Raimon Land reports record profits

Raimon Land PCL posted record net profits of 746 million baht for 2013—a 50 percent increase over the previous year.

The high-end property developer said its borrowing cost has been reduced across the board and the current interest-bearing debt ratio has also decreased significantly.

CEO Johnson Tan said, “The team has worked very hard throughout the year ensuring key fundamentals are in place. By implementing strict financial disciplines, we have paid off a significant amount of our debts for The River project and retained losses at the company level are significantly lower. As the first transfers of 185 Rajadamri commence this quarter, our gearing will continue to drop throughout this year. With a stronger balance sheet, and a focused and disciplined management team, we are much better positioned for future expansion while we work towards the next iconic project.”

The award-winning development, 185 Rajadamri, will commence transfers this quarter, with 85 percent of its units sold; the project is expected to be the most significant source of Raimon Land revenue in 2014.

Pattaya’s Zire Wongamat, with 90 percent of units sold, will begin transfers in the fourth quarter 2014, and Unixx South Pattaya is under construction. In Bangkok, The Lofts Ekkamai is under construction and more than 60 percent sold.

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