Bangkok--Mar 9--L.P.N. Development
L.P.N. Development Public Co., Ltd., its subsidiaries and joint
companies had consolidated income of Baht 2,478.39 million, an increase from
the same period of 2003 that had the consolidated income of Baht 1,943.58
million or an increase at 27.52%. The increase in the Company’s 2004
consolidated income was due to the ability to realize the income according to
the plan on the following projects: Lumpini Place Rama 3 — Charoenkrung,
Lumpini Ville Mary — Sathorn, Lumpini Place Narathiwat Ratchanakarindra,
Lumpini Center Ladprao 111 Building E-F-G and Lumpini Suite Sukhumvit 41.
The net profit of the Company was Baht 448.39 million. This was a decrease
at 3.50% when comparing to the previous year’s net profit of Baht 464.66
million. Termination of government’s stimulating approach for real estate
sector on 31 December 2003 resulted in relatively low in net profit of 2004
comparing to 2003 because the Company had to pay for the specific tax and
transference fee of 4.3% higher than before and also had to pay for the
income tax after the tax shield was expired in quarter 2 of 2004.
The Company’s efficiency in management has improved. This reflected
on an increase at 3.87% in gross profit from sales from 31.22% to 35.09%. The
profit came purely from the Company’s operation in which resulted from effective
control on cost and expenses.
The statement of cash flow at the end of 2004, the Company’s cash
ending was Baht 125.52 million, a decrease at 62.33% from the amount of the
same period of 2003, Baht 333.25 million. The Company’s cash ending decreased
as a result of purchasing four plots of land to develop in 2005. The D/E ratio
had increased from 0.53 : 1 to 0.90 : 1. However, when considering only on the
interest debts, the D/E ratio would only be 0.69 : 1. Moreover, the Company
anticipates launching 2 new projects in January and February 2005, which are
Lumpini Center Happy Land 5 and Lumpini Place Pinklao. The total project value
is approximately Baht 400 million and Baht 1,000 million respectively.
Summarized Table
Items Consolidated The Company Only
2004 2003 % Change 2004 2003 % Change
1. Total Revenue (Million Baht) 2,478.39 1,943.58 27.52% 2,363.95 1,856.58 27.33%
2. Gross Margin from Sales (%) 35.09% 31.22% 3.87% 33.55% 30.30% 3.24%
3. Gross Margin from Sales, Rent & Services (%) 33.04% 33.93% -0.88% 33.43% 31.43% 2.00%
4. EBIT (Million Baht) 515.36 467.21 10.31% 512.64 466.17 9.97%
5. EBIT Margin (%) 20.83% 24.04% -3.21% 21.69% 25.11% 3.42%
6. Net Profit (Million Baht) 448.39 464.66 -3.50% 448.39 464.66 -3.50%
7. Net Profit Margin (%) 18.09% 23.91% -5.82% 18.97% 25.03% -6.06%
8. Earning per share (Baht) 0.41 0.5 -18.00% 0.41 0.5 -18.00%
9. Book value per share (Baht) 2.11 1.71 23.39% 2.11 1.71 23.39%
End.