Sino-Thai 2Q 2009 earnings decline

Despite higher construction revenue, the STEC 2Q09 earnings declined 10% qoq to Bt43mn. This was due to an increase in SG&A expenses and lower dividend income. However, when compared yoy, the net profit surged 5x, given a margin recovery and lower interest payments. Construction revenue rose 0.6% yoy and 29% qoq to Bt3.42bn, while the gross margin widened slightly to 3.95% in 2Q09 from 3.81% last quar