Profits at two of Thailand’s most well-known property developers declined during 2017.
In statements to the Stock Exchange of Thailand this week, Raimon Land and Sansiri reported double-digit declines in their gross profit figures.
Raimon Land saw its grow net profit drop to THB 171 million from THB 757 million a year earlier. It said this was due to a decline is sales of its residential condominium units.
As at the end of 2017, the company record its backlog of THB 4.75 billion. The Lofts Asoke contributed 49.9 percent to the total, while The Lofts Silom (42.9 percent), 185 Rajadamri (3.1 percent), Mews Yen Akat (2.3 percent), The River (1.6 percent), UNIXX South Pattaya (1.5 percent), Zire Wongamat (0.6 percent) and The Lofts Ekkamai (0.1 percent) accounted for the remaining backlog.
Sansiri and its subsidiaries reported net profits of THB 2.8 billion during 2017, a decrease of 16 percent year-on-year.
It reported that revenue from condominium projects amounted to THB 12.897 billion.
The figure is approximately 50 percent of the developer’s total revenue from all of its project sales, and was a 33 percent decline from the THB 19.26 billion it recorded in 2016.
It said that 98 Wireless, MORI HAUS, and EDGE Sukhumvit 23 were the top three highest contributors in 2017, collecting revenue of THB 7.28 billion
These three projects alone accounted for 28 percent of Sansiri’s total revenue from project sales.