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Supalai expects to meet target as costs fall

source: Bangkok Post Oct 21 2008 The listed developer Supalai Plc has reported eight billion baht in housing sales during the first nine months and is still maintaining its full-year target of 9.99 billion. President Prateep Tangmatitham said the company was confident the decline in construction costs would help lift sales to targeted levels in the fourth quarter. He said steel and oil prices had now fallen to the levels seen early in the year while interest rates were also trending lower. Positive factors also included the government's property tax incentives that run until March 28, 2009. In the third quarter of the year, the company recorded 2.85 billion baht in sales, up 73% year-on-year but down 3% from the second quarter. About two billion baht came from condominiums and 780 million from single houses and townhouse. During the first half, it realised 3.14 billion baht in revenue and expected to realise 1.2 billion in the third quarter. Its revenue target for all of 2008 is 5.8 billion baht. ''Though the situation in the first half was challenged by the doubling of oil and steel prices, our performance continued to grow due to our quality service development,'' said Mr Prateep. Good sales came from the launch of City Resort Ramkhamhaeng worth 1.2 billion baht, which is now 90% units sold. Of the sales totalling eight billion baht in the first nine months of the year, 69% came from condominiums, 19% from detached houses and 12% from townhouses. In the fourth quarter, Supalai will launch six new projects _ four in Greater Bangkok and two in Phuket _ worth a combined three billion baht. To date the company has bought back a total of 75.82 million shares worth 183.35 million baht or 2.42 baht apiece on average after it announced on Sept 3 a plan to buy back around 120 million shares worth up to 360 million baht. Supalai shares (SPALI) closed yesterday on the SET at 1.90 baht, down one satang, in trade worth 7.68 million baht.

 

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