GLAND Ceases Dividend Payment as 2018 Profit Plunges 60%!
The Board of Directors of GLAND has resolved a resolution for non-dividend payment as the company see a sharp decline of profit in 2018.
Grand Canal Land Public Company Limited (GLAND) has reported a consolidated financial statement yearly 2018 through the Stock of Thailand as follows:
GLAND was able to lower the cost of rental and services and selling and administration expenses by 12% YoY, mainly from the lower administrative expense. However, the company posted a consolidated net profit of THB 432.6 million, declined by 59.57% YoY, which was mainly due to the gain from changes in fair value of investment properties decreased by THB 837.6 million.
As of 2018, GLAND reported consolidated revenue of THB 1,492.88 million, up 1% YoY, mainly from increased rental and service income from G Tower and retail space for rent. Revenues from sales of real estate declined by 23% YoY, reflecting lower inventories and, hence, fewer of residential units transferred. GLAND gained from changes in fair value of investment properties in the amount of THB 277.0 million, decreased THB 1,114.7 million from last year.
As a result of a huge loss in profit, the Board of Directors has approved for a non-payment of dividend against the 2018 performance outcomes and the allocation of the net profits.