Bangkok--Feb 15--124 Communications
Siam Future Development Plc’s (SF) net profit jumped by 488% in 2004 with large earnings from location procurement fees at Petch Kasem and Ekkamai projects along with the opening of 5 new projects, at Ladphrao Soi 120, SF Major Cineplex Cha Choeng Sao, J Avenue Thonglor 15, Family Center Changwattana, and Piyarom Park Sukhumvit 101/1 contributing to this outstanding result.
Mr. Nopporn Witoonchart, CEO of Siam Future Development Plc which is Thailand’s leading developer and manager of open-air shopping centers, said recently the company’s net profit jumped by as much as 488% in 2004, rising from 35.77 million baht in 2003 to 210.37 million baht, with total revenue reaching 622.15 million baht, an increase of 269% from 168.73 million baht obtained the previous year.
Mr. Nopporn said: “In 2004, Siam Future saw its net profit rise by 488% as a result of earnings from the location procurement fees at our new shopping centers in Lad Phrao Soi 120, SF Major Cineplex Cha Choeng Sao and J Avenue Thonglor 15. Moreover, we accumulated rent at Family Center Changwattana and Piyarom Park Sukhumvit 101/1 which we took over in March and October 2004 respectively.
“Additionally, SF obtained 378 million baht in location procurement fees from our latest large-scale projects, Petchkasem Power Center and Ekamai Power Center, which are being constructed and have Big C, Home Works and Index Living Mall as the main anchors.”
SF is planning to open at least 3 more shopping centers by next year including lifestyle and entertainment centers, The Avenue Changwattana and ,in 2006, The Esplanade Ratchadapisek with total rental area of 200,000 square meters, an increase of 233% over the past two years.
“The past year was very successful for SF because the centers we opened received excellent response from our customers. SF continues to focus on expansion by opening various types of shopping centers to match our customers’ needs,” Mr. Nopporn said.
SF’s Board of Directors has approved a dividend payout of ฿ 0.30 per share for 2004 with payment to be made to shareholders on March 25, 2005.
As of December 31, 2004, Siam Future’s net profit totaled 210.37 million baht, a 488% increase from 35.77 million baht obtained in 2003. Total assets amounted to 1,670.11 million baht which is an increase of 91% from previous year’s total of 872.73 million baht while shareholders’ equity rose by 96% from 438.35 baht to 860.05 million baht.
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