Ninety per cent of the area for lease has been taken up, the company said yesterday in a report to the Stock Exchange of Thailand. In the first three months, it posted a consolidated net profit of Bt457 million, an increase of Bt92.1 million, or 25.2 per cent, over that for the first quarter of 2005.

Central Pattana also benefited from new leasable areas at Central Town Rattanathibet, which was completed in September last year.

In the first quarter, the company continued to renovate and expand CentralWorld Plaza to modernise it and maximise its saleable area. It will be re-launched in two phases and most of the space opened within the first half of this year.

"Although the company has made a large capital investment, its net interest-bearing debt-to-equity ratio is only 0.4 times - much lower than its policy [level] of 1:1," Central Pattana said.

"This is due to the company's financing sources: cash proceeds from properties leased to CPN Retail Growth Property Fund (CPNRF) last year and from cashflow."

In the first quarter, CPN record-

ed Bt1.59 billion in total revenue

from rental and service as well as

from its food and beverage busi-

nesses. This was an increase of 1.6

per cent over the same quarter last year, even though some revenues from Central Plaza Rama II and Rama III were partially transferred out to CPNRF.

Contributing to the increase was a strong take-up rate for office space at CentralWorld. The occupancy rate increased from 25 per cent in the first quarter of last year to 82 per cent this year. CPN is also reaping higher rental rates from new contracts.