Asset sales by Thailand“s biggest industrial conglomerate, Siam Cement Plc (SCC), should help bring in a sturdy 2001 net profit and new acquisitions will boost revenues this year. Analysts expected S…
Asset sales by Thailand“s biggest industrial conglomerate, Siam Cement Plc (SCC), should help bring in a sturdy 2001 net profit and new acquisitions will boost revenues this year. Analysts expected SCC, which is watched closely as an indicator of Thai corporate health, to post a net profit in the range of THB 7.8-8.7 billion in its year-end financial statement due on 30 January. The firm made a net profit of just THB 41 million in 2000, but has since reduced its debt and added around THB 2.3 billion to the bottom line from selling non-core assets to concentrate on its paper, petrochemicals and cement businesses. SCC returned a net profit of THB 6.63 billion in the first three quarters of 2001. Analysts say the firm is now looking much more compact and should see steady revenue growth in coming years. Despite a 70% gain in SCC“s share price since early November 2001, most analysts still rate the firm a “buy”.