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Planning and investor-relations director Paopitaya Smutrakalin yesterday said the company was confident of achieving that target - the highest in the company's history - as well as those for revenue and net profit.

The company attributes its strong showing thus far to the automotive industry in particular, following government support for local expansion by both domestic and foreign investors, he said.

"Luckily, half of our clients

are existing ones that are expanding their business. They have long-term plans to expand their investments in the Kingdom," he said.

Besides, it is now that part of the normal business cycle in which clients expand in Thailand, he said.

"Today [Wednesday], we'll sign an extended contract with one existing client that will continue to conduct business in Thailand, and we're on schedule to sign others. These show we can definitely achieve our target," he said.

Hemaraj's share price closed at Bt0.82 yesterday, down 13.68 per cent on the day.

However, another industrial land seller, Amata, suffered a 21.97-per-cent plunge in its share price to end at Bt5.15. The industrial-land developer on Tuesday cut its land sales target for this year by 29 per cent, citing local unrest and the global financial turmoil.

Amata expects to sell as little as 1,200 rai of land at its in-

dustrial estates this year, down from an earlier estimate of

1,700 rai, senior vice president Viboon Kromadit said on Tuesday.

Potential clients "prefer to postpone their investment decisions", Viboon said. "The US financial crisis has already become global, and Thailand's political uncertainty continues. Both have worsened foreign direct investment."

DBS Vickers Securities (Thailand) estimates Amata's 12-month target at Bt6 a share, down from Bt14.33. The brokerage said that with political tensions escalating and the risk of a global economic slowdown rising, foreign direct investment in Thailand could weaken. That would translate into less-promising sales of industrial land for Amata over at least the next six months.

Hemaraj's Paopitaya admit-ted some business people had asked the company about the local turmoil and how it might affect investment in the Kingdom.

Hemaraj last year generated revenue of Bt5.23 billion for a net profit of Bt1.11 billion. In the first half of this year, it recorded revenue of Bt2.71 billion for a net profit of Bt900 million. For this year, the company has targeted growth in revenue of 5 to 15 per cent and a net profit of 15 to 30 per cent.

The company sold 934 rai of land in the first half of the year. It is also negotiating to sell land to Tata Motors (Thailand) at its industrial estate.