Thailand: Siam Cement Net Profit Drops 14 Percent in First Quarter

2007-04-26 00:00:00

< DIV > Siam Cement, Thailand's largest industrial group, said today that its first-quarter net profit fell 14% from a year earlier due to the impact of the domestic economic recession.

< DIV > said in a report that its first-quarter net profit reached 8.21 billion baht ( $236 million) in the year to March, while sales rose slightly to 65.3 billion baht, up 2% from a year earlier.

< DIV > a company official, who declined to be named, said: "Due to the overall domestic economic recession, the demand for cement has plummeted, and the company's net profit has also fallen sharply."

< DIV > Sales of chemicals account for about 50% of Siam Cement's total revenue. In the first quarter, domestic demand in the field of chemical products declined and sales were flat. Revenue from the company's cement business also fell 2% to 11.5 billion baht.

< DIV > Since the coup in September last year, Thailand's political panic has intensified, consumer confidence has declined and the domestic economy has suffered. In 2007, Thailand's economy is likely to decline. Recently, the Central Bank of Thailand has cut the growth forecast of Thailand's economy from 4.0-5.0% to 3.8-4.8%. Under pressure from business people and investors in Thailand, the Thai government has prepared to implement a consumption plan to support the soon-to-collapse Thai economy.
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