SET-listed developers' performance in the third quarter improved from the second quarter as the market recovered and adjusted strategies paid off.
Anuphong Assavabhokhin, chief executive officer of AP (Thailand) Plc, said the Covid-19 impact is huge and unlike other crises in the past.
He said the only way to survive is by resilient and careful management of cash flow.
"We will be lumbered with this crisis for the next six months at least," he said. "The impact of the crisis is not limited to Thailand but worldwide."
AP on Wednesday reported a net profit of 1.45 billion baht on revenue of 15.22 billion baht in the third quarter, up from 1.21 billion baht and 13.14 billion baht, respectively, in the second quarter.
Mr Anuphong said the quarterly growth was partly derived from a transfer of three condo projects in the Lat Phrao, Rama IX and Ratchada areas as well as a shift to the low-rise housing segment.
During the first nine months of 2020, AP recorded 35.18 billion baht in revenue, a historic high since its establishment and higher than last year's total revenue of 32.45 billion baht.
Thanapol Sirithanachai, country chief executive officer of Frasers Property Thailand Plc, said the company recorded 5.85 billion baht in revenue in the third quarter, up 20.5% from 4.86 billion baht in the second quarter.
"We focused on financial management to maintain stability and expanding business," he said.
In the first nine months, Frasers posted 15.84 billion baht in revenue, slightly down 0.4% from the same period last year. Net profit was 2.53 billion baht, up 7.8% year on year.
The revenue was mainly from residential sales under Frasers Property Home at 11.05 billion baht, down 6.2%, while revenue from rentals rose 16.5% to 4.78 billion baht.
Asset World Corp Plc (AWC) reported a recovery in revenue in the third quarter of the year, totalling 1.22 billion baht, surging by 63.5% from the second quarter as the domestic tourism industry improved.
AWC chief executive and president Wallapa Traisorat said almost all hotels, except the Sheraton Samui, were reopened since July.
Its two hotels, Le Meridien Bangkok and Double Tree by Hilton Sukhumvit, also joined as alternative state quarantine facilities.
However, the impact of the Covid-19 remains there, and AWC offered relief measures for tenants by cutting rents in its retail properties.
The third quarter saw a net loss of 620 million baht.