SCC’s 3Q18 Asset Impairments Poisons Its Profit to Sink 20%
SCC has lost about ฿2.4 billion of profit in 3Q18 due to asset impairments.
The Siam Cement Public Company Limited (SCC) has announced its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:
SCC reported ฿9.4 billion of profit in 3Q18, 19.97% lower than 3Q17 that gained ฿11.8 billion of profit. The main factor of a decline in profit is due to the asset impairments of 1,670 MB (mainly from the Cement – Building Materials Business) that is routinely assessed yearly, in addition to decreased chemicals margins. This represents a drop of -24% q-o-q in earnings for Q3/18.
Similarly, EBITDA was also affected by this asset impairments and registered 17,811 MB, a decrease of -33% QoQ, while Revenue from Sales grew 2% QoQ to 122,518 MB with growths from all businesses.
On a YoY basis, profit for the period dropped -20% YoY, also affected by the asset impairments and lower chemicals margins. Similarly, EBITDA dropped -10% YoY, while revenue from Sales gained +9% YoY from all businesses.