ORI’s 3Q Profit Rises 4% to ฿717Mn after Booking Revenue Share from 3 JV Projects

Origin Property Public Company Limited (ORI) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ORI generated a net profit, in the period of the third quarter of 2020, amount of 717.1 million baht, an increase of 29.8 million baht, or 4.3% YoY. In this quarter, the efficiency management of ORI achieved the profit attributable to equity holders of the company to 28.2% of the total revenues, which increased 18.9% YoY, due to ORI begin to recognize revenues from 3 joint venture projects such as Knightsbridge Prime Ratchayothin, Knightsbridge Collage Ramkhamhaeng and Knightsbridge Prime Onnut. 

 

These projects have total ownership transfer of 1,688.9 million baht and recognized revenues from investment in joint ventures 296.0 million baht (51% shareholding proportion). In addition, the management of expenditure and the improvement of internal working processes make the group able to generate the higher profit as the following table.  

 

ORI has total revenues in 3Q of 2,538.7 million baht, a decrease of 1,089.8 million baht, or 30.0% YoY. This mainly resulted from the decrease of revenue project developed under non-joint ventures company but there is an increase in transferred activities of the project developed under the joint ventures company.