Thai listed developer Prinsiri records rise in net profits.

Thai listed property developer Prinsiri has announced a 53.34 per cent increase in net profits for the year ending 2009.

The company, whose core business in the development and sale of residential condominium projects, townhouses and single detached homes, reported profits of THB483.89 million from real estate sales of THB4.32 billion. For the year 2008 the company achieved profits of THB315 million from sales of THB3.47 billion.

In a recent interview with The Bangkok Post, Managing Director Veera Srichanachaichok was reported as saying the company will focus on low-rise developments during 2010 and had plans to launch 10 new projects worth more than THB7 billion.

In a statement to the Stock Exchange of Thailand today, the company attributed its rise in net profits to the transfer of units at its Complete Rajaprarop condominium project. In addition the company recorded a 18.73 per cent decline in its sales and administration expenses, and also benefited from the Thai government´s business tax reduction measures.

SOURCE: Property-Report.com