MK's revenue and profit swell

Q1/2013 Revenue from sales and services was Bt 586.96 million, 57.05% increased YOY while net profit grew 52.53% YOY to Bt 70.14 million. Sales backlog on hand is as high as Bt 1,200 million.

Mr.Chuan Tangmatitham, President of M.K. Real Estate Development Public Company Limited (MK) "Chuan Chuen" and "Serene House" project developer, revealed that the company has recognized Bt 586.96 million revenue from sales and services in Q1/2013, 57.05% increased YOY from Bt 373.74 million and 31.35% increased QOQ from Bt 446.86 million. Main projects contributing to sales revenue were Den Vibhavadi Condominium, Chuan Chuen Modus Centro, Chuan Chuen Charan3 and Belle Park, Chuan Chuen City. Sales backlog at the end of Q1/2013 was approximately Bt 1,200 million, 48% of which is housing while the rest is condominiums.

MK earned Bt 194.58 million in gross profit, 30.65% higher YOY from Bt 148.93 million and 8.03% increased QOQ from Bt 180.11 million. Gross profit margin of this quarter was 33.15%, lower than 39.85% of Q1/2012 as our condominium yields lower gross profit than housing. In Q1/2013, SG&A expenses stood at Bt 106.53 million, 13.49% increased YOY from Bt 93.87 million, due to higher special business tax according to higher revenues. Also, the company booked Bt 3.8 million per quarter for 2013 employees' bonuses starting this quarter. After interest and income tax, MK's net income was Bt 70.14 million, 52.53% increased from Bt 45.98 million of Q1/2012. Net profit margin of Q1/2013 was 11.81%, comparable to the same quarter of last year which was 12.09%.

As for financial position, Debt to Equity (D/E) ratio stood at 0.41 times, decreased from 0.47 times at the end of last year. MK's assets decreased by Bt 181.64 million, from Bt 7,374.84 million to Bt 7,193.20 million. Liabilities were Bt 251.91 million lower due mainly to the title deed transfer and debt repayment of the project Den Vibhavadi. Meanwhile, shareholders' equity increased by Bt 70.27 million according to this quarter's profit and Bt 16.83 million increase in retained earning owing to deferred tax asset accounting

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