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.
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)
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