July 31 (Bloomberg) -- Siam Cement Pcl, Thailand’s fifth-biggest company by market value, said net income more than doubled in the second quarter on dividend contributions and a recovery in margins at its petrochemical unit.
Profit was 9.9 billion baht ($316 million), or 8.27 baht a share, compared with 4.3 billion baht, or 3.57 baht, a year earlier, the company said. That exceeded the average estimate of 8.7 billion baht in a Bloomberg survey of 11 analysts.
Chief Executive Officer Kan Trakulhoon said today that Siam Cement will acquire a company that makes roofing products in Cambodia, Laos, Vietnam and the Philippines, extending a strategy of expansion in Southeast Asia to tap rising incomes in countries neighboring Thailand. Higher oil prices helped earnings recover at its petrochemical unit, Kan said on July 17.
Revenue increased 6 percent in the second quarter from a year earlier to 106.5 billion baht. The company said it received 2.9 billion baht in dividend contributions from SCG Investment during the period.
Profit at SCG Chemicals Co., Siam Cement’s petrochemicals unit, was 2.6 billion baht, from a year-earlier loss of 1 billion baht, the company said. SCG Paper said net income fell by 6 percent to 1 billion baht and SCG Cement had a 15 percent increase in profit to 3.4 billion baht.
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