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.
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(END) Dow Jones Newswires
October 27, 2021 21:00 ET (01:00 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.