Siam Cement Q4 profit slumps 81%; Thailand floods weigh on demand

25 January 2012 10:55  [Source: ICIS news]

SINGAPORE (ICIS)--Siam Cement Group (SCG) reported on Wednesday an 81% year-on-year decline in its fourth-quarter net profit to baht (Bt) 3.20bn ($102m), partly on higher logistics expenses and lower demand caused by months of flooding in Thailand.

Compared to the third quarter, the December-quarter results were down 57% as chemical margins troughed, while energy prices increased, SCG said in a statement.

For the full year 2011, the company’s net profit was down 27% to Bt27.3bn, it added.

SCG’s sales for the fourth quarter rose 15% year on year to Bt87.9bn, helped by high product prices in most of its business units, while full-year sales grew by 22% to Bt368.6bn, the company said.

SCG’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the fourth quarter fell by 32% to Bt7.98bn, while EBITDA for the whole of 2011 inched up by 1% to reach Bt46.3bn, backed by the good performance from the cement division in the first nine months of the year, it added.

SCG Chemicals profit for the fourth quarter slumped by 95% year on year to Bt673m, with the full-year profit falling by 51% to Bt11.2bn, it said.

SCG’s EBITDA from its chemical business decreased by 53% in the fourth quarter to Bt2.01bn. The segment’s full-year EBITDA was down 10% at Bt14.4bn, it said.

However, chemicals sales in the fourth quarter rose by 23% year on year to Bt46.2bn, while the segment’s full-year sales increased by 34% to reach Bt193bn, it said.

SCG operates five major businesses – cement, petrochemicals, paper and packaging, building products and distribution.

($1 = Bt31.48)

By: Samuel Wong

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