SET-listed Pruksa Holding Plc (PSH), the parent firm of Pruksa Real Estate Plc, reported third-quarter profit growth of 42% year-on-year, boosted by an increase of revenue from higher sales.
The company's statement said third-quarter net profit was 1.29 billion baht, up from 909 million year-on-year. Revenue from real estate sales totalled 10.05 billion, up 10.7% from 9.08 billion on year, and made up 99.6% of the company's total revenue for the period.
But the company reported presales for the quarter fell 8.5% to 11.9 billion baht. Townhouses and condominiums were the major contributors, generating 5.23 billion baht and 4.73 billion respectively, with detached house fetching 1.95 billion.
For the first nine months, Pruksa posted a net profit of 3.71 billion, a fall of 6.7% from 3.98 billion year-on-year, mostly due to higher advertising expenses as more condominium projects were launched.
For the period, the company launched 47 projects with a total value of 50.2 billion, down from 52 worth 42.1 billion year-on-year. The new projects comprise 28 townhouses with a value of 23.7 billion baht, 10 detached houses worth 10.1 billion and nine condominiums worth 16.3 billion.
The company reported total presales from real estate business of 38.1 billion baht, a rise of 9.8% on year.
But its total revenue fell 7.2% for the period to 30.7 billion baht, primarily due to a 7.2% drop in revenue from sales of real estate to 30.6 billion baht.
As of Sept 30, 2017, Pruksa had 185 ongoing and active projects with total value of 198 billion baht. They comprised 114 townhouse projects, 47 detached house projects, 20 value condos and four premium condos.
Pruksa reported interest-bearing debt consisting of short-term loans from financial institutions with a value of 4 billion baht and long-term debentures (issued by Pruksa Real Estate) worth 21.5 billion, classified into the current portion of long-term debentures with a value of 5 billion and 16.5 billion.
PSH shares closed on Friday on the Stock Exchange of Thailand at 24.10 baht, an increase of 10 satang, in trade worth 71.1 million baht.
