Ananda Development PCL announces third quarter profits up 124% from the previous quarter on the back of Revenues from Real Estate up 88% from the previous quarter
Ananda Development Public Company Limited announces that despite concerns over a weakening market and tightening mortgage lending standards from local banks it managed to grow Revenues from Real Estate by 88% over the second quarter to 2,251 million Baht and by 35% from the same quarter a year prior. In addition the company also reported strong presales from both new launches and existing projects with presales 39% above guidance at 4,452 million Baht
Net profits increased 124% from the previous quarter to 161 million Baht. 3rd quarter Revenues from Real Estate were 9% above recent guidance at 2,Ananda Development PCL56 billion Baht, and the company had other income of 414 million Baht mostly in the form of payments from the joint ventures with Mitsui Fudosan, combining to a total revenue of 2,665 million Baht, an increase of 73% from the previous quarter. The guidance for the annual revenue for the year remains unchanged at between 1Ananda Development PCL - 11 billion Baht
Commenting on the results Ms Muntana Au-kitkajorn, Chief Financial Officer for Ananda Development said, "The revenue was better than expected. Additionally, the company continued to control costs as admin costs rose by only 12% year on year even as revenues rose 32%. The total SG&A was distorted as the annual Siam Paragon sales event took place in the third quarter this year compared to the fourth quarter last year, but the overall equivalent comparison of sales costs was down by over 11Ananda Development PCL million Baht like for like."
During the quarter the company launched three new condominium projects, with a total development value of 1Ananda Development PCL.76 billion Baht. Comprising the 5 billion Baht Ideo O2 project near the Bang Na BTS station, the 2.7 billion Baht Ideo S115 near the Pu Chao station and the 3 billion Baht Ideo Q Chidlom near the Chidlom BTS station. The company adopted a new sales strategy in releasing only a limited number of units at initial launch with units to be released in phases over the construction period. Over 7Ananda Development PCL% of the units released were sold at launch.
Including sales from existing projects the company generated total presales for the quarter of 6.2 billion Baht, 39% above guidance for the quarter and presales for the first nine months totaled 18.68 billion Baht, representing 81% of the company's initial annual presales target of 23 billion Baht.
Commenting on the success of the recent launches, Mr. Ted Thirapatana, Chief Business Development Officer for Ananda, stated, "Presales for the quarter were stronger than planned. The new projects have been well received and we expect them to continue to sell steadily. We were especially pleased that our landed housing hit a new quarterly record with 1.2 billion sold in the quarter as it demonstrates the progress we're making with the new Arden brand housing launches."
The company ended the quarter with a backlog of 36.3 billion Baht, due to transfer over the next 3 years, with more than 85% of the remainder of the year's revenue target already presold and part of the backlog.
The company also released its initial business plan for 2Ananda Development PCL16. It stated that it expects to see revenues from real estate rise by the equivalent of 43% next year once the contribution from the Ideo Q Chula Samyan joint venture project is included. This leads the company to expect the equivalent of around 15 billion Baht in revenue, up from an expected 1Ananda Development PCL.5 billion Baht this year.
Due to the company's capital cycle the year will see a decrease in new projects launched with a total project value of new launches projected to be around 22 billion compared to 34 billion in 2Ananda Development PCL15. The company will launch 1Ananda Development PCL new projects. 8 of the projects will be condos, 4 of which will be joint ventures and 2 projects will be housing.
Despite the reduction in launch value the company expects total presales for the year to remain almost the same at 22 billion Baht compared to 23 billion this year as it will sell more units from previously launched projects.
The company expects to keep its preferred measure of leverage, Net Interest Bearing Debt to Equity, at 1:1 for the year, exactly at management's long term target.
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to continue to achieve such strong results in the quarter and in particular that we are maintaining our growth and performance while maintaining a strong discipline on costs and borrowing. Ananda is the market leader in Bangkok mass transit living and through the constant innovations in both building design and every other aspect of real estate development we aim to maintain our leadership in the condominium market."
He added, "2Ananda Development PCL16 is the year when we begin to see the results of the capital raised at IPO begin to come through significantly as revenues and profits. We expect a number of years of very strongly rising revenues to come as we begin to harvest what has been sown over the 3 years since the IPO"
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