Singha Estate Plc (S), the SET-listed property arm of Boon Rawd Brewery Co, projects it will become profitable for the first time since it entered the property business by acquiring Rasa Property Development Plc in 2014.
According to chief finance officer Methee Vinichbutr, the company started seeing good financial results in the first quarter.
From January to March, Singha Estate reported revenues totalling 637 million baht, a 99% increase. Its net profit amounted to 100 million baht against a net loss of 22.7 million baht in same the period last year.
The company recorded a net loss of 219 million baht on revenue of 2.14 billion baht last year, compared with a net loss of 241 million baht and revenue of 370 million in 2014.
Mr Methee said all three business units -- commercial, residential and hospitality -- had performed well, with high occupancy rates and unit sales.
At present, Singha Estate has 12 residential projects with remaining units on hand worth 5.03 billion baht. The units are handled by Nirvana Development Co, its housing development subsidiary, which focuses on high-end, low-rise developments.
The company's condo project, Esse Asoke, valued at 4.5 billion baht, currently has presales of 70%.
Singha Estate also owns two office buildings in Bangkok -- Suntowers and the Lighthouse -- which boast high occupancy rates of 94% and 82%, respectively. Its new 4.5 billion baht mixed-use project, Singha Complex, is under construction.
In addition, the company owns and run two hotels at home in Surat Thani and Krabi. It also owns and operates 26 Mercure-branded hotels in Britain through a 50:50 joint venture with Fico Group's subsidiary Fico Holding (UK) Ltd.
Mr Methee said Singha Estate was confident it would achieve its 7 billion baht revenue target this year, a 226% increase year-on-year, despite failing in two hotel acquisition bids in Europe and Asia valued at 6 billion baht.
"We will remain focused on acquisitions both at home and abroad," he said.
S shares closed yesterday on the Stock Exchange of Thailand at 5.10 baht, down 10 satang, in trade worth 55.6 million baht.