TTC Land’s profit reaches VND 222 billion after 9 months, triple the same period last year

SCR's third-quarter profit reaches VND 44 billion, 2.6 times higher than the same period last year.

Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, HOSE: SCR) has recently announced its third – quarter’s Financial Statement in 2018 with revenue of VND 219 billion, decreasing from VND 271 billion of the same period last year. However, gross profit increased from VND 56 billion to VND 73 billion. 

Regarding financial activities, TTC Land's revenue reached VND 93 billion, of which VND 45 billion came from share transfer with an increase by 82% comparing same period last year. Interest expenses dropped sharply from VND 53 billion to VND 44 billion. Consequently, after-tax profit in the third quarter reached VND 44 billion increasing sharply at VND 17 billion over the same period last year.

In the second quarter, the company handed over three key projects, including Jamona Home Resort projects (Thu Duc District) with 35% villas handed over; Jamona Golden Silk (District 7) with 94% villas handed over and Charmington La Pointe (District 10), which is in the apartment segment with 92% handed over.

Accumulating 09 months of this year, TTC Land recorded revenue of VND 2,060 billion dong, after tax profit of VND 222.5 billion, up 2.5 times and 03 times in comparison with the first 09 months of 2017. At the beginning of the year, the company had 837 products handed over, reaching nearly 70% of the year plan.

  Revenue structure of TTC Land

As of September 30th, 2018, TTC Land's total assets increased slightly by 8% from the beginning of the year to VND 10,269 billion and it’s mainly from cash flow increase of 132%, fixed assets of 65% and other long-term assets of 47%. Inventory also increased slightly by 15%, VND about 4,635 billion accounting for 45% of total assets.

Inventories of SCR are currently in Jamona City (District 7), which is estimated to be handed over by 2017-2020, absorption rate is 97%; Charmington Plaza (District 5) expected handing over in 2021, Jamona Home Resort (Thu Duc district) expected handing over in 2017-2019; Jamona Cau Tre (Tan Phu district) expected handing over 2022; Carillon 5 (Tan Phu district) expected handing over in 2018-2019, absorption rate 97%

As planned in the fourth quarter, the company will open sales for 1,848 products, thereby bringing total products handed over in 2018 exceed 32% of the plan. Real estate sales of 2018 will be recorded at around VND 570 billion and net sales excluding other sources are expected at VND 2,630 billion, 27% over the target of 2018.

Source: NDH