MK's nine-month operating results already surpassing 2008 annual performance

The company reports 32% growth in revenue. Net Profit of Bt 411.51 million is higher than annual net profit of 2008.

Mr.Chuan Tangmatitham, President of M.K. Real Estate Development Public Company Limited (M.K.), "Chuan Chuen" and "Serene House" project developer, revealed that the company has reported Bt 609.27 million revenue from sales and services for the third quarter of 2009, presenting a growth of 18.99% from the previous quarter. Main projects contributing to sales revenue were Chuan Chuen Modus Chaengwattana, Chuan Chuen Wacharapon and Chuan Chuen Onnuch. Revenue from sales and services for nine-month period was Bt 1,869.32 million, growing 31.97% from the revenue of a year earlier which was Bt 1,416.51 million.

For Q3/2009, MK has realized Bt 242.33 million in gross profit, a 12.75% growth QOQ; gross profit for nine-month period was Bt 764.63 million, growing 37.35% from a year earlier which was Bt 556.69 million. It is the highest gross profit for nine-month period that MK has earned. MK has maintained the high level of gross profit margin at 39.77%, comparing to 38.63% QOQ. For the nine-month period gross profit margin ratio was 40.90%, higher than 39.30% YOY. Meanwhile, SG&A to sales ratio dropped to 11.00% from 13.83% comparing to last year's. MK's net income for Q3/2009 stood at Bt 135.29 million, yielding Bt 0.16 earning per share and a growth of 25.88% QOQ. For the nine-month period net income was Bt 411.51 million (Bt 0.48 earning per share), growing 52.70% from a year earlier which was Bt 269.48 million, and even higher than net income for the whole year of 2008 which was Bt 404.26 million. Net profit margin ratio for nine-month period was 21.73%, higher than 18.74% YOY. This was a result of the growth of revenue, better gross profit and SG&A efficiency.

MK's assets slightly decreased by Bt 109.09 million from Bt 6,064.10 million to Bt 5,955.01 million QOQ, as a result of inventory decrease due to title deed transfer. Liabilities dropped comparatively more, from Bt 1,613.74 million to Bt 1,463.28 million, from debt repayment. Meanwhile, shareholders' equity increased by Bt 41.36 million although the company paid interim dividend in amount of Bt 86.03 million in September 2009. As a result, debt to equity (D/E) ratio dropped from 0.36 times to 0.33 times. This reflected a strong financial status, in accordance with high surplus in net operating cash flow of Bt 536.19 million.