SET-listed retail and property developer Central Pattana (CPN) reported solid third-quarter results of 5.1 billion baht in total revenue and 229 million baht in net profit.
For the first nine months of this year, CPN posted total revenue of 20.9 billion baht and net profit of 5.33 billion baht.
The company attributed the performance and profit to efficient management and strategies in handling the ever-changing nature of the Covid-19 pandemic and the acquisition of real-estate development firm Siam Future Development (SF).
Naparat Sriwanvit, CPN chief financial officer and senior executive vice-president for finance, accounting and risk, said that the company retained its ability to generate profit despite the third and fourth Covid waves and strict safety measures.
"As the situation improved and the lockdown was relaxed, people have begun to return to their normal activities and all Central shopping centres have upgraded public health measures to 'Central Hygiene & Safety Safe Plus+' to build the confidence of customers and visitors," she said.
This resulted in rebounds of 70-75% in traffic volume at most shopping centres in Bangkok and of nearly 100% at shopping centres in other provinces, Ms Naparat said.
She also said Central Pattana continued to provide assistance to tenants during the lockdown. The approach helped reduce costs and expenses while retaining its financial liquidity and ability to generate profit during the period.
Furthermore, the successful acquisition of SF, which now has CPN as its major shareholder, is set to create substantial long-term growth.
The takeover combines the strengths of high-potential projects of SF and CPN, including multiple community malls, and Megabangna, a super-regional mall SF jointly invested in and developed with global retail leader Ikea.
CPN has been investing in various new projects. It opened Central Sri Racha, a model mixed-use development project worth 4.2 billion baht on Oct 27.
The company is also preparing to open Central Ayutthaya on Nov 30 and Central Chanthaburi in mid-2022.
In addition, it is jointly developing the Dusit Central Park project with Dusit Thani and expects to open the complex during 2023-2024.
The company is also studying the feasibility of other investments, including acquisitions and investments in Southeast Asian countries like Malaysia and Vietnam and new businesses with high potential to increase income sources and support its sustainable and robust growth plans.
CPN operates 35 shopping centres, one joint venture shopping centre, 17 community malls, 30 food courts, 10 office buildings, two hotels and 19 residential projects.
