The developer also turned things round dramatically in the first six months - from a Bt47-million net loss a year ago to a Bt165-million gain, according to its filing with the Stock Exchange of Thailand yesterday.

Higher sales revenue booked in the period and increased rental and service income in the first half boosted the company's earnings. Revenue from sales for the period surged 90 per cent year on year to Bt1.57 billion.

"The increased amount is mainly a result of the recognised income of the Infinity project at Bt425 million, Golden Nakara at Bt150 million, and Grande Monaco at Bt122 million, respectively," the company said.

In addition, rental and service income rose by 17 per cent from the same period last year to Bt198 million.

"The increased amount is a result of the higher occupancy rate and room rate of The Mayfair Marriott Executive Apartments, The Ascott Sathorn and Golden Land Building, which caused the bottom line to be improved from the previous year," the filing stated.

Despite robust earnings in the first half, Golden Land's sales costs, interest expenses and selling and administrative expenses rose compared to the same period last year.

Its sales costs in the first six months amounted to Bt942 million, up 89 per cent year on year.

"The selling and administrative expenses recurring to the amount of Bt390 million have increased by Bt51 million, or 15 per cent, from the same period of 2005 due to the increase of accrual specific business tax (transfer fee) of realised income for the Infinity project," the company said.

Interest expenses in the period increased by 28 per cent to Bt160 million in line with the rising cost of borrowing.

Golden Land's stock rose 4 per cent yesterday to finish at Bt6.50.