Siam City Cement Plc (SCCC)
- 3Q13 normalized profit is B1.218bn, growing 51%yoy
SCCC’s 3Q13 net profit was B1.212bn (B1.218 excluding B6m Fx loss), growing
51%yoy. SCCC’s revenue rose 15%yoy, along with domestic construction.
Moreover, cement price in Thailand and bordering markets increased, whereas
coal price fell. Thus, 3Q13 gross margin was as high as 45.6%. However,
increase in provision for employee expense raised administrative expense from
the normal level by B100m. Moreover, share of profit from LANNA dropped to
B40m. SCCC’s 9M13 normalized profit was B4.044bn, growing 31%yoy. SCCC’s
end-2013 net gearing rose to 0.26x after August interim dividend payment.
Thus, there is less shareholding.