SET-listed retail and property developer Central Pattana (CPN) has reported earnings for the third quarter, posting total earnings of 9.34 billion baht.
The revenue tally is an 83% increase year-on-year and 2% gain quarter-on-quarter.
CPN's net profit stood at 2.87 billion baht, a 1,154% increase year-on-year and 4% gain quarter-on-quarter.
Naparat Sriwanvit, chief financial officer and senior executive vice-president for finance, accounting and risk management at CPN, said positive factors that led the continued growth include the reopening of the country and people returning to their normal life after Covid-19.
"The government also launched measures to spur spending, while earnings benefited from the opening of three new malls: Central Si Racha, Central Ayutthaya and Central Chanthaburi. The acquisition of Siam Futures Development Plc, which increases our leasable space by 13% from last year, enabled earnings in rentals and services to grow further," she said.
"The company operates under a cost-effective approach in order to improve profitability."
Ms Naparat said CPN will continue with its five-year investment plan to develop projects under the theme of retail-led mixed-use development.
"Two new mixed-use projects, Central Nakhon Sawan and Central Nakhon Pathom, with a total investment of 14 billion baht are slated to open in the first or second quarter of 2024. We expect both projects will contribute to the establishment of new cities and improve people's quality of life," she said.
Centara Korat Hotel opened in September and Ms Naparat said the property's international standards will help pioneer the "travel ecosystem" for Nakhon Ratchasima province, becoming a destination that meets the needs of both business and leisure travel.
"Central Korat mall and hotel will help support Nakhon Ratchasima becoming a Mice [meetings, incentives, conferences and exhibitions] city and hub of Mice events in the Northeast," she said.
CPN plans to open a community mall called Marche Thonglor, formerly Market Place Thonglor, early next year, said Ms Naparat.
The company launched three residential projects under Escent Ville in Surat Thani, Suphan Buri and Chachoengsao.
"Three more new projects are expected to be launched in the final quarter of this year, including Escent Ville condominium Trang and two low-rise detached houses, Nirati Chiangmai and Ninya Ratchapruek," she said.
