High-end listed property developer Raimon Land saw its total profits for the last 18 months rise to more than THB1.1 billion when it reported net profits of THB169 million for Q3 2013.
During the first eight months of the year net profits totalled THB539 million – a 84 percent year-on-year rise.
Revenues of THB1.33 billion came mainly from continuing transfers of units at The River (pictured), and the company recorded a 34 percent gross margin.
The company’s backlog at the end of 3Q 2013 amounted to THB14.36 billion following the successful June launch of The Lofts Ekkamai, and healthy sales at 185 Rajadamri, Zire Wongamat and Unixx.
Chief Executive Officer Johnson Tan, commenting on the construction progress, said: “185 Rajadamri is imminent, Zire Wongamat is over 85 percent completed, the construction of Unixx is on track and the EIA for The Lofts Ekkamai has been approved.”
Simultaneously, the company saw a reduction of its borrowing costs through loan refinancing, resulting in better financial fundamentals.
“Altogether, steady transfers at The River, good sales in other projects, the positive reaction of the market towards The Lofts Ekkamai, plus the reduction of our financial costs are the key reasons behind our sound financial situation” said Johnson.
“This will enable us to pursue our targets and seize the right opportunities when they arise” he added.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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