Supalai Public Company Limited (SPALI) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
SPALI’s net profit in 3Q19 was 1,270.17 million baht, decreased 55.72 million baht or 4.2% from the same period of last year, mainly due to the decrease in revenue and higher expenses.
The revenue from sales of real estate in the amount of Baht 5,643.55 million or decrease of 160.30 million baht or 3% from the same period of last year, divided into the revenue of 55% from the transfer of ownership of detached houses and townhouses and the remaining 45% was from the transfer of ownership of condominiums. The revenue was decreased mainly due to the criteria to supervise housing loans by adjusting the maximum loan-to-value (LTV) ratio of the Bank of Thailand, which will be effective from April 1, 2019 onwards
Selling and administrative expenses increased by 3% when compared with the same period of last year.
As of 30 September 2019, SPALI has house and/or condominium backlogs of 40,727 million baht. The company expects to transfer additional 6,715 million baht of these backlogs over the next 3 months of 2019, and 34,012 million baht over the next 4 years.