Operating results


The Company recognized the revenue of Baht 11,143.39 million which increased Baht 2,551.32 million from last year.

  1. An Increase of Baht 2,520.08 million, 34.5% increase from revenue from sales of real estate is resulted from 9 new projects launched and transferred in 2016 and more continuing sold and transferred of exist projects and more sales from the renovated houses and new design landscape which are attractive to customer as well as marketing and promotion scheme to stimulate sales and transfers.
  2. In 2016, the Company had management fee income Baht 77.97 million compare with no income last year. The subsidiary company provides property management service for Golden Ventures REIT assets and the Company provide service render in project management to Samyan MitrTown Project


Total expenses of 2016 were Baht 9,923.79 million which increased Baht 2,089.40 million from last year.

  1. An increase in cost of sale of 2016 of Baht 1,418.55 million, in tandem with an increase sales. And gross profit margin up to 34.5% increased 3.1%. Because there is effectiveness in cost control and new projects were opened during end of 2015 developed on the Company land bank and new acquired land which has lower land cost.
  2. An increase in selling expenses of 2016 of Baht 334.96 million, mainly increasing of specific business tax, marketing activities and sales promotion during year to promote selling and transferring house, which were correlate to the recognize sales of real estate.
  3. An increase in administrative expenses of 2016 of Baht 319.06 million is mainly caused by increasing of staff expenses and increasing of central management expenses in tandem with growing of a numbers of housing projects. Furthermore, there is impairment of assets and liability provision increase by Baht 123.24 million.
  4. Finance costs of 2016 were decreased by Baht 157.39 million resulted mainly from repayment loans from financial institution by proceed from capital increase Baht 4,971.33 million which received in January 2016, advance received of rental from Golden Ventures REIT and in November 2016, the Company issued 3-year Baht 3,000 million Debentures at fixed interest rate 3.35% per annum which has finance cost lower than the year 2015.

Income tax expense

Income tax expenses of 2016 were Baht 219.85 million from net profit before tax of Baht 1,256.54 million converted to corporate income tax rate at 17.5%. In the previous year, the Company had income tax expenses Baht 132.75 million from net profit before tax of Baht 780.99 million converted to corporate income tax rate at 17.0%. The Company’s continuing profit in the future was confident. Therefore, the Company recorded deferred tax asset from various provisions and tax loss carry forward which are temporary difference between accounting and tax Baht 111.64 million.

The Company recorded net profit attributable to the equity holders of Baht 1,036.69 million in 2016.

Financial position as of 31st December, 2016


The Company had total assets of Baht 28,823.65 million, Baht 6,782.03 million increasing from last year is mainly due to the increase of Baht 361.54 million in cash and cash equivalents, increase of Baht 3,247.06 million in real estate projects under development resulting from acquire new land for development, investment in Golden Ventures REIT Baht 2,019.44 million, investment in Kasemsubphakdi Co., Ltd. Baht 392.10 million, increase of Baht 907.46 million in development cost of FYI Center office building and Modena Bangkok hotel.

Liabilities and Equity

The Company had total liabilities of Baht 15,009.81 million, Baht 891.69 million increasing from last year mainly decrease from repayment of loan from financial institutions Baht 8,563.12 million, increase Baht 6,537.75 million in outstanding of advance received of rental from Golden Ventures REIT and increase from issuance debentures Baht 2,996.35 million.

Equity attributable to equity holders of the Company was Baht 13,813.83 million, Baht 5,890.34 million increasing from 31st December, 2015 due to increasing share capital 685.70 million common shares at a price of Baht 7.25 per share total Baht 4,971.33 million offered to Frasers Property Holdings (Thailand) Company Limited and net profit of 2016 has been deducted by dividend payment of Baht 116.18 million.

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