Thai cement manufacturer Siam City Cement Plc (SCCC) posted a significant increase in net profit and sales for the first quarter of 2014 (ended 31 March 2014), compared to the same period a year earlier.
- Net sales increased from THB7.57 billion in 1Q13 to THB8.65 billion in 1Q14. The growth in net sales was attributed to a higher average selling price, growth in exports (despite a fall in domestic sales) and energy saving initiatives.
- Total revenue stood at THB8.75 billion in 1Q14, an increase from THB7.59 billion in 1Q13.
- Total expenses rose to THB6.44 billion, from THB6.09 billion in the same period a year earlier.
- Profit for the reporting period totalled THB1.9 billion, increasing from THB1.22 billion in 1Q13.
- Earnings per share rose from THB5.3 in 1Q13 to THB8.27 in 1Q14.
Despite SCCC’s promising first quarter results, delays in government spending on construction and infrastructure and ongoing political tension in Thailand could affect the company’s operations in 2014. Furthermore, domestic cement demand is expected to expand by only 2 – 3%. SCCC has implemented strategies for cost saving, boosting exports and maintaining price levels in order to protect the company’s operating results for the upcoming year.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/asia-pacific-rim/23042014/sccc_posts_significant_rise_in_net_profit_63/