SCG net doubles on chemical margins
Siam Cement Group (SCG), Thailand's fifth-biggest company by market value, said net income more than doubled in the second quarter on dividend contributions and a recovery in margins at its petrochemical unit.
- Published: 31/07/2013 at 05:13 PM
- Newspaper section: breakingnews
Profit was 9.9 billion baht, or 8.27 baht a share, compared with 4.3 billion baht, or 3.57 baht, a year earlier, the company said. That exceeded the average estimate of 8.7 billion baht in a Bloomberg survey of 11 analysts.
Chief executive officer Kan Trakulhoon said on Wednesday that SCG will acquire a company that makes roofing products in Cambodia, Laos, Vietnam and the Philippines, extending a strategy of expansion in Southeast Asia to tap rising incomes in countries neighbouring Thailand. Higher oil prices helped earnings recover at its petrochemical unit, Mr Kan said on July 17.
Revenue increased 6% in the second quarter from a year earlier to 106.5 billion baht. The company said it received 2.9 billion baht in dividend contributions from SCG Investment during the period.
Profit at SCG Chemicals was 2.6 billion baht, from a year-earlier loss of one billion baht, the company said. SCG Paper said net income fell by 6% to one billion baht and SCG Cement had a 15% increase in profit to 3.4 billion baht.
About the author
- Writer: Bloomberg News
- Position: News agency