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Pruksa takes great pride

Pruksa Real Estate Public Company Limited (PS) is proud to unveil its remarkable Q3/2011 performance. A noteworthy presale value of 7,684 Million Baht was achieved, with 6,493 Million Baht in total revenue, and, 761 Million Baht in net profit being obtained. In comparison with the same period last year, despite a slight drop in the net booking, both the total revenue and the net profit significantly increased by 71% and 112% respectively. The company also announced that it has already put in place a well thought-out business plan to cope with the Great Flood sweeping Thailand in the last quarter of this year.

Mr. Thongma Vijitpongpun, President and Chief Executive Officer, Pruksa Real Estate Public Company Limited, disclosed that, “We are very satisfied with our Q3-2011 performance even though the net booking, the total revenue and the net profit achieved during this quarter were all lower than those obtained during the second quarter of the year. Our net booking in Q3-2011 closed at 7,684 Million Baht, a 24% drop from 10,154 Million Baht recorded during the same period last year. However, our total revenue for Q3-2011 was achieved at 6,493 Million Baht, a 71% increase from 3,788 Million Baht of Q3 last year; and, the net profit was closed at 761 Million Baht, also a bold 112% rise from 359 Million Baht of last year. All in all, the first nine months of 2011 have generated 18,722 Million Baht in total revenue and 2,480 Million Baht in net profit, a growth of 14% and 2% respectively in comparison with last year’s performance.”

“On the overseas front, during this quarter, we began acknowledging a backlog of sales revenue from ownership transfers of the first 29 units at the Coral Ville Maldives, valued 74 Million Baht in total. More revenue from this project will be acknowledged during Q4 of this year. Also, to cope with the current Great Flood situation, we have decided to adjust our business plan by slowing down our investments, and at the same time, spending more time on restoring projects affected by the floods. We have also temporarily ceased production of all pre-cast concrete materials at our Pruksa Precast   Factory and have relocated all machinery to high ground. We estimate that it is going to take about 4 weeks before we resume our full operation.”, added Mr. Thongma.

Mr. Prasert Taedulayasathit, Director and Chief Business Officer, Pruksa Real Estate Public Company, revealed that, “The presale value of Q3-2011 wasn’t as high as we earlier predicted, primarily because many customers postponed their decisions to wait for the new government’s ‘First-Home Buyers Policy’ and ‘Tax Deduction Policy’ to take shape. However, Pruksa was quick to adapt to the situation and was able to complete ownership transfers of 3,540 units, valued at 6,444 Million Baht in total. This was a 71% rise from 3,761 Million Baht achieved during the same period last year. Referring to the units transferred, 48% was from townhouses, 33% from detached homes, 18% from condominiums and 1% from overseas investments.”  

“During this quarter, we have launched a total of eight new projects, valued at 9,653 Million Baht in total. They include four townhouse projects, three detached-home projects, and one condominium project. This took our total number of new projects launched in 2011 to 46 projects, valued at 54,495 Million Baht. They are comprised of 28 townhouse projects, 14 detached-home projects, and 4 condominium projects. Looking forward into the last quarter of the year, we are putting in place plans to cope with the aftermath of the Great Flood by postponing any new project launch and focusing instead on rebuilding and restoring all of our existing projects which have been effected by the flood crisis.”, concluded Mr. Prasert.

Source: Company Website

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