The Stock Exchange of Thailand reports that 23 listed property firms recorded a total net profit of THB 8.48 billion in the first quarter of the year, a year-on-year increase of 77.45 percent.
In an article in The Nation, Ananda Development PCL weighed in on the firm’s 2014 prospects, with its chief financial officer Muntana Aue-Kitkarjorn saying that the company achieved a first quarter revenue of THB 1.79 billion, a 70 percent increase from the same period last year. Also, its net profit of THB 110 million in the quarter was almost double the THB 4.8 million earned a year earlier.
While transfers were affected by the political and economic situations, demand was strong enough to sustain growth. The firm remains confident that it can maintain revenue growth of 10 to 20 percent this year, and it continues to acquire land for future projects, with sufficient assets to reach revenue targets through 2016.
Other players also met first quarter success. Land & Houses’ net profit was THB 1.4 billion, followed by Pruksa Real Estate with THB 1.06 billion.
Market researchers expect the property sector to grow even more during the second half of the year, especially the fourth quarter, when most pending condominium projects will be complete and transferred to customers.
