Thailand: The cement business of Siam Cement Group (SCG) reported a 22% decrease in profit in 2015 to US$286m from US$368m in the 2014. Its revenue fell by 3% year-on-year to US$5bn from US$5.2bn. It blamed the performance on poor market recovery in Thailand. Overall, SCG reported increased profits due to its chemicals business.
"As for the progress of SCG's investments in the Association of Southeast Asian Nations (ASEAN), we are continuing as planned and are able to accommodate and meet the market demand dynamics. The cement plant in Indonesia commenced commercial operation in November 2015, while the cement plants in Myanmar and Laos are expected to begin operation in the middle of 2016 and 2017, respectively. These investments are integral to the ability to support our market expansions and serve our ASEAN customers' demands," said Roongrote Rangsiyopash, President and CEO of SCG.
SCG expects that the ASEAN Economic Community will advance its businesses in key export markets in Cambodia, Laos, Myanmar and Vietnam in 2016. Positive economic trends are also anticipated in Thailand due to government stimulus policies and projects.
