Bangkok--Nov 17--Central Pattana
Central Pattana reported a consolidated net profit growth of 472% YoY. The majority of this growth came from the gain from financial lease of its building and utility system of Central Plaza Rama2 and Rama3 to CPNRF (Gain of Bt2,767mil before tax or net gain of Bt1,937mil after tax). The Company has also made a provision for losses on impairment of its land bank of Bt407mil (or Bt285mil net after tax). Excluding these said gain/loss, CPN’s operating net profit still grew by 7% YoY due to higher occupancy rate of The Offices at Centralworld and relaunch of Rattanathibet.
CPN’s rental & service income grew by 14% YoY. The growth resulted from CPN’s ability to continually increase its rental rate and revenue sharing from all its operating assets, and more specifically, came from Central World Office’s strong take up rate in the past few months and also from the relaunch of Rattanathibet mall with additional retail space of 25,000 sq.m.
CPN also recorded as other income for the first time management fee and profit sharing
revenue from CPNRF of Bt11mil and Bt36mil respectively.
Cost of rental & service increased by 12% YoY in tandem to the growth of sales and due to the increase in depreciation expense brought on by Central World Office and Rattanathibet mall.
Administration expense saw a substantial increase of 272% YoY, primarily due to the impairment provision for one of its future development site that totaled Bt407mil (or net after tax of Bt285mil). Excluding this provision administration expense would have only increased 33% YoY due to the advertisement and promotion of the Rattanathibet relaunch. End.