Goldenland posted its six-month profit for 2020 of over Baht 830 million, while focusing on cost control and preservation of cash during the COVID-19 crisis. It also disclosed that the Stock Exchange of Thailand has approved its delisting with effect from 11 August 2020 following the completion of the tender offer for its common shares made by Frasers Property (Thailand) Public Company Limited (“FPT”).
(6 August 2020) Golden Land Property Development PLC or Goldenland (GOLD) disclosed the results of its six-month operations (from 1 January 2020 to 30 June 2020) which showed a total revenue of Baht 8,308 million and a net profit of Baht 830 million, comparable to its past year performances. The achievement resulted from the launches of its various developments in Bangkok Metropolis and its vicinity, as well as in the provincial areas. GOLD admitted that the COVID-19 crisis has impacted its revenue flow as customers are taking more time in their purchase decisions. Nevertheless, GOLD is still confident that it can generate a sufficient level of revenue that is required to support its operations during the COVID-19 period. It added that consumers are still interested in low-rise residential developments while the company has also launched new projects and continued to promote a series of attractive marketing campaigns offering prizes such as a three-year free stay.
When taking into account only the main income from sales of properties during the first six month of this year (from 1 January 2020 to 30 June 2020) GOLD recorded a sales income of Baht 7,438 million, resulting from its ability to recognise the continued flow of sales revenue from its development projects launched since 2019.
Rental income and other revenues for the first six months of this year was Baht 757 million, comparable on a year-on-year basis. Rental fees from its office rental were higher than the same period of the past year whereas the hotel business was directly impacted by the COVID-19 crisis and reported a lower income than the previous year.
On 4 August 2020, the Stock Exchange of Thailand (SET) approved the delisting of the GOLD shares with effect from 11 August 2020 while the GOLD shares will be publicly traded up to 10 August 2020, which will be the last trading day.
Frasers Property (Thailand) Public Company Limited (“FPT”) has completed the delisting and the tender offer process of the securities of GOLD according to the required procedure of the SET. This resulted in the holding of over 99% of GOLD shares by FPT, making it the majority shareholder of GOLD.
This move is in line with FPT’s plans to adjust its corporate strategies, enhance the value and platform of its property development business, and strengthen its leadership position in the property development sector with its diversified portfolio comprising residential, commercial and industrial properties.
