Mr. Sitthiporn Rattanaporn, Chief Financial Officer of JSP Property Public Company Limited (JSP) announced that the company's performance for Q2/2017 was outstanding, achieving the highest growth in revenue with total income of 1,087.47 million baht, an increase from 663.67 million baht in the same period last year, representing a growth of 63.86%. The net profit stood at 6.48 million baht.

The decrease in net profit was due to the company's efforts to accelerate cash flow from condominium projects to reduce debt and strengthen its financial structure.

Starting from Q3/2017, the company will adjust selling prices from successful horizontal projects to align with operational targets.

          For the performance in Q2 of 2017 and Q2 of 2016, the company and its subsidiaries recorded property transfer revenues. In Q2/2017, the revenue from property sales was 1,036.11 million baht, compared to 488.13 million baht in the same period last year, an increase of 547.98 million baht or 112.26%. Revenue from leasing and services for Q2/2017 was 32.74 million baht, accounting for 3.01% of total revenue, up from 14.29 million baht in Q2/2016.

         The growth in performance was supported by continuous revenue recognition from property transfers from horizontal projects, including JSP City Sukhumvit-Praksa, Rangsit Klong 1 Bang Pakong-Ban Pho, Tiwanon-Bang Kadi, and J Grand (Sathorn-Kalpaphruek), resulting in better-than-expected performance. The total new contract value in the first half of the year was 3,600 million baht.

          For the business outlook in the second half of the year, growth is expected to continue positively. The company is adjusting its strategy to delay the launch of new projects, focusing on managing and clearing stock from horizontal projects, increasing sales, raising prices, and accelerating transfers. Key projects the company will focus on include J City Assumption-Sriracha, J City Rattanathibet-Bang Bua Thong, J Villa Wongwaen Bang Yai, and J City Rattanathibet-Bang Bua Thong, with a total project value exceeding 14,000 million baht. Currently, the company has a backlog of over 3,800 million baht, expected to recognize revenue of about 3,000 million baht within this year, with the remainder to be recognized in early 2018. The company is confident that it will achieve annual revenue of 5,000 million baht, growing no less than 20% as targeted.

 

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