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CORRECTED-Thai developer Pruksa expects record net profit in 2014 -Vice Chairman
September 18, 2014 / 10:48 AM / 3 years ago

CORRECTED-Thai developer Pruksa expects record net profit in 2014 -Vice Chairman

(Corrects executive’s title in the headline)

BANGKOK, Sept 18 (Reuters) - Pruksa Real Estate PCL, Thailand’s second-largest property developer by market value, on Thursday said it expects record net profit this year thanks primarily to a recovery in housing demand spurred by a stabilising political climate.

Profit last year reached a record 5.8 billion baht ($180 million).

Pre-sales - or potential income from properties customers have committed to buy - are likely to exceed Pruksa’s full-year target of 43 billion baht ($1.33 billion) after the amount hit a monthly record in August, Vice Chairman Lersak Chuladesa told Reuters in an interview without providing figures.

Pruksa, like bigger peer Land and Houses PCL, has been benefiting from a recovery in demand since a military coup d‘etat in May ended months of political unrest.

Pruksa shares closed 1.5 percent higher on Thursday compared with a 0.9 percent rise in the broader index.

$1 = 32.2600 Thai Baht Reporting by Khettiya Jittapong; Editing by Christopher Cushing

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