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Siam Cement's Third-Quarter Profit Dropped 30% on Lower Demand, Impairments

   By Ben Otto 
 

Siam Cement PCL's third-quarter net profit slid 30% from a year earlier, partly due to lower demand amid the resurgence of Covid-19 and regional lockdowns.

Net profit fell to 6.82 billion baht ($205.0 million), as the company saw softer demand domestically and regionally and booked an asset impairment related to a cement plant in Myanmar, Bangkok-based Siam Cement said late Wednesday.

Revenue from sales rose 31% to THB131.825 billion, helped by higher prices for chemical products.

Net debt rose by THB45.82 billion to THB224.05 billion, due largely to capital expenditure on a petrochemicals project in Vietnam, the company said. Siam Cement expects full-year capex and acquisitions of THB80 billion to THB90 billion, followed by capex of about THB40 billion in 2022.

The company separately said it had set up a company in the Philippines to provide international forwarding logistics services, part of a strategy to expand its logistics business across Southeast Asia.

 

Write to Ben Otto at ben.otto@wsj.com

 

(END) Dow Jones Newswires

October 27, 2021 21:00 ET (01:00 GMT)

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