SC Asset's first-quarter net profit leaped 219 per cent year on year to Bt222.37 million, thanks to robust sales. However, the developer's earnings before interest, tax, depreciation and amortisation grew at the slower pace of 159 per cent year on year to Bt263.34 million.

Cash flow growth was held back by interest expenses and income tax escalating 12.4 and 50 per cent, respectively, following increases in interest rates and operating profits of the company and its subsidiaries.

First-quarter revenues at SC Asset, owned by the ousted prime minister's family, soared 115 per cent year on year to Bt916.47 million, outstripping total expenses, which jumped 101.5 per cent year on year to Bt653.13 million.

Executive vice president Attapol Sariddipuntawat yesterday said the company posted a 101-per-cent hike in its first-quarter operating profit, to Bt851 million.

Sales, accounting for 76 per cent of operating profit, increased 176.5 per cent to Bt648.3 million, because the company recognised revenues from residential sales, with Bt759 million coming from the Centric Scene condominium project.

"The residential projects that recognised sales revenues in the first quarter were three single-family home projects - Bangkok Boulevard Ram-Indra, Bangkok Boulevard Rama V and Bangkok Boulevard Chaeng Wattana; two town-house projects - Vista Park Watcharapol and Vista Park Vibhavadi; and Centric Scene," Attapol said in a statement to the Stock Exchange of Thailand.

Revenues from rental and rendering services, accounting for 23 per cent of operating profit, rose 6.7 per cent to Bt197.4 million as a result of increased rental rates in the Shinawatra Tower 3  and an new office building on Phaholyothin Road which opened at the end of last year.

Revenues from consulting and management services increased 14.76 per cent to Bt4.82 million.

Like other developers facing fiercer competition, SC Asset also experienced increases in cost of sales and selling and administrative expenses.

Cost of sales increased 196.66 per cent - a higher rate than for sales revenues - to Bt446.47 million.

Selling and administrative expenses totalled Bt113.16 million, up 31.97 per cent year on year, due mainly to increases in official and transfer fees and specific business taxes, reflecting rising sales.

The cost of consulting and management services rose 40.76 per cent to Bt2.97 million.

As of April 7, the two daughters of  the deposed prime minister - Paetongtarn and Pinthongta - were major shareholders, owning 28.97 per cent each.

His wife, Pojaman, and her stepbrother, Bhanapot Damapong, held 2.88 and 4.95 per cent, respectively.

Anoma Srisukkasem

The Nation