Mr. Anant Kanjanapas, Chairman and Chief Executive Officer of Bangkok Land Public Company Limited (BLAND), said: "Over the past year, the Company has written off registered shares which have been repurchased and remained undisposed at the amount of 2,066,246,471 shares under share repurchase programs, with an increase in the book value per share of 10.7% or 0.25 baht per share. Another good news is that the unit trust of IMPACT Growth Real Estate Investment Trust, which is held by IMPACT Exhibition Management Co., Ltd. for 741,250,000 units, with the cost of 10.60 baht per unit, now has a total value of 7,857 million baht as of 31 March 2018, with the unit price closed at 16.30 baht per unit or an increase of 53.8 percent. Also, the Company has made additional land sales with unrelated parties, totaling 14,262 million baht. The lands which were already transferred totaled 9,056 million baht, while the remaining ones to be transferred have a total value of 5,206 million baht.
For the fiscal year ended March 31, 2018, the Group reported a consolidated recurring operating profit of 1,116 million baht and a net profit after non-recurring items and tax of 1,231 million baht.
The Group's financial position has shown a strong growth with details as follows:
- Adjusted net asset value rose 0.1% to 51,047 million baht (2017 – 50,979 million baht)
- Adjusted net asset value per share rose 11.3% to 2.75 baht per share (2017 – 2.47 baht per share)
- Net profit to owners of the company decreased 33.5% to 1,231 million baht (2017 – 1,850 million baht)
- Earnings per share decreased 32.0% to 0.066 baht (2017 – 0.097 baht)
- Consolidated total assets decreased 0.1% to 65,675 million baht (2017 – 65,773 million baht)
- Shareholders' equity decreased 0.5% to 48,160 million baht (2017 – 48,394 million baht)
Regarding last year's outstanding operations, the Company was developing the Cosmo Office Park in Muang Thong Thani with a leasable area of 58,530 sq.m. It is now fully completed and has successfully anchored many office tenants and retail shops.
In adjacent to the Cosmo Office Park, the phase one of the Cosmo Bazaar lifestyle shopping mall has also opened. It provides numerous eateries and retail shops catering to the office workers, residents and visitors nearby. Building on the success of the phase one development, the Company has now committed the phase two expansion, which will include a large-scale supermarket, a 5-screenings cinema and numerous retail shops and restaurants. It is expected to be completed by the first quarter of 2019.
In addition, the Company has continued to explore opportunities to add more attractions to complement the MICE industry, which includes a large-scale water park which caters to MICE tourists and local families alike."
"Under the current uncertain economic and political environment, I expect a difficult year ahead for the Thai economy. However, with our debt free and cash-rich position, in additional to the strength of our ongoing businesses, Bangkok Land will withstand pressures and challenges that may be posed by the political turmoil and slowing economic activities. In the year ahead, we will continue to further strengthen our existing positions and operations. We will also continue to complete our existing projects and closely monitor any political developments and market conditions so as to identify the best opportunities to launch our new projects," Mr. Anant concluded.