Siam Cement's 2Q18 profits down 6%

Siam Cement posted a six per cent drop in second-quarter profit on Wednesday, hurt by weak seasonal cement demand and its chemical business.

Revenue from the cement and building materials business increased five per cent to THB44.6bn (US$1.34bn) due to demand from Vietnam, Indonesia and the Philippines but was held back by weak demand in Thailand.

Profit came in at THB12.4bn for the three months ended June, compared with THB13.2bn a year earlier. Siam Cement's revenue rose 11 per cent in the quarter and by six per cent in the first half.

Siam Cement expects a full-year revenue growth of 5-10 per cent as the economy improves with more government projects, Chief Executive Roongrote Rangsiyopash told reporters, adding that he expected cement demand to grow up to three per cent by year end.