TTC Land net profit is over VND 240 billion
Thanks to the handover of nearly 1,500 apartments, villas and real estate complexes in 2018, TTC Land's revenue and profit increased sharply.
Saigon Thuong Tin Real Estate Joint Stock Company - TTC Land (stock code: SCR) has just released the 2018 consolidated financial statements with net profit growth and revenue of 10 and 60% respectively compared to result of the year 2017.
Although the consolidated financial figure was not good in Q4 2018, net profit after tax only reached VND 18.45 billion showing a decrease of VND 126.7 billion equivalent to 87% comparing with the same period in 2017 but accumulated net profit of the whole year is still over VND 240 billion increasing 10%.
Accumulated annual net revenue of the company reached nearly VND 2,930 billion increasing more than 60% over the previous year. Transferring real estate still accounts for a dominant proportion in the company's revenue structure, reaching 94% while the rest is from service and office leasing activities. In addition to revenues from real estate key business activities, the company also gained VND 230 billion in financial revenue thanks to dividends in associates and interest of transferring shares.
A project in Tan Thuan Dong area, District 7 of TTC Land
Positive business results and merger of four new subsidiaries helped TTC Land's total assets increase by more than VND 1,200 billion compared to the beginning of the year, up to nearly VND 10,800 billion. Inventory accounts for more than 37% among these.
In addition to 5 projects opening on sales in the market with 2,516 products including: Iris Charmington, Jamona City - Sky Villas, Jamona Heights, Carillon 5 and Carillon 7, the company also simultaneously implemented a series of 17 projects expected to be delivered in 2019-2022.
Particularly in the period of 2019-2020, enterprises will continue to hand over more than 4,200 products of various types such as apartments, commercial centers, villas, etc. The total investment capital for these projects is about VND 8,800 billion.
As a real estate company that has developed housing and rental products such as industrial zones, civil construction, warehouses, resort and commercial construction - office, TTC Land is holding a huge land fund up to 1,767 ha, enough for project development in the next 15 years.
Soure: Ha Thanh/ VNexpress
