Leading condominium developer Ananda Development has cited strong profits from joint venture projects for its first-quarter net profit of Bt232 million, a rise of 61 per cent on the same period last year.
First-quarter transfers including joint venture projects accounted for Bt5,631 million, 39 per cent higher than the guidance and a year-on-year increase of 47 per cent. Presales for the quarter of Bt4,815 million exceeded the company’s guidance by 19 per cent.
“Ananda has delivered satisfying results in the first quarter,” said the company’s chief executive officer Chanond Ruangkritya.0
“Net profits for the first quarter stood at Bt232 million, increasing 61 per cent year on year, supported by shares of profit from joint ventures from our efforts to grow the business via joint venture projects with our strategic partners, Mitsui Fudosan. We performed well in the first quarter in terms of transfers and presales, which were above the guidance by 39 per cent and 19 per cent, respectively,” Chanond added.
As of March, Ananda’s bookings backlog remained strong at Bt37 billion, and will be recognised over the next three years. In addition, the company plans to launch three new projects in the second quarter worth a total of Bt12.5 billion. The new launches include Ideo Q Phahol-Saphan Khwai, the largest joint venture project so far undertaken by Ananda with a development value of Bt9.765 billion. The project is expected to be finished and transferred in 2021. Also being launched in the second quarter are two housing projects with combined project value of Bt2.7 billion – UNIO Town Pracha76 and URBANIO Changwattana.
Ananda Development bills itself as the leading developer of condos close to mass transit stations.
Chanond added: “All in all, we continue to maintain financial discipline, with a long-term target of keeping net interest-bearing debt to equity at a ratio of one. We need to ensure that we achieve company growth without adding harmful risks which may affect the stability of the company in the long term.”