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Wednesday, March 21, 2007

Substantial growth eyed by Hemaraj in Thailand

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Substantial growth eyed by Hemaraj in Thailand

The stock Exchange of Thailand listed company Hemaraj
Land and development Plc, a leading developer of industrial estates, has recorded a 20 per cent increase in operating profit, with company officials saying the figures provide a solid base for growth in 2006.

David Nardone, president and CEO of Hemaraj, announced a net income of Bt583.7 million from the company’s operating business in 2005, an increase of 20 per cent from 2004, and total net income of Bt637 million. Operating revenues increased by 21 per cent to Bt2.93 billion baht with total revenues at Bt3.01 billion baht. The gross profit margin of the year was at 41 per cent while the EBITDA margin was 29 per cent-both levels exceeding industry margins.

“We are benefiting from the growth in automobile and petrochemical industries. Broadening the property development strategy at Hemaraj has enabled us to increase revenue predictability, profitability, and maintain ongoing strength in the balance sheet. The bottom, line contributions from The Park Chidlom are improving the profitability and leverage of Hemaraj. Our broadened revenue growth strategy continues to be on target, with revenue for 2006 doubling over Bt6 billion is on track”, said Nar-done.

For the year 2006, hemaraj is developing 1,700 rai at Hemaraj Eastern Seaboard Industrial Estate Phase 1, expanding Hemaraj Eastern Industrial Estate further and opening a Free Zone in SIL Industrial Land (Saraburi). The company is also planning to pursue utility and power opportunities.

The year 2006 will also see the competition and transfer of residential development The Park Chidlom. As of February 2006, 78 per cent of total units were sold and the cumulative contract value reached over Bt4.35 billion, Hemaraj says.