Net profits at listed Thailand property developer Ananda Development Public Company Limited rose 188 percent in Q2 compared with the same three-month period last year.
Revenues for the second quarter were recorded as THB 2.519 billion Baht, which also showed an increase of 41 percent from the previous quarter.
The company announced a net profit of THB319 million, an increase of 188 percent from the preceding quarter, and an increase of THB415 million from the THB96 million loss in the same quarter last year.
It also reported presales for the quarter of THB1,671 billion, exceeding the guided presales amount by 109 percent. The company increased its full year presale guidance by 20 percent as a result of these strong figures.
Commenting on the results Muntana Aue-Kitkarjorn, Chief Financial Officer of Ananda Development, said: “Ananda Development is pleased to have achieved stronger than expected revenues and profits in the second quarter.
“Transfers were affected by the political and economic situation but demand from customers was strong enough that we achieved a 166 percent increase in revenue compared to the same quarter a year ago.
She added that the gross profit margin improved to 36 percent compared to 34 percent in the preceding quarter, and the net margin improved to 13 percent from 6 percent in the previous quarter – reflecting continued stringent cost control.
Chanond Ruangkritya, Chief Executive Officer of Ananda, said: “We are delighted to have exceeded our guidance for the quarter for both revenues and presales, despite the economic and political headwinds.
“As a company we have delivered very strong results in the first half despite the political issues that culminated in the change of government to military rule at the end of May. We are seeing a return to optimism since that low point and with a schedule of new project launches beginning soon we are more optimistic and this is reflected by our increased presale target for the year.”
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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