Siam Pulp and Paper posts rise in net profit

Siam Pulp & Paper Plc (SPP), the affiliate of Siam Cement Plc (SCC), posted a rise in net profit for 2001, up THB 474 million to THB 3.27 billion from THB 2.79 billion a year earlier, Manager Daily sa…

Siam Pulp & Paper Plc (SPP), the affiliate of Siam Cement Plc (SCC), posted a rise in net profit for 2001, up THB 474 million to THB 3.27 billion from THB 2.79 billion a year earlier, Manager Daily said on 31 January 2002. However, in 2001, the company and its subsidiaries recorded total sales of THB 26.9 billion, compared to THB 27.3 billion a year earlier. SPP president Somboon Chuchawal said lower sales costs and decreased interest debts helped increase net profit. As a result, SPP will give THB 12.50 dividend to its shareholders. In addition, SPP said it does not have any plans to increase its current 61% stake in Phoenix Pulp & Paper Plc (PPPC). Aviruth Wongbuddhapitak, a director of SCC, said the company does not want to buy additional shares because PPPC shareholders are not willing to accept the offered price. SCC will start recording income from PPPC in the first quarter of 2002, he added. However, SCC has not yet sent its representatives to PPPC“s board of directors.