Mr Anant Asavabhokhin, President and Chief Executive of Land & Houses Public Company Limited, said the company and subsidiaries recorded revenues of 3.357 billion baht from house transfers to homebuyers in the first quarter of 2002, a 53% surge from 2.195 billion baht during the same period the year before. The company made an ownership transfer of 531 detached houses to buyers, representing 31.5% of 1,686 units of the Bangkok detached house sector.

Apart from the sales jump, L&H worked hard to raise its house building and internal management efficiency. It could significantly reduce marketing and sales as well as interest expenses by almost 10%. The company saw its operation profit rise from 378 million baht in the first quarter of 2001 to 873 million baht in the first quarter of 2002. After deducting the other incomes and expenses not related to day-to-day operations, L&H posted a net profit of 519 million baht in the first quarter of 2002, up from 409 million baht in the first quarter of 2001.

The other incomes and expenses, which were not related to daily operations in the first quarter of 2002, included a reserve of 661 million baht for asset depreciation, or 70% of the investment in Bangkok Mass Transit System Plc. The company also gained 247 million baht from securities investments in some listed companies.

About the financial status of L&H and subsidiaries, the company successfully lowered debts almost one billion baht during the first quarter of 2002, while its shareholders' equity rose by 800 million baht. The company's debt to equity ratio stood at 0.63: 1 at the end of first quarter of 2002, down from 0.73: 1 at the end of first quarter of 2001.

Mr Anant added that the trend of company performance in the rest of 2002 was likely to improve further as the company planned to launch five new housing estates in the second half of 2002. Sales activities of the five new housing projects are scheduled to kick off from July onwards.

*** The source of new housing registration in Bangkok and five nearby provinces came from the Government Housing Bank