Ananda Development PCL announces Q2 net profits up 188% from the previous quarter and raises its presales target for the year again after higher than expected Q2 presales and announces an interim dividend.
The Company announced a net profit of 319 million Baht, an increase of 188% from the preceding quarter, and an increase of 415 million Baht from the 96 million Baht loss in the same quarter last year.
The company also reported presales for the quarter of 1,671 million Baht, exceeding the guided presales amount by 109%. The company increased its full year presale guidance by 20% to 11.6 Bn Baht.
Commenting on the results, Mrs Muntana Aue-Kitkarjorn, CFO of Ananda Development, stated that, “Ananda Development is pleased to have achieved stronger than expected revenues and profits in the second quarter. Transfers were affected by the political and economic situation but demand from customers was strong enough that we achieved a 166% increase in revenue compared to the same quarter a year ago. Our gross profit margin improved to 36% compared to 34% in the preceding quarter and the net margin improved to 13% from 6% in the previous quarter reflecting continued stringent cost control, with SG&A declining to 19% of revenue compared to 24% in the previous quarter.”
Commenting on the level of presales for the year, Mr. Ted Thirapatana, Chief Business Development Officer for Ananda, stated, “Exceeding our guidance for presales by 109% shows that despite the political situation and economic weakness in the second quarter, demand remains strong for affordable units close to mass transit stations. This was especially true in condos where we exceeded our targets by 200% despite no new launches, with all the presales coming from older projects. This demonstrates the depth of demand for mass transit units as the demand continues to be strong even without the excitement of new launches.”
He added, “Our customers are still not showing any sign of financial stress despite the economic slowdown, which reached its nadir in the quarter. Over 35% pay for their units entirely in cash and for a second quarter in a row, not a single one of our condominium customers was rejected for a mortgage during the quarter, making the remarkable statistic that not one of our condo customers has been rejected for a mortgage in the whole of 2014.”
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to have exceeded our guidance for the quarter for both revenues and presales, despite the economic and political headwinds.”
He continued, “As a company we have delivered very strong results in the first half despite the political issues that culminated in the change of government to military rule at the end of May. We are seeing a return to optimism since that low point and with a schedule of new project launches beginning soon we are more optimistic and this is reflected by our increased presale target for the year.”
He continued, “The company continues to make significant progress on its turn around since the IPO with profits in the second quarter of 319 million Baht a complete turnaround compared to the loss of 96 million Baht in the same quarter last year. Despite the political crises in the first half we continued to acquire land and now have acquired the land necessary for our next stage of growth and will launch additional projects later in the year.
He added, “The issuance in May of a four billion Baht bond at a fixed rate of 5.4% over 3 years also secures the financial position for our growth going forward and makes us less vulnerable to changes in the financial environment. The timing of this issuance at the height of the political crisis demonstrates that the market is willing to provide Ananda the capital it needs despite external conditions.”
He also added, “Our issuance of an interim dividend of 3 satang a share continues our policy of predictable and steadily increasing dividends for shareholders. This represents only 23% of consolidated first half profits and thus allows the company to have adequate capital to continue to invest to achieve our long term business plan and provides plenty of scope for continued predictability of dividend regardless of fluctuations in the stock market or short term profits.”
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