Listed property developer Ananda has revealed a rise in third quarter profits that showed a 124 percent increased year-on-year.
Despite what it described as concerns over a weakening market and tightening mortgage lending standards from local banks, the developer managed to grow its revenues from real estate by 88 percent over the second quarter, and by 35 percent 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 percent above guidance at THB 4.45 billion.
Chanond Ruangkritya (pictured), Chief Executive Officer 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: “2016 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 three years since the IPO”
