Thai Sahaviriya Steel turns to big Q3 profit

BANGKOK, Oct 29 - Sahaviriya Steel Industries PCL <SSI.BK>, Thailand's biggest hot rolled coil maker, posted a third quarter net profit of 1.3 billion baht ($38.8 million) on Thursday, beating forecasts, as product prices rose with the economic recovery.

It made a 1.4 billion baht net loss in the same quarter last year. Four analysts polled by Reuters had forecast an average profit of 920 million baht for the steel firm this time.

Planned spending by the Thai government on infrastructure projects should push up demand for steel in the rest of this year and next, analysts said.

Sahaviriya Steel was expected to post a net profit of 1.4 billion baht for the year on revenue of 30.4 billion baht, according to two analysts polled by Thomson Reuters I/B/E/S.

Its shares rose 43.7 percent in the July-September quarter, outpacing a 20 percent gain on the main Thai stock index <.SETI>.

Before the earnings announcement, Sahaviriya Steel shares were up 3.1 percent at 1.32 baht at the midday break and the main Thai stock index <.SETI> was down 2.1 percent. ($1=33.48 Baht)