Ananda Development still expects revenue growth of 10-20 per cent this year despite the country's political turmoil and stagnant economy.
Chief executive officer Chanond Ruangkritya said the company was continuing to acquire land for future projects. It has sufficient assets on hand to reach its revenue targets at least through 2016.
Revenue in the first quarter was Bt1.79 billion, up 70 per cent from the same period last year, while net profit of Bt110 million in the quarter was almost double the Bt4.8 million a year earlier.
The company also reported presales for the quarter of Bt2.14 billion, exceeding the guided presales amount by 53 per cent.
According to the Stock Exchange of Thailand, 23 listed property firms recorded total net profit of Bt8.48 billion in the first quarter, up 77.45 per cent year on year from Bt4.7 billion.
Land & Houses’ net profit was Bt1.4 billion, followed by Pruksa Real Estate with Bt1.06 billion.
KK Trade Securities Co expects the property sector to grow more robustly in the second half of the year, especially the fourth quarter, when most pending condominium projects will be complete and transferred to customers.
Ananda Development chief financial officer Muntana Aue-Kitkarjorn said the company had achieved stronger-than-expected revenues and profits in the first quarter.
Transfers were affected by the political and economic situations but demand was strong enough that the firm achieved a 70-per-cent increase in revenue year on year.
Its gross profit margin remained exactly on target at 34 per cent and the net margin of 6 per cent for the quarter reflects a relatively low level of total revenues as it had no new projects, but costs remained constrained, Muntana said.