Pruksa proudly presents a net profit of 687 MB in Q1-2009, an impressive 123% rise over last year, despite economic downturn

-12 May 2009 - Pruksa Real Estate Public Company Limited (PS) has marked the first quarter of the year 2009 with a substantial business growth in sales, revenue and net profit - and all these have been achieved despite the global economic hard time. Total revenue of 3,780 Million Baht and a net profit of 687 Million Baht have been achieved; a remarkable 69 % and 123% increase in comparison with the performance during the same period last year.

Mr. Thongma Vijitpongpun, President and Chief Executive Officer, Pruksa Real Estate Public Company Limited (PS), revealed that,
"Despite the tough challenges bought upon us by global economic reversals, we managed to maintain our constant business growth and generated a total of 3,780 Million Baht worth of quarterly revenue, a manifest 69% increase as compared to 2,230 Million Baht obtained in the same period in the previous year. The net profit also rose to 687 Million Baht, an impressive 123% rise over the 308 Million Baht received last year. Our revenue structure for the first quarter of this year can be divided into 60% from townhouses, 30% from single detached houses, and 10% from condominiums."

"To cope with the significant contraction in the real estate market and the even more intensified competition due to the global economic crisis, efforts have been made to adjust our business strategies to make the most of the ever-changing business climate and conditions. Over the first quarter, we have been able to come up with promotional campaigns that have met the demands of our target consumers."

"We do your utmost to maintain our market leadership in the segment of townhouses for mid-to-low-income home seekers. Such effort is shown in our unyielding commitment to continuous development. Our advanced construction technology ensures our fast and on-time delivery, and as a result, allows us to achieve our revenue faster. This is evident in the fact that our business cycle has now been reduced from 111 to 104 days.

In addition, our effective cost management also translates to budget stability.
All these factors account for our truly gratifying performance in the first quarter this year, when the net profit resulted in a 123% increase."
explained Mr. Thongma.

Mr. Prasert Taedullayasatit, Director and Chief Operating Officer, Pruksa Real Estate Public Company Limited (PS), disclosed that, "Over the course of the first three months of the year 2009, we have launched a total of six new projects - all of which are worth 3,521 Million Baht in total. This can be broken down into 4 townhouse projects, 1 single detached house project and 1 condominium project."

"Our sales performance in this quarter rose magnificently against the declining economic tide with total sales of 4,045 Million Baht, a 40% increase over the 2,886 Million Baht obtained in the last quarter of 2008.
Also, ownership transfers of 2,467 units were completed during this time. In March 2009 alone, we completed ownership transfers for a total of 1,193 units - the highest figure ever in one single month. This remarkable success of our new projects is a result of our new project development strategies which aim to create residential homes which truly meet the needs of consumers at affordable prices."

"To maintain the successful momentum of this quarter, we will continue to work hard to reach our sales objective of 18,000 Million Baht for this year. At present, we have a backlog sales value of 10,972 Million Baht. This amount will be obtained over the course of the next two years. Of this figure, we anticipate to generate revenue of 7,974 Million Baht within 2009, and to receive another 1,843 Million Baht in 2010; and another 1,155 Million Baht to come in 2011.", added Mr. Prasert.