May 9 (Bloomberg) -- Siam Makro Pcl, Thailand’s biggest cash-and-carry wholesaler, rose to a four-month high in Bangkok trading after reporting a 45 percent increase in first-quarter profit.
The shares climbed 2.7 percent to 168.5 baht as of 2:30 p.m. local time, poised for the highest close since Jan. 11. The 480-member SET Index gained 1.6 percent.
Siam Makro, controlled by SHV Holdings NV, had a net income of 685 million baht ($23 million) in the three months ended March, compared with 472.2 million baht in the same period a year earlier. Revenue in the quarter climbed 11 percent to 23.8 billion baht, it said.
“Sales of fresh and frozen foods rose significantly in the first quarter on higher demand from restaurant operators,” Kawee Manitsupavong, an analyst at Asia Plus Securities Pcl, wrote in a note today. “Earnings will grow further in the second half with higher sales of frozen foods, which have higher profit margins,” said the analyst.
Asia Plus’s Kawee expects Siam Makro’s profit in 2011 to jump 33 percent to 2.49 billion baht on higher sales and new stores, according to the report.
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