Leading Thai high-end property developer Raimon Land PCL has announced a solid 2nd quarter in 2013 with a net profit of baht 228 million, a jump of 61% Q-o-Q and 126% Y-o-Y.
With a secured backlog at the end of the second quarter of 2013 of baht 15.1 billion and recognized revenue in its current projects valued at baht 1.7 billion, the company’s gross profit margin is at a high of 34%.
Raimon Land’s flagship ‘The River’ project in Bangkok.
Raimon Land’s CEO Johnson Tan said, “This quarter’s result is evident of the transfers at The River going as planned. Our team has worked very hard to keep up with the pace but we cannot be complacent as there is always room for improvement. This will prepare us well for 185 Rajadamri and Zire Wongamat when the projects are ready for delivery.”
With Johnson Tan at the helm as CEO, he has been largely involved in overseeing key fundamentals in the company’s operations. Other than ensuring that the transfers of the mega project, The River is taking place efficiently, he implemented various financial disciplines and also managed to lower the company’s borrowing costs.
Just recently launched, The Lofts Ekkamai, Raimon Land’s unique loft-inspired condominium in Bangkok, has also enjoyed successful sales having already sold out almost half of all the units.
For more information on Raimon Land, visit www.raimonland.com.