Tuesday, July 28, 2009

Thailand's Siam Cement Q2 net profit falls, above forecasts

BANGKOK, July 29 (Reuters) - Siam Cement PCL (SCC), Thailand's biggest industrial conglomerate, posted a 5 percent fall in second-quarter net profit on Wednesday as the economic recession hurt cement and paper earnings.

SCC which earns up to half its profit from petrochemicals, reported an April-June net profit of 6.84 billion baht ($201.4 million), below a year-earlier profit of 7.2 billion baht but above the 5.2 billion baht forecast by six analysts polled by Reuters.

SCC, which also makes paper, cement and building materials, posted a 5.2 billion baht net profit in the first quarter.

Before the earnings announcement, SCC shares were down 0.57 percent at 173 baht at the midday break, when the broader stock market was down 0.25 percent.

($1 = 33.98 Baht)

(Reporting by Viparat Jantraprap; Editing by Alan Raybould)

No comments: