Univentures Public Company Limited reports impressive performance at the end of the first quarter 2010 as revenues for the period totaled at 1.082 billion baht or 535% higher than 170 million baht recorded in the same period a year ago.
Net profit for the quarter stood at 77.6 million baht, up 102.7 million baht when compared to the net loss of 25.1 in the first quarter of 2009. Most of the revenues came from Univentures’ property business, whose income realization was recorded at 819.4 million baht, up 791.7 million baht from 27.7 million baht during the same period a year ago. Sales revenues could be attributed to its major residential projects namely U Sabai Rama 4 - Kluaynamthai and U Delight @ Bangsue Station, both of which have completed construction and have been completely sold out. Its zinc oxide business also improved with sales volumes of up to 3,277 tons, up 769 tons from that in the first quarter of 2009. Revenues also went up due to higher price of zinc ingot, which jumped from US$1,217 to US$2,289 per metric ton, resulting higher total revenues of 255.7 million baht, compared to the revenues of 123.2 million baht in the first quarter of 2009.
Ms. Ornruedi Na-Ranong, President of Univentures Public Company Limited, disclosed that the first quarter performance turned out as earlier expected, which confirmed the annual projection of 2.2 billion baht, or 60% higher than that of 2009, whose total revenues were only around 1.36 billion baht. “About 51% of the revenues came from the property business. Around 45% came from the sales of zinc oxide. Univentures’ property business is the process of expanding investment and its growth is going well according to what we have planned. Several projects currently under development include U Delight @ Huaykwang Station and U Delight @ Jatujak Station. Our projects have so far been well received by target buyers. We are confident that our marketing strategies together with the unique selling points of the projects will contribute significantly to the prosperity of Univentures’ property development operation in the future,” she said.
As for the zinc oxide business, Ornruedi said, market demands were gradually improving especially that from domestic automotive industry, which is currently the company’s main customer. “Our quality and services have been recognized by our customers, which is why we are confident our operation could rise to the top with at least 50% market share and annual sales of 13,000 tons,” she added.
Mr. Thanapol Sirithanachai, Managing Director of Univentures Public Company Limited, said despite the political crisis, the company was able to enjoy the business operation and performance according to what had been planned.
“Condominium sales have already exceeded 2 billion baht in the first quarter alone. U Sabai Rama 4 - Kluaynamthai Project was completely sold out and transferred while U Delight @ Bangsue Station also 100% sold out but left only 5% for transferring process expected to complete by end of June. U Delight @ Huaykwang Station enjoyed 75% sales as expected, with construction currently on the 4th floor. U Delight @ Jatujak Station is also 100% sold out and being under evaluation for environmental impact by the Office of Natural Resources and Environmental Policy and Planning, with construction expected to commence within the third quarter of this year. Completion is scheduled around the end of 2011,” he stressed.
“With such an impressive progress, we are now planning to develop and launch 2 new projects under the U Delight brand within this year with the total value of 3 billion baht. These new projects will remain medium-end condominiums whose prices are ranging between 1.5 million baht and 2.5 million baht. The selling point will continue to be their location, which will highlight the convenience of major transport routes, in addition to the design and excellent value for money. We are certain that these 2 new condominium projects will be welcomed by our target buyers again,” said Mr. Thanapol.
“As for Park Ventures - The Ecoplex on Witthayu, a 5-star hotel and grade A office building on Ploenchit - Witthayu Road, the recent political protest in the area created no impact to the plan as the project is now proceeding with construction on the 9th floor, which is ahead of schedule. We are strongly confident that the project will be completed within September 2011 as planned. The marketing implementation is currently being planned for possible execution within this year. The project should generate long-term revenue for the company by at least 300 million baht a year,” he concluded.
Univentures Public Company Limited is a listed company on the Stock Exchange of Thailand (SET) under the property sector with stock sign of “UV”. At present, the company has 944.5 million baht in registered capital. Adelfos Company Limited (By Thapana and Panot Sirivadhanabhakdi) is the major shareholder. The company is engaging in condominium development through Grand Unity Development Company Limited. For more information please visit www.univentures.co.th
For more information, please contact the Corporate Communications Department:
Natha Ruengdechatorn Kamolphan Chinnapongse
Tel: 0-2100-7245 Tel: 0-2100-7112
Fax: 0-2255-9417 Fax: 0-2255-9417
Email: [email protected]
Email: [email protected]