Most property developers reported a year-onyear drop in Q1 results, with low-rise housing outperforming condos.
Most developers reported a year-onyear drop in first-quarter results, with revenue from low-rise houses outperforming that from condos.
Residential developer Pruksa Real Estate posted 7.14 billion baht in revenue with a net profit of 922 million baht, down 45% and 40% respectively from the same period last year.
Two-thirds of the revenue was from townhouses and single detached houses, while the rest was from condos.
“The first-quarter performance was satisfactory, though the company was affected by the Covid-19 outbreak,” said Supattra Paopiamsap, chief executive of Pruksa Real Estate.
Presales in the period totalled 6.07 billion baht, plunging by 46% year-onyear, while sales backlog as of March 31 was 26.8 billion baht. Some 9 billion baht of the amount should be realised this year, Mrs Supattra said.
In the first quarter, Pruksa launched five new projects comprising three townhouse projects and two condo projects worth a combined 5.18 billion baht with a take-up rate of 25%.
SET-listed developer Land & Houses Plc recorded a 13% drop in consolidated revenue in the first quarter to 6.03 billion baht. Net profit declined by 26% to 1.34 billion baht.
Revenue from recurring income dropped 21% to 986 million baht while that from residential development totalled 5.04 billion baht, down 11.4%. Some 91% was from single houses and townhouses.
Golden Land Property Development Plc reported a drop of 18.2% in revenue in the first quarter to 3.99 billion baht. Net profit was down 46% at 351 million baht.
Revenue for Golden Land was only from low-rises houses as homebuyers shifted to this segment. The number of customers visiting project sites in the first quarter also rose 40-50% compared with the same period last year.
“Impact from the virus crisis on developer’s performance will be more obvious in the second quarter,” said Golden Land president Thanapol Sirithanachai.
SET-listed developer SC Asset Corporation Plc posted 4% growth in revenue to 3.31 billion baht in the first quarter, with a net profit of 301 million baht, down from 315 million baht.
Revenue from low-rise houses was 1.83 billion baht, while that from condo was 1.24 billion baht, the remainder coming from rents and services.
MAI-listed low-rise housing developer Kunalai Plc reported a 5% growth in revenue to 162.6 million baht with a net profit of 11.5 million baht. From April 1 to May 14 the company had 150 million baht in sales.