Siam Cement sees a recovery in Q1 with B5 bln profit
Siam Cement Plc (SCC), Thailand’s biggest industrial conglomerate, yesterday said it has returned from a quarterly loss in the last quarter of last year to record a net profit of almost 5.19 billion baht from the operations during this year’s first quarter.
Earlier this year, SCC reported a net loss of 3.48 billion baht for its operations during the fourth quarter last year, mainly due to inventory losses worth about 5.0 billion baht mostly from chemicals business.
According to the company’s reports to the Stock Exchange of Thailand, SCC said the net profit from this year’s first quarter was however about 27 percent lower than the same period of last year while this year’s first-quarter net sales of 55.2 billion baht dropped 30 percent from that of the same period of last year, mainly due to the global trend of lower prices of chemicals and paper products.
When compared with the fourth quarter in 2008, the net sales of 55.2 billion baht during this year’s first quarter was slightly different from 55.06 billion baht of the preceding period but the company has recovered by about 8.67 billion baht because of the lack of inventory losses and the significant earnings recovery from the company’s chemicals business.
SCC’s president Kan Trakulhoon on Wednesday told reporters that he expects this year’s sales may fall 20-25 percent from some 293.23 billion baht in 2008, mainly due to lower prices of petrochemical and paper products.