SCG Philippine operations post higher sales

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.