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Most fared better in first nine months

By on Nov 16, 2012 in Property News

Recovering demand for home purchases in the third quarter boosted the financial results of most of the top 10 listed property firms over the same quarter of last year. As a result, financial performance in the first nine months also improved.

Some firms did report reductions in revenue and net profit in the first nine months. However, they too expect to report full-year gains as they have a number of projects in the construction process and scheduled to transfer to customers before year-end.

Pruksa Real Estate reported revenue of Bt18.77 billion, up 0.26 per cent, and net profit of Bt2.63 billion, up 7.31 per cent over the first three quarters of 2011. As such, the company ranks as the market leader in terms of revenue in the period.

Land & Houses reported revenue of Bt17.47 billion and net profit Bt4.13 billion in the first nine months, up 5.05 per cent and 5.89 per cent respectively. The company ranked second in terms of revenue but surpassed Pruksa in net profit.

Sansiri showed revenue of Bt16.01 billion and net profit of Bt1.2 billion, up 24 per cent and 26 per cent respectively. The company also had presales worth Bt26.34 billion in the first nine months. It targets presales of Bt42 billion for the full year.

Quality Houses reported revenue of Bt9.54 billion and net profit of Bt1.66 billion, up 16.19 per cent and 107.5 per cent respectively.

Asian Property Development reported revenue of Bt10.78 billion in the first nine months, down by 0.9 per cent year on year. However, net profit recorded Bt1.42 billion, up by 18.33 per cent.

Property Perfect recorded revenue of Bt6.49 billion in the period, up 2.04 per cent, while net profit was down 49 per cent to Bt238.99 million.

SC Asset Corporation reported declines in both revenue and net profit, to Bt4.49 billion and Bt511 million. Those figures were down 22.78 per cent and 46.16 per cent from the first three quarters of last year.

Supalai also suffered declines. Revenue was down 42.62 per cent to Bt5.95 billion and net profit down 48.91 per cent to Bt1.18 billion.

LPN Development reported revenue of Bt6.37 billion and net profit Bt982.63 million, down by 43.92 per cent and 47.02 per cent respectively.

Transfers this quarter

Sansiri president Srettha Thavisin said that as of yesterday, the company had seen presales worth Bt31.01 billion since the beginning of the year and targeted Bt42 billion for all of 2012. The company has 12 condominium projects on the go that will be transferred to buyers during the remainder of the year worth Bt15.3 billion. This will drive its 2012 revenue to Bt26 |billion.

LPN Development managing director Opas Sripayak said it would deliver Bt7 billion worth of condos in the current quarter. This will boost its presales to achieve this year’s target of Bt10 billion.

A survey by The Nation found that at least Bt50 billion worth of homes would be transferred to buyers this quarter, by both listed and non-listed firms.

Sansiri will transfer at least Bt15 billion worth, LPN Development about Bt7 billion, Asia Property Development about Bt6.4billion, SC Asset Corp about Bt4 billion, and Pruksa Real Estate about Bt5 billion.

Source : The Nation 16 November 2012

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