Strong earnings reported by property firms in Thailand
Listed real estate developers have reported rising profits 2005 with Property Perfect Plc earning 1.1 billion baht, M.K. Real Estate Development Plc 713.7 million and L.P.N. development 588.38 million baht.
Property Perfect (PE) said it recorded 5.78 billion baht in consolidated revenue, up 27.6% from 4.53 billion in 2004. Its net profit rose by 7.6% from 1.01 billion baht in 2004 while earnings per share last year were 1.40 baht.
PF share closed yesterday6 on the SET at 5.65 baht, up 30 satang, in trade worth 165.7 million baht.
M.K. Real Estate reported2.37 billion baht in revenue last year, up 36.3% from1.74 billion in 2004. Its net profit rose by 59.2% from 448 million baht in 2004, about 254.6 million baht of which came from debt restructuring. Earnings per share last year were 0.82 baht.
M.K. shares closed at 2.96 baht on the SET, down 18 satang, in trade worth 186.86 million baht.
L.P.N. Development had a total revenue of 3.58 billion baht, 44.55% higher than 2.48 billion baht in 2004. The growth was due to the ownership transfer of 2,243 condominium units in Lumpini Center Sukhumvit 77, Lumpini Place Rama III Riverview, Lumpini Ville PHahon-Sutthisam and some earlier projects. The unit transfers were 59.42% greater than the 1,407 unit recorded in 2004.
Tikhamporn Plengsrisak, the company’s chief executive officer, said the company paid 221.11 million baht in corporate income tax after the expiry of a tax-shield benefit. Its net profit still rose by 31.22% from 448.39 million baht in 2004 due to more sufficient management.
Profit before interest and tax was 876.17 million baht, up 70% from 360.81 million baht in 2004. Its earnings per share were 0.43 baht.
In trade worth 28.88 million baht, L.P.N. shares finished trading at 4.36 baht on the SET, down four satang,