Annual Report 2009 / 2010
Management Discussion & Analysis of Business Peformance
Consolidated Financial Statements Fiscal Year ended 31 March Revenue
2010
2009
Million Baht % Million Baht % Property Business Units: Revenue from Sales of Real Estate 100.9 6.4 48.8 4.6 Revenue from Office / Apartments for Rent 169.4 10.8 167.9 15.7 Revenue from Hotels 34.5 2.2 36.8 3.4 Revenue from Construction Services 755.5 48.0 547.4 51.1 Total Revenue from Property Business Units 1,060.4 67.4 800.8 74.8 Other Income: Revenue from Sales of Rights of Claim 59.0 3.7 - 0.0 Reversal of Allowance for Loss of Diminution in Value of Projects 45.6 2.9 - 0.0 Reversal of Allowance for Impairment of Assets 167.0 10.6 - 0.0 Other Income 98.1 6.2 74.8 7.0 Revenue from Rehabilitation Plan / Debt Settlement 142.7 9.1 195.1 18.2 Total Revenue 1,572.7 100.0 1,070.7 100.0
11.2.1.1 Property Business Unit Revenue
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Revenue from Property Development / Real Estate Sales
In Fiscal Year 2010, the revenue from Property Development / Real Estate Sales reached Baht 101 million, representing an increase of Baht 52 million or 107% over the previous year. This increase was the result of higher sales from the Company’s two actively marketed condominium projects at Thana City, Nouvelle Condominiums and King Kaew Condominiums. The remaining seven Thana City projects are in the process of renovation and/or repositioning in the market. During Fiscal Year 2010, the Company also received Baht 11 million in revenue from sales of land plots from its land bank in Chiang Rai and Bangkok. • Revenue from Hotels / Office / Apartments for Rent Revenue from Hotels / Office / Apartments for Rent can be broken down into revenue from hotel operations and also rental & services operations of office and apartments for rent. In Fiscal Year 2010, the Company had total revenue from this business unit of Baht 204 million, a slight decrease of Baht 0.7 million or 0.3% compared to the previous year. This reduction was the result of the end of operations at the Eastin Lakeside hotel on 31 December 2009 as the leasing contract between one of the Company’s subsidiaries and Sinnsuptawee Assets Management Company Limited was terminated. 158