Thailand's SCG Q2 net profit down 43% after fire-related shutdowns

25 July 2012 10:34  [Source: ICIS news]

Siam Cement GroupSINGAPORE (ICIS)--Thailand’s Siam Cement Group (SCG) reported a 43% year-on-year drop in its 2012 second-quarter net profit to baht (Bt) 4.28bn ($134.6m) on Wednesday, partly because of shutdowns at its Bangkok Synthetics unit following a fire that broke out on 5 May this year.

SCG’s second-quarter net profit was also negatively impacted by the Bt2bn incurred as a result of an inventory adjustment at the firm’s chemical business, the company said in a statement.

Total sales in the quarter rose by 7% year on year to Bt100.5bn while earnings before interest, tax, depreciation and amortisation (EBITDA) were down by 14% at Bt12.2bn, it said.

For the first six months of the year, SCG’s net profit slumped by 39% year on year to Bt10.3bn, weighed by the “negative effects of a global chemicals trough in the first quarter of 2012”, the firm said.

The company’s overall sales rose by 9% year on year to Bt203.4bn, on the back of higher product prices and volume growth in most businesses, it said.

($1 = Bt31.8)

By: Nurluqman Suratman

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