Siam City Cement profits hit by purchase of new assets

Thailand: Siam City Cement’s profit in 2016 has been reduced by various costs including the purchase of Cemex’s assets in Bangladesh. The cement producer reported that its profit fell by 15% year-on-year to US$112m in 2016 from US$131m in 2015. Its sales revenue grew by 10% to US$977m from US$889m. In comments to the Nation newspaper, Siva Mahasandana, the cement producer’s chief executive officer, said the company's strategy to expand the business through key investments in Thailand and nearby regional countries had an immediate positive impact on sales. He added that the full benefit from its acquisitions were likely to be realised in 2017.