Thai Property Developer MBK posts a Good Result
Clearly property is more profitable than food in Thailand and MBK has the figures to prove it. It’s certainly good to see some positive news from the property markets.
Thai property developer, MBK Plc, reported a consolidated net profit of £10.5 million for the first half of its 2007 financial year starting from July 1st – this is a 24.7 percent rise from the same period a year earlier, on revenue totaling £48 million – up 1.9 percent.
MBK Center Bangkok
The company told the Stock Exchange of Thailand that the revenues generated from property development, rental property and hotels were much improved, but that revenue had fallen from rice mill production and distribution due to a decline in export sales.
The gross margin for the six-month period rose to 16.9 percent compared with 11.3 percent during the same period the year before. For the quarter from Oct 1 to Dec 31, the company recorded £6.2 million in net profit and £25.5 million in total revenues.
MBK shares closed yesterday on the Thai Stock Exchange at 72 baht, up 50 satang, in trades worth 7.06 million baht.
Amongst other properties, MBK Plc owns the world famous MBK center. Also known as Mahboonkrong or Mabunkrongs, MBK center is an enormous shopping mall in Bangkok made from marble. At 8 stories high and 330 meters long, with 2,500 shops using a total selling area of 89,000 square meters, this shopping mall was one of the biggest malls in Asia when it was first founded in 1985. It is particularly well known for its many mobile phones shops, a host of other electronics suppliers and furniture shops.
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