Thai Automotive IndustryThai Industry NewsThailand Company News

Thai Steel Cable 2Q 2009 earnings recover qoq but still slump

Thai Steel Cable (TSC) announced recovering 2Q09 earnings of Bt23mn (EPS Bt0.09), up 121% qoq, but still slumping 62% yoy. These Bt23mn earnings were from a rather low base impacted by the weak auto industry with production cuts and shutdowns. Sales have remained low at Bt365mn, down 38% yoy, although slightly up 2% qoq. This fall was inline with auto and motorcycle production falls of 46% and 39%, respectively, in the second quarter. The gross margin improved to 17% from 12% in the previous quarter from better cost savings but down from a normal 20% last year from the lower utilisation. The S. G. & A. was low qoq at Bt43mn, while down from last year on the 32% slump in sales and came from cost control activities. Interest was zero as TSC is a debt free operation.

ThaiVest Editorial Team