Bangkok--18 May--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 817 million baht, or earnings per share of 3.55 baht, compared to 805 million baht, or earnings per share of 3.50 baht, in the same period of 2009.
In the 1st quarter of 2010, domestic cement consumption grew by around 7 percent, compared to the same period last year. This growth resulted mainly from both residential sector, a result of improved economic outlook, and government spending in civil-work projects.
Consolidated net sales for Q1 of 2010 were 5,411 million baht, 5.5 percent higher than the 5,128 million baht net sales posted during the same period in 2009, due mostly to higher export sales.
Despite the Company’s achievements in fixed cost reductions and increased production efficiency, operating profit margin declined in Q1 of 2010 to 21.2 percent from 25.5 percent recorded during the same period of 2009. This was caused by significant lower domestic cement selling prices.
Additionally, annual maintenance on two kilns had a negative impact on the production costs for the quarter.
Year-to-date consolidated net profit attributable to equity holders of the parent was 817 million baht with earnings per share of 3.55 baht, compared to 805 million baht and earnings per share of 3.50 baht, in the same period of 2009.
In terms of outlook, SCCC projects domestic cement consumption to improve by 3 percent from 2009, driven by the Government’s second stimulus package. The Company expects also to benefit from various cost improvement programs, including the continuing development of the Alternative Fuels and Raw Materials (AFR) project, and the Waste Heat Recovery (WHR) project which is due to generate 25 MW of electricity per year starting in July 2010. However, the real price level may continue to impact the Company’s profitability.
Under its new initiative “Growing Green Together”, the Company will pursue its commitment to improve the economic, environmental and social benefits to its customers, to the communities, to its business partners and to its employees.
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