Bangkok Land holds its own despite tough economy

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Bangkok Land holds its own despite tough economy

By THE NATION

 

 

Bangkok Land has held its 47th general shareholder meeting and announced a dividend of Bt0.09 per share, a the same dividend amount as last year.

 

Bangkok Land Public Co Ltd (BLAND) has achieved its financial targets, Sui Hung (Peter) Kanjanapas, vice chairman and executive director, will tell the 2019 annual general shareholder meeting on Thursday and announce a dividend payment of Bt0.09 per share, which is the same as that of the previous year.

 

The recommended dividend will be proposed for shareholders’ approval to the 47th shareholder meeting on July 25. Despite the ongoing global economic weakness that consequently led to the slowdown in various sectors of the Thai economy, the company achieved stable growth through its high determination and management expertise, Sui Hung will tell the meeting.

 

Over the past year, the unit trust of IMPACT Growth Real Estate Investment Trust, was held by IMPACT Exhibition Management Co Ltd for 741,250,000 units, with recorded at the cost net of Bt10.60 per unit, a total value of Bt7.857 billion in this present annual report. As of March 31, 2019, the unit market price per unit closed at Bt21.60 per unit, or an increase of 103.8 per cent. The company has also entered into additional agreements on land sales (Srinakarin) with unrelated parties, totalling Bt14.997 billion. The lands which were already transferred totalled Bt11.032 billion, with the remaining to be transferred with a value of Bt3.965 billion baht.

 

For the fiscal year ended March 31, 2019, the group reported a consolidated recurring operating profit of Bt1.356 billion and a net profit after non-recurring items and tax of Bt1.816 billion.

 

BLAND reported outstanding performance in 2018, with the successful launch of phase one of Cosmo Bazaar lifestyle shopping mall. Phase two of Cosmo Bazaar was opened in the first quarter of 2019 and it has been successful, with 100 per cent occupancy of retail space. The additional retail space includes a five-screen cinema by SF Cinema, a large scale 24-hour supermarket by AEON Maxvalu, a 24-hour fitness centre by Jetts and many well-known restaurants and shops. The success of Cosmo Bazaar has in turn increased land values in the surrounding areas and the demand of residential properties and office spaces nearby. 

 

BLAND will continue to explore opportunities to expand its business, especially in the Muang Thong Thani area. The company believes that the unique development synergy it has created in Muang Thong Thani over the years has proven it to be on the right path, said a media release from the company on Thursday, and it will strive to further develop Muang Thong Thani to fruition.

 

“Under the current uncertain economic and political environment, I expect a difficult year ahead for the Thai economy. However, with our debt free and strong financial position, in additional to the continued strength of our businesses, Bangkok Land will withstand pressures and challenges that may be posed by the political turmoil and slowing economic activities,” said Sui Hung.

 

“In the year ahead, we will continue to further strengthen our existing positions and operations.”

 

Source: https://www.nationthailand.com/business/30373644

 

-- © Copyright The Nation Thailand  2019-07-25

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