Platinum Group profits reach THB371m
Bangkok Platinum Fashion Mall owner the Platinum Group has reported first-half profits of THB371 million (US$11.1 million), forecasting revenue to reach THB2 billion.
The commercial real-estate developer credits its revenue growth to “solid management of both current and new projects, in combination with an enhanced efficiency of incremental income from the shopping centre”.
The group also expects a further revenue boost by 2019 following the opening of the Market Bangkok retail complex in the last quarter of next year.
President Chanchai Phansopha says the first-half revenue of THB997 represents 9 per cent growth over the same period of last year, while net profit is up 8 per cent to THB371 million.
Revenue from rental and services rose 15 per cent, with F&B rising 14 per cent.
The gross profit margin for its core business averaged 62 per cent, with an increasing rental rate at Platinum Fashion Mall and the launch of Talad Neon Down Town Night Market in December boosting earnings. A 15 per cent rise in both Thai and foreign visitors to the mall contributed to the increased revenue in F&B. The food court was revamped to offer a wider choice.
Platinum says the Talad Neon Down Town Night Market has become popular among the younger generation and a rendezvous for food lovers. A 300-strong tour group from Indonesia visited the market last month, arriving in five buses and 90 tuk-tuks.
The Market Bangkok will have a gross floor area of 195,000 sqm. The project has an investment value of THB5.8 billion and is set to open at the end of next year.
Platinum is also in a JV with Gaysorn Group, building the 500m Ratchaprasong Walk (R Walk, formerly known as Bangkok Skyline). This has an investment value of THB400 million. The first two phases were connected in late March with 58,000 people a day using it. The walkway links Platinum Fashion Mall, Novotel Bangkok Platinum Pratunam Hotel, the Market Bangkok, Big C Ratchadamri, Gaysorn Village and Amarin Plaza as well as the Chidlom and Siam BTS stations.