Bangkok--Nov 12--L.P.N. Development Public
L.P.N. Development Public Co., Ltd., its subsidiaries and joint
companies had consolidated income of Baht 1,211.34 million, an increase
from the same period of 2003 that had the consolidated income of Baht 530.64
million or an increase at 128.28%. The Company’s net profit was Baht 264.87
million. The net profit increased at 104.36% when comparing with the same
period of the previous year’s net profit of Baht 129.61 million. The
increase in sales volume and net profit in the 3rd quarter of 2004 resulted
from the Company’s efficiency in transferring the ownership right according
to the plan on 4 main projects, which were Lumpini Ville Mary — Sathorn,
Lumpini Place Narathiwat Ratchanakarin and Lumpini Center Ladprao 111
Building E and F. Furthermore, the Company has realized most income of
Lumpini Suite Sukhumvit 41 according to the Percentage of Completion Method.
Thus the project’s income was realized in this quarter though the transference
of ownership right would be in the 4th quarter.
The efficiency in generating gross margin from sales has improved.
The gross margin increased from 31.14 % to 34.65% or an increase at 3.51%.
This gross margin was purely from the Company’s business operation and
reflected the efficiency in cost and expenses control.
The cash ending balance in the Company’s statement of cash flow at
the end of the 3rd Quarter of 2004 was Baht 580.68 million, an increase from
the same period of 2003’s of Baht 343.70 million or an increase at 68.95%.
The increase in cash ending balance was due to the continuous transference
of ownership right. This, thus, increaseed the Company’s liquidity. The
Company would reserve some proportion of cash ending balance to purchase
plots of land for further condominium development. The D/E ratio decreased
from 1.10 : 1 to 0.53 : 1. However, when considering only on the interest
debt, the D/E ratio would only be 0.31 : 1. Additionally, the Company would
launch Lumpini Ville Sukhumvit 77 Phase II for sales in November 2004. The
project’s value was approximately Baht 1,200 million. This is the continuous
project of Lumpini Center Sukhumvit 77 Phase I, which all project’s units are
sold out
Summarized Table
Item Q3 2004 Q3 2003 % 9 months 9 months %
Change 2004 2003 Change
1. Total Income (Million Baht) 1,211.34 530.64 128.28% 2,163.93 946.45 128.06%
2. Gross Margin from Sales (%) 34.65% 31.14% 3.51% 34.74% 30.06% 4.68%
3. Gross Margin from Rent & Services (%) 20.66% 57.47% -36.81% 13.05% 44.60% -31.55%
4. Gross Margin from Sales, Rent & Services (%) 34.17% 32.73% 1.44% 33.77% 31.51% 2.25%
5. Earning before Interest and Tax (Million Baht) 314.84 131.07 140.21% 507.64 218.86 131.95%
6. Net Profit (Million Baht) 264.87 129.61 104.36% 436.39 210.11 107.70%
7. Net Profit (%) 21.87% 24.42% -2.56% 20.17% 22.20% -2.03%
8. Earning per share (Baht) 0.22 0.14 57.14% 0.4 0.23 73.91%
9. Book value per share (Baht) 2.1 1.44 45.83% 2.1 1.44 45.83%
Remark
1. Gross Margin from Rent & Services in the consolidated financial
statement of the 3rd quarter and 9 months accumulation were decreased when
comparing to 2003 due to the accounting re-categorization of the subsidiaries.
The salary & welfare of the front line staff were presently recorded as cost
of rent & services instead of selling & administration expenses as before. End.