Origin Property Public Company Limited (SET: ORI) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million Baht |
737.94 | 825.07 |
| Earning Per Share (Baht) |
0.3008 | 0.3364 |
| % Change | -10.56 | |
ORI reported a net profit of 737 million baht in 1Q22, decreased 10.56% from a net profit of 825 million baht in 1Q21.
The company had total revenues during the first quarter of 2021 and 2022 amount of 3,869.2 million baht and 3,775.7 million baht respectively, a decrease of 93.5 million baht, or 2.4% compared with the same period of the previous year. This mainly resulted from the decrease of revenues from sales of real estate, however ORI had an increase in revenues from Gain on disposals of investments in subsidiaries and revenues from project management continually.
Cost of real estate sales, for the first quarter of 2022, amount of 1,970.3 million baht, or 52.2% from the total revenues, a decrease of 235.5 million baht or 10.7%. According to the revenues from sales of real estate.
Selling expenses, for the first quarter of 2022, amount of 346.9 million baht, or 9.2% from the total revenues, a decrease of 44.0 million baht, or 11.3%. Mainly from commission expense.
For the first quarter of 2022, administrative expenses were recorded at the amount of 278.4 million baht, or 7.4% from the total revenues, an increase of 94.8 million baht, or 51.6%. Mainly from administrative expenses of recurring incomes business refer to business expansion plans.
For the first quarter of 2022, share of loss from investments in joint ventures amount of 48.0 million baht, or 1.3% from the total revenues, a decrease of 96.3 million baht or 199.2%, compared to the same period of previous year.
Moreover, ORI still managed to maintain net profit margin at 19.5% which recognizes the profit from joint venture condominium projects with Nomura Real Estate Development Co., Ltd. totally 2 projects namely Knightsbridge Prime Onnut and Knightsbridge Space Ratchayothin including joint venture condominium projects with Escon Japan Co., Ltd. totally 1 project namely Knightbridge Sukhumvit-Thepharak. This resulted in gain from investments in joint ventures of the 3 projects in the first quarter of 2022 with the amount of 42.0 million baht (51% shareholding proportion).
