SCG earning plunges 42%
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Siam Cement Plc, Thailand's largest industrial conglomerate, today announced dismal quarterly earning, which showed a 42 per cent plunge from the same period last year to Bt4.28 billion.
Its first-first half results also slumped by 38 per cent to Bt10.25 billion.
At the press conference today, SCG President and CEO Kan Trakulhoon attributed the poor results to the down cycle in the petrochemical industry. Plus, the explosion at Bangkok Synthetics Co Ltd's plant in Rayong in May also forced the company and petrochemical affiliates to book Bt2 billion as inventory loss.
Despite a plunge in earning, he insisted that SCG is financially stable, with cash in hands worth Bt40.1 billion at the end of June 30. This is despite the investment of Bt24.84 billion this year.
SCG will pay the interim dividend of Bt4.5 per share, or a total of Bt5.4 billion or 53 per cent of the net profit. The dividend will be paid on August 23.
