Economy & Market
Siam Cement profit down in 2014
The net profit of Siam Cement Group (SCG) for 2014 witnessed a drop of 8 per cent compared to 2013. The group however expects earnings to rise substantially in 2015, largely due to cement demand from the government´s planned infrastructure projects, according to Kan Trakulhoon, President and Chief Executive, SCG.
SCG´s net profit in the fourth quarter of 2014 was $271 million, up by 11 per cent from the same quarter in 2013, as greater margins for petrochemicals helped offset losses incurred from high inventories. However, for the full year of 2014, SCG´s net profit was down by 8 per cent at $1.03 billion.
According to Trakulhoon, cement demand would rise by an estimated 6 per cent to 42 mt in 2015. With greater demand at home in 2015, SCG sees cement exports to other ASEAN countries falling to 4 mt, down from 4.4 mt in 2014.