Land & Houses, the largest builder of homes in Thailand, recorded a 32 percent fall in third-quarter net profit on Wednesday due to weak revenue after property tax incentives expired, Reuters has reported.
Land & Houses, 13.21 per cent of which is owned by the Government of Singapore Investment Corp, said its Q3 net profit was THB793 million ($26.84 million), or 0.08 baht per share, down from THB1.16 billion (US$39.2 million) a year earlier.
The result beat the average 670 million baht forecast by three analysts polled by Reuters.
Land & Houses builds homes mainly for the high-end and middle-class market and has the largest share of the market for detached houses. It is valued at US$2.3 billion on the Stock Exchange of Thailand.
Land & Houses’ shares increased 40 per cent in Q3, outperforming a 22 per cent gain in the broader Thai market.
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