The company said it was likely to fall short of its sales target as at least 10 customers have delayed signing contracts with the company.

Amata president Viboon Kromadit said yesterday the company might not be able to sell many of its plots as foreign investors are concerned about their safety after the Bangkok blasts.

Several have put off plans to purchase land from the company.

He said Amata could not estimate its sales for the year as both existing and new customers are delaying their business plans.

The company's sales of about Bt2 billion last year fell far short of the estimated Bt5 billion to Bt6 billion.

In addition to the 10 customers who have said they are delaying expansion plans, a customer from Malaysia has already cancelled a contract with the industrial-estate company.

Many Japanese investors have also put their investment plans on hold until the security situation in the Kingdom becomes clearer.

Viboon said the amendment to the Foreign Business Act would not have as much an impact on the company's business as the security fears caused by the blasts in the capital.

Amata has reduced its investment budget to Bt1 billion from the planned Bt2 billion.

The amount required will be raised through borrowings as well as cash flow.

Viboon said that if foreign investors delay investments, Amata's plan to form 50 ventures by 2010 would be derailed.

Until now, the company has established only 10 such joint ventures.

"After assessment, we find the bomb blasts affect us more than other negative factors," Viboon said. Amata's president also said that it was unwise to hold the country hostage in a political tussle.

Amata expects 20 per cent of its revenue to come from land sales and 80 per cent from services in 2010.

This year, the ratio will be 70:30.

Viboon said that revenue from services would rise due to high growth potential.

This year, Amata will supply drinking water to industrial estates through its wholly owned subsidiary, Amata Water.

Siriporn Chanjindamanee

The Nation