Bangkok--14 May--Five W&H
2Q/2020 total revenue recorded at THB 5,090 million, an increase of 10.43% Q-o-Q. Recurring income growth of 1.85% Y-o-Y together with a THB 414 million gain from sales of land and divestment of FTREIT units provided earnings uplift and further unlocked the portfolio valueImpact to industrial property and commercial business remains limited given the long-term lease nature of tenants which provides certain degree of revenue visibility Balance sheet featured a strong cash position and well-balanced asset portfolio across multi-property sectors with robust cashflow generating capacity
Frasers Property (Thailand) Public Company Limited (“FPT”), a leading provider of integrated real estate platform, today announced its financial results for the second quarter of fiscal year 2020 ended March 31, 2020.
Mr. Sopon Racharaksa, President of Frasers Property Thailand, said, “For the second quarter of fiscal year 2020, FPT registered total revenue at THB 5,090 million, an increase of 10.43% Q-o-Q, but a slight dip of 7.60 % Y-o-Y amidst challenges arising from the COVID-19 outbreak and Thailand’s slowing domestic economy. Gain from sales of land and investment monetization of THB 414 million however provided an uplift to our earnings performance. We continue to remain prudent in our cost control with SG&A down by 6.75 %, leading to a recorded 2Q/2020 net profit of THB 851 million or a healthy increase of 9.42 % Y-o-Y”.
On 12 May 2020, the Board of Directors resolved to approve the capital increase by means of Right Offering (R/O) under the general mandate up to 15% of paid-up capital at THB 10.60 per share. Mr. Sopon remarked, “The additional capital will provide funding for planned CAPEX and give us additional bullets for bargain investments in this market”. Subscription will take place by the end of June 2020.
The industrial property business reported the 2Q/2020 revenue performance of THB 443 million, stabled Y-o-Y and Q-o-Q, with gains from divestment of small FTREIT units as well as sales of land in the EEC area to Midea Group, a leading global home appliance provider based in China. As of 31 March 2020, cumulative net add softened to 52 K sqm due to the expiry of short-term leases, as well as social distancing measures that halted marketing activities. Impact to key tenants in the automotive and electronics sectors which accounted for 32% of total tenant mix remain limited at this juncture. Overall portfolio occupancy was well maintained at 80% this quarter, thanks to strong take-up of ready-built factories with occupancy at a five-year record high of 76% from 73% in 2Q/2019. We see ongoing demand from smart electronics and automotive, medical, plastic, metal and machinery sectors.
Residential property business booked 2Q/2020 revenue of THB 3,557 million, stabled Q-o-Q but slipped by 19.08% Y-o-Y as a result of slowdown in residential property market following LTV and COVID-19 lockdown measures. As of 31 March 2020, Golden Land had total pre-sales value of THB 7,398 million from 61 active projects, with of THB 2,875 million backlog awaiting to be transferred. Golden Land has delayed launches of new projects, with sales and marketing activities expected to pick up after COVID-19 when overall buying sentiment returns.
"We will continue to closely monitor the COVID-19 situation and to ensure that operations are carried out in a safe, effective and responsive manner. Precautionary safety measures have been put in place for the well-being for our customers and staff. These include temperature screening for all visitors to our sites, disinfectant spraying, distribution of sanitisers as well as implementing work-from-home policy for staff. With our diversified portfolio, we are confident of riding out this challenging period and will be ready to capture new opportunities when they arise," Mr. Sopon concluded.
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หมวดข่าว: เศรษฐกิจ/การเงิน
คำค้น: FPT