Bangkok--24 May--PRDD
TICON announced its first quarter 2016 result with net revenue of 410 million Baht and net profit of 256 million Baht. The majority of revenue comes from gain on sales of investment units in its associates. The company foresees a positive outlook for the first half of 2016 with commitment to expand its projects both domestically and internationally.
Mr. Virapan Pulges, Managing Director of TICON Industrial Connection Plc (TICON) reported the first quarter performance for the period ended 31 March, 2016. Revenue totaled 410 million Baht and net profit came to 256 million Baht. The majority of revenue came from rental and related services totaling 248 million Baht, gain on sales of investment units in associates of 89 million Baht, and revenue from management fees totaling 51 million Baht. Moreover, the company gained on sales of investments in property funds/REIT and realized additional gains on sale of properties to associates in total of 334 million Bath.
"The first quarter results of 2016 continued to grow steadily and we foresee even more opportunities for growth in the first half of the year as targeted. There has been a good response to the government's investment promotion policy from major international customers, especially new investors who have never before operated business in Thailand, such as those from European countries, and Chinese manufacturers who will expand their production base to Thailand. TICON has received increased interest from Chinese manufacturers. Moreover, many of TICON's strategic locations including Eastern Seaboard, Bangplee and Wangnoi have received excellent response from customers. TICON Group also plans to develop additional warehouses."
TICON Group's goal is to add 280,000 square meters of leasable factory and warehouse space, and is budgeting 4 billion Baht for investment to strengthen its business capability nationally and internationally. Apart from investment in Indonesia, TICON is conducting feasibility studies and negotiating with local partners in Vietnam and is expected to conclude its evaluation in Q3 this year.
TICON Group continuously retains its leadership as Thailand's number one in the factory and serviced rental warehouse business with a total of 47 projects situated in strategic locations. These projects cover a total space under management of 2.3 million square meters, including TICON's ready-built factory projects with 1.1 million square meters of rental space, and TPARK's ready built and built to suit warehouses spanning 1.2 million square meters.