Pruksa leads developers with 26.6 % profit rise for quarter

Real Estate May 11, 2018 01:00


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TWO of the three listed property companies that have announced their net profits for the first quarter of the year improved their position from a year earlier, thanks to strong demand for housing, but one of them suffered a drop in earnings.

Pruksa Holding Plc boosted its net profit by 26.58 per cent to Bt862.4 million and Ananda Development Plc posted a 3.13 per cent rise to Bt144.7 million, from the first quarter of 2017. Out of step with its two peers, LPN Development announced net profit of Bt298.3 million, a drop of 5.33 per cent from the same period last year. 

Pruksa Holding Plc’s deputy group chief executive officer Supattra Paopiamsap, announcing the performance for the quarter yesterday, said total revenue was Bt8.35 billion, a rise of 3.6 per cent from the year-earlier quarter. 

The company recorded presales for the three months of Bt12.69 billion, representing 24 per cent of its target of Bt53.74 billion for the year, Supattra told a press conference.

The growth in both revenue and profit came from the transfer of condominiums at a number of residential projects under the value segment. Overall, the company said it had delivered a strong performance this year. In the opening quarter, Pruksa launched 15 residential projects worth Bt9.8 billion: 10 townhouse projects, four single-detached house projects and one condominium. Pruksa had a total sales backlog of Bt31.37 billion, a 16 per cent increase from the last quarter of 2017. Of this amount, Bt15.02 billion will be booked this year. Pruksa also has 188 active projects, valued at up to Bt96.12 billion.

For this year, Pruksa plans to launch 77 residential projects, worth Bt67.8 billion, in both the value and premium segments under its business roadmap.

Ananda Development Plc announced a strong rate of transfers of properties to customers in the first quarter, at Bt3.84 billion, up 72 per cent from the same quarter of 2017. 

The company also reported strong quarterly presales of Bt6.68 billion, 51 per cent above its result in the year-ago quarter. The company is maintaining its annual transfer target for the year at Bt38 billion. This would represent growth of 152 per cent year on year and keeps the developer on target to meet its “4 in 4 Roadmap, 4 times bigger in 4 years” commitment. Under this plan, it expects to increase transfers by over 400 per cent from the Bt15.1 billion recorded in 2017 to Bt70 billion in 2021, the company’s chief executive officer Chanond Ruangkritya said yesterday.

Ananda reported total revenue of Bt2.82 billion for the quarter, up 22 per cent from the same period last year. In the three months, the company launched two condominium projects with a total development value of Bt4.32 billion, in line with guidance.