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Published on February 28, 2008

The company also plans to launch six to eight residential projects worth Bt10 billion this year, driving its presales to Bt6.5 billion this year. That will be booked as revenue of Bt4.3 billion, said vice president Chaiwat Kovitchindachai.

Prinsiri announced revenue of Bt2.6 billion for a net profit of Bt77.98 million last year, down 10.34 per cent and 82.5 per cent, respectively, from 2006.

Chaiwat said the company had to expand into hotels and resorts because the hospitality business would generate rental income for the company. This will balance its business once the purchasing power of those seeking residences for sale drops.

The company will complete the deal with its new strategic partner in the joint venture in the second half of the year. Both new projects will start construction in the fourth quarter, with income generated for the company in 2010.

Meanwhile, Prinsiri set aside a Bt2.2-billion investment budget, with Bt2 billion to be spent on purchasing land and the rest on marketing.

However, Kim Eng Securities (Thailand) said on www.settrade.com that the company's share price was now overvalued after the company announced financial results for last year that were lower than in 2006.

Ayudhya Securities Research suggested speculation on a target price of Bt3.40 per share, or a price-to-earnings ratio of 12.5. Prinsiri closed yesterday at Bt3.04, down 2 satang, or 0.65 per cent, from Tuesday.

The Nation