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Slow Growth in Economy Hurts Profits at Siam Cement.
Jul. 26--Siam Cement Plc has warned that despite a huge jump in first-half profit, its revenue this year will be disappointing because of slow growth in the local economy.
The group anticipated 140 billion baht in revenue this year, about 16 percent more than the 120 billion baht posted last year, president Chumpol NaLamlieng said yesterday.
The marginal increase in revenue for the country's largest industrial group would be derived from core businesses, he said.
However, the group's net profit in the first half of this year jumped to 5.24 billion baht from 1.33 billion baht in the same period last year.
Of the total, about three billion baht was gained from business operations and 2.24 billion from selling assets, mainly Siam Gypsum Industry and Thai Industrial Gas.
Revenue for the first half was 67.94 billion baht, an increase of 5.05 billion baht year-on-year. The profit and revenue increases were a remarkable improvement, Mr Chumpol said.
Siam Cement had encountered less intense pricing competition for cement and reasonably good conditions for selling paper and packaging products. However, the petrochemical business showed a slight decline in the sales growth rate.
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