brought up its overall revenue from Southeast Asia by 17 per cent in the second quarter to US$3.85bn. However, its profits declined 14 per cent to US$263m due to decreased demand for chemicals and building materials.

In the first half, SCG posted a 10 per cent decrease in earnings to US$519m due to increased non-controlling interests and lower equity income from associated companies, even as revenue grew 14 per cent to US$7.57bn.