SHREITs Q1/2019 profit hits record 64.8 MB

Stocks and Financial Services Press Releases Monday April 29, 2019 17:33
Bangkok--29 Apr--MT Multimedia

Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust ("SHREIT") announced that its Q1/2019 revenue reach 122.8 million baht with 64.8 million baht in profit, our highest since our December 2017 IPO. Such result underlines the quality of SHREIT's assets and the management capacity to carry out the current aggressive growth initiative.

Mr. Patan Somburanasin, Managing Director of Strategic Property Investors (SPI), an independent professional REIT manager, revealed that SHREIT's Q1/2019 performance showed a 122.8 million baht revenue and a profit of 64.8 million baht which is the highest figure since the establishment of SHREIT.

Despite the uncertainties affecting the world's economy, ASEAN's tourism business and economy remain strong, particularly the economic performances of Vietnam and Indonesia where SHREIT's properties are located.

All three hotel properties are ideally positioned to benefit from such environment, thanks to the quality and professionalism of the international brands which operate them. International brands in these countries are sought after and are very well received by tourists and businessmen while choosing their hotels. The company is currently pursuing similar acquisition opportunities in these promising markets.

The Q1/2019's results show that the SHREIT's operations have returned to normal after the Q4/2018 performance was affected by the cancellation of its capital increase plan. The company efficient management illustrate capacity to adapt to a challenging economic environment. SHREIT is committed to grow the fund's return at a more satisfactory level and will continue to seek further growth opportunities while guaranteeing geographic and segment diversification.

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