From their website, here it is. Make of it what you will. Temporary? Or is this their death spiral?

Profmil Group - Official Statement

September 22nd, 2009

The Profmil Group has had a very hard time because of the severe impact by the economical crisis. We have in effect had no new sales in 2009 as many projects have been cancelled, stopped or delayed.

The Profmil Group is discontinuing all work on the sites to assess the current economical situation and to see how we can help our customers the most.

Please be informed that the company is not going bankrupt, but we are temporarily closing down our construction department to ensure that we can stabilize the situation.

We also would like to urge people not to believe all the various rumors that are currently being spread around by outsiders, as they contain false information. This statement is official and the only official explanation of the company's current situation.

Last week, we were suddenly informed that one of our suppliers would not honor their agreements and they would not deliver the ordered materials for three houses. On top of that another supplier stopped work on a site because of financial reasons. Lastly we received many postponements of new constructions which added to the cash-flow problems.

We have discussed this dire situation and we decided that there was no point in continuing on like this as it would make the situation worse. We have lain off all our lower staff and we shall lay off most of our higher staff by the end of this month.

We have a large stock of building materials and we are assessing now how we can help our customers by giving them as many materials as possible to finish their houses, this to minimize any possible losses to an absolute minimum.

Our customers have been informed about the situation and we are constantly in touch with them to help them as much as possible.

The remaining people are working day and night to answer all questions and finding the most suitable solutions.

Our sales and rentals departments will continue their operations without change.

If you require more information, please do not hesitate to contact us at **email removed per forum rules*** and we will try to assist you in the best possible manner.

From their website, here it is. Make of it what you will. Temporary? Or is this their death spiral?

Profmil Group - Official Statement

September 22nd, 2009

The Profmil Group has had a very hard time because of the severe impact by the economical crisis. We have in effect had no new sales in 2009 as many projects have been cancelled, stopped or delayed.

The Profmil Group is discontinuing all work on the sites to assess the current economical situation and to see how we can help our customers the most.

Please be informed that the company is not going bankrupt, but we are temporarily closing down our construction department to ensure that we can stabilize the situation.

We also would like to urge people not to believe all the various rumors that are currently being spread around by outsiders, as they contain false information. This statement is official and the only official explanation of the company's current situation.

Last week, we were suddenly informed that one of our suppliers would not honor their agreements and they would not deliver the ordered materials for three houses. On top of that another supplier stopped work on a site because of financial reasons. Lastly we received many postponements of new constructions which added to the cash-flow problems.

We have discussed this dire situation and we decided that there was no point in continuing on like this as it would make the situation worse. We have lain off all our lower staff and we shall lay off most of our higher staff by the end of this month.

We have a large stock of building materials and we are assessing now how we can help our customers by giving them as many materials as possible to finish their houses, this to minimize any possible losses to an absolute minimum.

Our customers have been informed about the situation and we are constantly in touch with them to help them as much as possible.

The remaining people are working day and night to answer all questions and finding the most suitable solutions.

Our sales and rentals departments will continue their operations without change.

If you require more information, please do not hesitate to contact us at **email removed per forum rules*** and we will try to assist you in the best possible manner.

seem to remember similar statements from Lynx and Sabai on this forum, and they both went soon after

Edited September 22, 200916 yr by NALAK

Most staff laid off and suppliers refusing to supply ?

No money to continue but not bankrupt ?

Does not sound good but lets hope they honor the promise to help those with unfinished houses

See ya & don't forget to the Door on your way out...

From their website, here it is. Make of it what you will. Temporary? Or is this their death spiral?

Profmil Group - Official Statement

September 22nd, 2009

The Profmil Group has had a very hard time because of the severe impact by the economical crisis. We have in effect had no new sales in 2009 as many projects have been cancelled, stopped or delayed.

The Profmil Group is discontinuing all work on the sites to assess the current economical situation and to see how we can help our customers the most.

Please be informed that the company is not going bankrupt, but we are temporarily closing down our construction department to ensure that we can stabilize the situation.

Our sales and rentals departments will continue their operations without change.

If you require more information, please do not hesitate to contact us at **email removed per forum rules*** and we will try to assist you in the best possible manner.

When I read this I had a picture spring to mind of the building skeletons you can still see around Bangkok. 10+ years after the last crash, they are still just decaying eyesores. Hope this doesn't happen again but this company is clearly not having a good time.

From their website, here it is. Make of it what you will. Temporary? Or is this their death spiral?

Profmil Group - Official Statement

September 22nd, 2009

Our sales and rentals departments will continue their operations without change.

Where do we all sign up?

Quote

Profmil Group - Official Statement

September 22nd, 2009

The Profmil Group has had a very hard time because of the severe impact by the economical crisis. We have in effect had no new sales in 2009 as many projects have been cancelled, stopped or delayed.

The Profmil Group is discontinuing all work on the sites to assess the current economical situation and to see how we can help our customers the most.

Please be informed that the company is not going bankrupt, but we are temporarily closing down our construction department to ensure that we can stabilize the situation.

We also would like to urge people not to believe all the various rumors that are currently being spread around by outsiders, as they contain false information. This statement is official and the only official explanation of the company's current situation.

Last week, we were suddenly informed that one of our suppliers would not honor their agreements and they would not deliver the ordered materials for three houses. On top of that another supplier stopped work on a site because of financial reasons. Lastly we received many postponements of new constructions which added to the cash-flow problems.

We have discussed this dire situation and we decided that there was no point in continuing on like this as it would make the situation worse. We have lain off all our lower staff and we shall lay off most of our higher staff by the end of this month.

We have a large stock of building materials and we are assessing now how we can help our customers by giving them as many materials as possible to finish their houses, this to minimize any possible losses to an absolute minimum.

Our customers have been informed about the situation and we are constantly in touch with them to help them as much as possible.

The remaining people are working day and night to answer all questions and finding the most suitable solutions.

Our sales and rentals departments will continue their operations without change.

If you require more information, please do not hesitate to contact us at **email removed per forum rules*** and we will try to assist you in the best possible manner.

Unquote

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If that was supposed to alleviate your fears then believe it has done more harm than good.

IMHO a terrible company statement to release into the public domain..

Nirvana

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If that was supposed to alleviate your fears then believe it has done more harm than good.

IMHO a terrible company statement to release into the public domain..

Nirvana

Would you have preferred something less honest?

------------------

If that was supposed to alleviate your fears then believe it has done more harm than good.

IMHO a terrible company statement to release into the public domain..

Nirvana

Would you have preferred something less honest?

I guess the statement seems fairly honest but wouldnt alleviate any fears either. In fact if I was worried before, I would now be in a state of blind panic.

My reading of the statement is , ''basically we have made no sales or received any orders for nearly a year, as such we are up the creek. Because we can not pay our suppliers they are refusing to do business with us, no sales, no orders, no money no cash flow and we are effectivly screwed. Laid off most staff already but if you want to call and let off steam there will be a few folk hear to take your call and we will keep trying to sell or rent out existing propertys. This was never ment to happen, we are really sorry and we do have some building materials left over that we might be able ofer you if you want to have a go at finishing your house yourself.''

I dont mean to make light of this situation and realise its a very sad thing for all involved but still think its important to call a spade a spade.

Sounds like this business is a gonner.

Most staff laid off and suppliers refusing to supply ?

No money to continue but not bankrupt ?

Insolvent not bankrupt yet - but sounds like if they can't trade out of it thats the next step - Island is to small and if they could get back on there feet again, I doubt that they would have the golden run that they had before with there good reputation.

If I was a gambling man I know where my beats would be

Feel very sorry for all the people involved in this mess.

For Rent, For Lease, For Rent, For Lease, For Rent, For Lease, For Rent, For Lease, For Rent, For Lease, For Rent, For Lease...

always wonder how many jump the train and think "they" can make it - in such a over-supplied market?

Is it just Samui thats suffering or other places like phuket,hua hin,pattaya,chiang mai,bangkok in the same boat? I live in the banrak,fisherman village area and have never seen both places so devoid of tourists and indeed expats.

------------------

If that was supposed to alleviate your fears then believe it has done more harm than good.

IMHO a terrible company statement to release into the public domain..

Nirvana

Would you have preferred something less honest?

Depends on your definition of honesty in the first place. I guess mine is a little different to theirs and maybe yours..

Nirvana

------------------

If that was supposed to alleviate your fears then believe it has done more harm than good.

IMHO a terrible company statement to release into the public domain..

Nirvana

Would you have preferred something less honest?

Depends on your definition of honesty in the first place. I guess mine is a little different to theirs and maybe yours..

Nirvana

So exactly what was it you found to be dishonest with this official statement?

No sales, no cash, suppliers not paid, staff laid off but willing to "help" people who are left with lost deposits... Sounds like a pryramid scheme to me, whole business based on the assumptions that there will be always more fools around that are willing to put down a deposit...

What i would like to see here is to promise for customers to complete their works up to a point that they have been paid.

Lets try to keep the speculation to a minimum, defamatory posts will be removed, same as the last thread, so lets just not go in that direction shall we?

They are still doing work on my friends house under warrenty so they are at least trying to help. Unlike a lot of other developers who simply close shop and to hel_l with their remaining customers. You have to give them credit for being open and honest. Some peole will always run them down but these are the people who have never achieved anything as they are too scared to try. Armchair business men I call them.

Granted, at least they are honest about it.

However some people should have not been allowed to try....

Edited September 24, 200916 yr by MJo

They are still doing work on my friends house under warrenty so they are at least trying to help. Unlike a lot of other developers who simply close shop and to hel_l with their remaining customers. You have to give them credit for being open and honest. Some peole will always run them down but these are the people who have never achieved anything as they are too scared to try. Armchair business men I call them.

Open and Honest - Me thinks not.

Keyboard warrior - Could be.

We all have different values and standards. For some people this pass as normal behaviour.

Its best not to assume things about people you know nothing about.

Nirvana

Seems a couple of people on here, have a beef & like putting the boot in. Keep it up & I will soon close it.

Seems a couple of people on here, have a beef & like putting the boot in. Keep it up & I will soon close it.

why is what I said a "beef"?...I have no animus against the developer, really. what I said was simply an accurate observation...is that permitted...on this "forum"?

Of course it's permitted , but why do you think I'm talking about you?

A reminder :

26) Not to create multiple accounts. Any member found to have more than one account on the ThaiVisa Forum will be suspended. Suspended or banned members found creating additional accounts will be banned immediately.

Seems a couple of people on here, have a beef & like putting the boot in. Keep it up & I will soon close it.

Roo.

No specific beef against this company mentioned. Just the way that so many people end up terrible positions just by maybe trusting company's to do what they agreed to do. Maybe some may call them naive to be so trusting in first place, but still I feel for them. All to often its about company's taking money in the front door and over extending them selves. In this case I am pretty surprised. It will not be the last. Feel for the workers, they have to feed families. I am sure they are pretty desparate now. Not alot of work on..

By the way no second account and prefer sandals to boots (just stated as few posters to this topic).

Nirvana

Seems a couple of people on here, have a beef & like putting the boot in. Keep it up & I will soon close it.

Roo.

No specific beef against this company mentioned. Just the way that so many people end up terrible positions just by maybe trusting company's to do what they agreed to do. Maybe some may call them naive to be so trusting in first place, but still I feel for them. All to often its about company's taking money in the front door and over extending them selves. In this case I am pretty surprised. It will not be the last. Feel for the workers, they have to feed families. I am sure they are pretty desparate now. Not alot of work on..

By the way no second account and prefer sandals to boots (just stated as few posters to this topic).

Nirvana

No problems Nirvana, I have sorted out the culprits.I can see where you are coming from, I can see them working on a new house down the road,under what arrangements I don't know.

What disturbs me ( the deleted posts ), is the opportunists, that gloat at other people's misfortunes , to what end & for what purpose, I fail to comprehend.

If this company or any other company, that in my belief were doing the right thing & got caught up in this global downturn,they don't need the boot in the guts scenario.It is not helping anyone , especially the customers.

This nonsense by some posters,with unfounded adverse comments & accusations is not on as far as Thaivisa or myself are concerned ,it is not helping the situation & probably just making it worse for all concerned.