briefs

The Board of Investment (BoI) has endorsed a new strategy to promote overseas investment, especially in Indonesia, Myanmar and Vietnam.

The BoI at its meeting on Wednesday, chaired by Deputy Prime Minister Kittiratt Na-Ranong, also approved incentives for specific investment projects destined for Asean countries, China, India and elsewhere. 

Industry Minister MR Pongsvas Svasti said the strategy is expected to enhance the competitiveness of local businesses, boost overseas remittances and lift Thailand’s status in the global economic arena. 

Action plans to support the strategy include training programmes for entrepreneurs and Thai employees, and an investment centre. The board also highlighted target industry clusters and tax and other financial privileges.

It also agreed to encourage the manufacturing of big bikes here by extending promotions granted earlier to motorcycles with engines of 500cc or more to include engines of 250cc and up. 

Pongsvas said this would turn Thailand into a bigger big-bike manufacturing hub.

The waiver of duties on machinery imported to replace equipment damaged or destroyed by last year’s flood was also extended until the end of this year. Over 150 flood-affected factories in Ayutthaya and Pathum Thani are still preparing to file for the tax break. The original deadline was June 30. The BoI has already approved the applications of 490 factories for machinery worth Bt108.7 billion. 

 

SCCC 1st-half sales up 12.3%

Siam City Cement Plc’s half-year net sales increased by 12.3 per cent to Bt13.48 billion from Bt12 billion in the first half of last year.

Consolidated net profit attributable to equity holders decreased by 3.9 per cent to Bt2.08 billion from Bt2.17 billion in the first semester of 2011, the company said in a filing to the Stock Exchange of Thailand this week.

Earnings per share dropped to Bt9.08 from Bt9.45.

Cement consumption increased by about 6 per cent on the back of infrastructure activity, such as the foundation phase of the Blue and Green mass transit lines, and also a rebound in the private real-estate industry. However, the operating margin of the cement business was squeezed by lower bag cement prices and higher cement operating expenses influenced by energy costs, such as fuel and electricity.

SCCC’s board of directors has declared an interim dividend of Bt7 per share payable on August 31. It is the same as last year.

In its outlook for the full year, SCCC expects domestic cement consumption to grow over 5 per cent or beyond 29 million tonnes, as the construction industry is expected to enjoy solid growth buoyed by the government’s infrastructure plan. 

 

Dubai cargo airport booming

Dubai World Central is quickly establishing itself as an up-and-coming cargo airport in the region, according to the latest traffic statistics issued by airport operator Dubai Airports.

Cargo volumes at Dubai’s second airport surged 153 per cent to 56,271 tonnes during the second quarter compared to 22,252 tonnes during the corresponding quarter last year. 

Year-to-date cargo volumes rose 226 per cent to 106,333 tonnes from 32,634 tonnes during the same period in 2011. DWC’s first-half results follow robust growth in the first quarter when year-on-year freight at the airport shot up by 382 per cent.

DWC’s air traffic movements saw a similarly dramatic upswing in the second quarter, surging 136 per cent to 3,961 from 1,676, and in the first half, soaring 196 per cent from 2,526 to 7,474. 

 

Project nets Bt1.2bn for SC Asset

SC Asset Corporation Plc has successfully sold Bt1.2 billion of the Centric Sathorn-St Louis project worth Bt1.7 billion after its launch last month.