In the 01st quarter 2019, TTC Land (SCR) achieved VND 89 billion in profit, 10 times more than the same period’s result

According to the consolidated financial statement of the of the 01st quarter 2019, Saigon Thuong Tin Real Estate Joint Stock Company - TTC Land (SCR) achieved VND 172 billion of net revenue and VND 89 billion after-tax profit of parent company’s shareholders, more than 10 times over the same period’s result.

In revenue structure, real estate transfer accounted for 34%; brokerage, leasing, and other services account for 40%, 7% and 19%, respectively.

In the 01st quarter, TTC Land handed over products mainly from 2 projects Charmington La Pointe (District 10) and Jamona Golden Silk (District 7). Gross profit margin of these 2 projects is 39% and 37% respectively.

During the period, TTC Land had revenue from financial activities of nearly VND 49 billion, up 88% over the same period in which is mainly interest from bank deposits. Expenses in sales decreased sharply by 95% because brokerage activities of industrial park leasing did not incur any significant costs.

According to TTC Land, strong growth results over the same period are due to brokerage activities of industrial zone real estate projects with high gross profit margin and contributing to pre-tax profit of over VND 36 billion. At the same time, TTC land also proactively liquidated inefficient inventories from previous years, contributing positively to the profit of the 01st quarter of 2019.

Until March 31st, 2019, TTC Land's total assets increased slightly by 2%, reaching VND 11,029 billion. Cash and cash equivalents, short-term financial investments are about VND 217 billion, which decrease VND 124 billion compared to the beginning of the year. Meanwhile, inventories increased slightly by 7%.

Source: DTCK