ORI’s 2Q Profit Reaches ฿707M as Estate Transfer Increases amid Covid-19 Outbreak

Origin Property Public Company Limited (ORI) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ORI reported a net profit of 707 million baht in 2Q20, slightly decreased by 4% from a net profit of 737 million baht, but increased from a net profit of 595 million baht in the first quarter of 2020.

 

For the second quarter of 2020, Real estate transferred activities of condominium and house totaled 3,831.6 million baht higher than the second quarter of 2019 by 1,005.8 million baht, or an increase of 35.6% as a result of transferred activities from non-joint ventures amount of 3,088.5 million baht and joint ventures company 743.1 million baht.

In 2020, ORI has improved its operations to match the situation with proactive marketing strategies, online platforms, driving presale and transferred activities. ORI also focused on the Ready to Move project and Inventory for sale with several campaigns, such as the Keep Your Distance campaign, allowing buyers to stay free for up to 3 years, helping to reduce the burden of buyers in the COVID-19 situation.

 

Revenues from sales of real estate, in the period of the second quarter of 2020, amount of 3,088.5 million baht, or 93.8% from the total revenues, an increase of 262.7 million baht, or 9.3% compared on the same period from last year due to a continuous revenue recognition from condominium projects and house projects from 2019.

Moreover, ORI started to recognize revenue from its five new projects which are The Origin Phahol – Saphanmai, B – Loft Lite Sukhumvit 107, Britania Khukhot Station, Britania Saimai and Grand Britania Wongwaen Ramintra.