Thailand’s SCG Q1 net profit down 35% on weak chemical margins

25 April 2012 09:18  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s Siam Cement Group (SCG) said on Wednesday its net profit fell by 35% year on year to Thai baht (Bt) 5.97bn ($193.1m) in the first quarter of this year on the back of weak chemical margins.

The fall in the industrial conglomerate’s net profit in January-March this year was “attributed to the trough in chemicals margins from the global excess supply and global demand weakness”, the company said in a statement.

The company’s overall earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 24% year on year to Bt10.3bn, despite an 11% growth in sales to Bt102.9bn, it said.

Its overall sales were boosted by higher volume growth and higher product prices in most business units, the firm added.

The net profit for its chemicals business fell by 74% year on year to Bt1.24bn in the first quarter, with EBITDA down by 82% at Bt894m, SCG said.

The sales from its chemicals unit – the largest revenue generator group – rose by 9% year on year to Bt52.9bn, it said.

($1 = Bt30.92)

By: Nurluqman Suratman

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