Thai listed property developer Ananda Development has announced record annual profits, revenues and presales – maintaining its position as the leader in mass market condominiums in Thailand.
Revenue for 2013 was THB9.22 billion, an increase of 79.6 percent over the previous year. Profits for the full year were THB811.5 million, a turnaround from the loss in 2012 of THB199 million.
Chanond Ruangkritya, President and Chief Executive Officer, said: “Ananda is pleased to have achieved record annual profits and record single quarter profits in the fourth quarter. Transfers in the fourth quarter were affected by the political and economic situation, but demand from customers was strong enough that we achieved the highest single quarter revenue in company history.
“Strong financial discipline has ensured that despite much higher than expected pre-sales for the year, and the costs associated with those sales, we maintained a net margin of 8.8 percent.”
Commenting on the level of presales for the year, Chanond added: “By achieving THB21.08 billion in pre-sales for the year, we exceeded all our expectations and demonstrated the strong demand for affordable, quality units near mass transit stations.
“Our customers are not showing any sign of financial stress despite the economic slowdown. More than 35 percent pay for their units entirely in cash, and the percentage of our customers who were unable to transfer due to failing to get a mortgage was 0.16 percent for the year.”
Ananda is the current leader in Bangkok mass transit living and, according to BLS Research, is one of the five largest sellers of real estate in Thailand.
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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