Thailand's SCG Q1 net profit up 47% on better margins, volumes

24 April 2013 09:52  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand’s Siam Cement Group’s (SCG) net profit surged by 47% year on year to Thai baht (Bt) 8.80bn ($305.6m) in the first quarter of this year, boosted by higher chemical margins and production volumes, the company said on Wednesday.

The firm’s overall sales were up by 6% year on year at Bt109.4bn in the first quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 25% year on year to Bt12.9bn, the company  said in a statement.

SCG’s chemicals business more than doubled its net profit to Bt2.63bn in the first quarter from the same period in 2012, with sales up 1% year on year at Bt53.5bn, SCG said.

The prices of ethylene and propylene both rose by 9% year on year to $1,395/tonne (€1,074/tonne) and $1,306/tonne, respectively, in the first quarter, it said.

Seasonal demand of polyolefins boosted prices, with polymer prices improving at a faster pace than that of their feedstocks, the company said.

The high density polyethylene (HDPE/naphtha margin rose by $147/tonne year on year to $521/tonne in the first quarter, while the polypropylene (PP)/naphtha margin expanded by $173/tonne to $581/tonne over the same period, it said.

($1 = Bt28.8, $1 = €0.77)

By: Nurluqman Suratman

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