Despite carrying unsold condo units ready to transfer worth a total of 33 billion baht, SET-listed Ananda Development is planning to launch seven new projects worth a combined 18.6 billion baht this year.
Chanond Ruangkritya, president and chief executive, said the company expected 23 billion baht in presales from the launch, an increase of 18% from last year, and transfers worth 14.5 billion baht, a rise of 10%.
"Last year was extremely challenging in terms of operations due to various factors. However, we adapted to the circumstances to accommodate rapid changes, including dealing with risks and uncertainties that may arise," he said.
Ananda reported a drop of 5.4% in revenue to 3.8 billion baht in 2023 from 4 billion baht in 2022.
It posted a jump of more than five times in net losses to 886 million baht from a net loss of 163 million baht.
The losses were mainly from the increase in real estate costs that it recognised a provision allowance for loss on diminution in project value added in the cost of real estate sold, and a decrease in other incomes in which special profits from the sale of investments in subsidiaries amounting to 537 million baht was recorded.
As of the end of 2023, it had a net interest bearing-debt-to-equity ratio of 1.67 times which consecutively rose from 1.01 times at the end of 2022 to 1.34, 1.47 and 1.54 in the first, second and third quarters of 2023, respectively.
"We aim to close sales of eight projects worth a combined 20 billion baht this year. We built confidence among investors and shareholders by fully repaying redeemable shares worth 3.8 billion baht as scheduled, completed in January this year."
Additionally, it prepared to redeem shares as scheduled in July, worth 3.23 billion baht.
Ananda had unsold condo units ready to transfer worth a combined 33 billion baht as of the end of the third quarter of 2023.
These would be recognised as revenue once sold.