Bangkok--15 Nov--Four Hundred
Siam City Cement Public Company Limited announced to the Stock Exchange of Thailand today that consolidated net profit attributable to equity holders for the quarter was 582 million baht, or earnings per share of 2.53 baht, compared to 742 million baht, or earnings per share of 3.23 baht, in the same period of 2009.
Domestic cement consumption has continuously improved, mostly driven by the recovery of the local economy due to government spending under the Thai Khem Kaeng (Strong Thailand) scheme. Despite the expiration of the property tax incentive and the rise of interest rates, the property and construction demand, particularly residential housing, remains robust.
Consolidated net sales in the 3rd quarter of 2010 were 5,023 million baht, 2.2 percent higher than the 4,915 million baht net sales posted during the same period in 2009, as a result of a stronger demand in domestic and export cement markets.
However, substantially lower domestic cement sales prices eroded the Company’s operating profit and margins in the 3rd quarter of 2010 down to 16.0 percent from 18.3 percent recorded during the same period of 2009, despite the Company’s success in further strengthening its production efficiency.
For the first nine months of 2010, consolidated net profit attributable to equity holders of the parent was 2,130 million baht with earnings per share of 9.26 baht, compared to 2,242 million baht and earnings per share of 9.75 baht, in the same period of 2009. On August 27, 2010, SCCC paid an interim dividend of 6.00 baht per share.
In terms of outlook, SCCC expects total domestic cement consumption for the full year to post a positive growth of about 8 percent from last year.
The Company continues to execute two major expansion projects: the doubling of the capacity of the INSEE Mortar plant and the construction of a third production line for Conwood products. Both projects are located in Saraburi and will be completed in 2012.
The company released its latest Sustainable Development Report in October, detailing its sustainable development progress and outlining future SD strategy and initiatives. The “Green School” project has been successfully completed, with three new buildings being handover to the Border Patrol Police.
To reflect its commitment to developing renewable energy, SCCC will regroup in a new subsidiary called Geocycle Co. Ltd both its energy from waste business and its waste heat power generation business in the first months of 2011.
Finally, SCCC has mobilized its resources and its network of employees and business partners to provide support for flood relief, for its affected employees and their families and the general public in distressed communities.
Issued by: Siam City Cement Plc.
For further information: Mr. Kantanit Sukontasap
Vice President, Group Communications
[email protected]
Siam City Cement Plc.
Tel: 0 2797 7060