Developers report mixed bag
Revenues track unsteady results
Large listed developers are reporting mixed performance for revenues in the first nine months this year, with condos remaining a key growth driver.
SET-listed developer AP Thailand Plc posted 27.1 billion baht in revenue, with a net profit of 2.9 billion baht from January to September, up 50% and 62% year-on-year, respectively.
Of total revenue, 13.2 billion baht was from condos and another 13.2 billion came from the low-rise (single house, townhouse and duplex) segment.
AP's presales in the first 10 months totalled 38.5 billion baht, growing 28% from the same period last year. Of the amount, 20.9 billion baht was from condos and 17.6 billion from low-rise houses. It aims to have 39.8 billion baht in presales by the end of the year.
AP had units from 100 projects in Greater Bangkok remaining for sale, worth a combined 53 billion baht.
As of the end of October, AP had a sales backlog of 54.1 billion baht, comprising 46.6 billion from condos and 7.54 billion baht from low-rise houses. Some 4 billion baht is expected to be realised this year, with the remainder booked until 2023.
SET-listed Supalai Plc reported presales growth of 14% to 28.7 billion baht in the first nine months. Of the amount, 54% was from condos and 46% from low-rise houses. It also accounted for 86% of its 2018 presales target or 33 billion baht.
Supalai recorded a net profit of 3.33 billion baht on revenue of 17.1 billion, down 19% and 5%, respectively. Net profit margin to revenue dropped from 22.7% to 19.4% in the same period.
Sales backlog totalled 44 billion baht as of the end of September. Of the amount, 8.13 billion baht will be realised this year.
After launching 18 projects worth a combined 21.5 billion baht during January to September, Supalai will launch 10 new projects worth over 6 billion baht.
Eight of the new projects will be outside Bangkok, with two each in Chon Buri and Rayong and one each in Phuket, Chiang Rai, Nakhon Ratchasima and Ubon Ratchathani.
Sansiri reported a sharp drop in net profit during the first nine months of 2018 to 1 billion baht from 2 billion in the same period last year.
Revenue from residential sales also declined 28% to 13.7 billion baht from 19.1 billion.
The key driver of the drop was a 57% decline in revenue from condos to 4.22 billion baht in the first nine months of 2018 from 9.8 billion in the same period last year.
Revenue from low-rise slightly rose to 9.5 billion baht from 9.33 billion.
Sansiri had presales of 43.6 billion baht in the first 10 months of the year, up 64% from the same period last year, and targeted to have 50 billion by the end of the year, which was revised up from 45 billion baht earlier in the year.
Presales from foreign markets in the period were 12.6 billion baht, with a target of 13 billion by year-end.
Property Perfect (PF) reported 518 million baht in net profit in the first nine months, up from 142 million in the same period last year, on revenue of 14.4 billion baht, up 34%.
PF cut its revenue target for this year to 20.6 billion baht from an earlier target of 24 billion as a land transfer valued at 1.1 billion baht to a joint venture firm was postponed to next year and revenue from the condo segment dropped.
The company reported a sales backlog of 6.74 billion baht, of which 3.61 billion will be realised this year.
Chewathai Plc, listed on the Market for Alternative Investment, posted a nine-month net profit growth of 898% to 244 million baht on revenue of 2.25 billion baht, which grew by 11% from the same period last year.
The company maintains a revenue target of 2.4 billion baht with 20% growth by the end of the year.