Thailand’s Siam Cement Group (SCG) has seen a six per cent YoY drop in revenue to THB105bn in the first quarter of 2020. Profit decreased 40 per cent YoY to THB6.97bn, due to the declining performance of its chemicals business on the back of decreased product margins.
The company’s cement building materials segment reported a four per cent YoY decline in revenue to THB46.2bn, attributed to lower sales in the domestic market. Profit was also down two per cent YoY to THB2.7bn, but improved 113 per cent compared to the previous quarter.
It has also reportedly reduced its investment budget to THB55-60bn from THB60-70bn at the beginning of the year, according to the Bangkok Post.
"SCG cannot give a figure for revenue this year because we don't know yet how long the COVID-19 outbreak will last and how much it will affect the economy," said Roongrote Rangsiyopash, president and CEO. "SCG hopes the government's infrastructure project, the Eastern Economic Corridor, will boost the domestic economy and investor sentiment during the crisis," he continued.
