As the broker has mentioned before, though Hemaraj sold 114 rai in the first quarter - compared to 168 rai in the same quarter last year and 419 rai in the final three months of the year - most of its land sales were in the Hemaraj Eastern Seaboard Industrial Estate Phase 1, which has only been partially developed. As such, little revenue was booked in the first three months of this year.

The company's land-sale backlog carried over from last year is about Bt730 million. This was not recognised in the first quarter of 2007, and is expected to be recorded in the second to the fourth quarters.

Hemaraj plans to develop these pieces of land in the second half and to recognise portions of land-sale revenue by percentage of completion. The company also expects to see a significant growth in utilities sales in the second half on increased demand for water from its petrochemical customers in the Hemaraj Eastern Industrial Estate (Map Ta Phut).

The broker expects The Park condominium to contribute revenue flow to Hemaraj until the fourth quarter, with most of the income to be booked in the third quarter. Though the construction of the condo property was only 75 per cent complete in the first quarter, Hemaraj estimates it can transfer the first unit - the penthouse - late this quarter, and most of the others in the third quarter.