Business News
Siam Cement's net profit falls by 45 per cent
Jan 28, 2009, 9:36 GMT
Bangkok - The Siam Cement Group, Thailand's leading industrial conglomerate, announced a 45 per cent drop in net profit for 2008, blamed largely on the global slowdown.
Total sales for SCG and its subsidiaries reached 293.2 billion baht (8.6 billion dollars), up 10 per cent year-on-year, but net profit fell 45 per cent 16.8 billion baht (494 million), president and chief executive officer Kan Trakulhoon said.
Kan blamed the dramatic drop in profits on the slowdown of the global economy, which resulted in a sharp decline for its exports of petrochemicals, lower margins and stock losses.
In the fourth quarter of 2008, the firm reported total sales of 55.1 billion baht, a 21 per cent decrease year on year, and a net loss of 3.5 billion baht, Kan said.
Siam Cement Group is Thailand's leading industrial conglomerate, with diverse operations in cement, construction materials, chemicals, pulp and paper.
The main shareholder in the group is the Crown Property Bureau, the investment arm of the monarchy.
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