MK Doubles its net profit in H1/09, paying Bt. 0.10 interim - dividend

MK enjoyed gross profit growth of 60.99% while net profit grew 99.47%.  Revenue from sales and services was 1,260.05 million baht, increased by 54.56% due to increasing consumer's confidence and government's economic stimulus package ending in March 2010.  The company announced Bt. 0.10 per share interim - dividend

Chuan Tangmatitham, President of M.K. Real Estate Development Public Company Limited (M.K.), "Chuan Chuen" and "Serene House" project developer, reveals that the company has recognized Bt 512.05 million revenue from sales and services in Q2/2009, an increase of 7.84% YOY.  Main projects contributing to sales revenue were Chuan Chuen Modus Chaengwattana, Chuan Chuen Wacharapon and Chuan Chuen Petkasem. Revenue from sales and services for six-month period was Bt 1,260.05 million, growing 54.56% from the revenue of a year earlier which was Bt 815.26 million. This success was influenced by the increasing consumer confidence coupled with the Government's economic stimulus package ending March 2010.

For Q2/2009, MK has realized Bt 214.92 million in gross profit, a 12.43% growth YOY; gross profit for six-month period was Bt 522.31 million, growing 60.99% from a year earlier which was Bt 324.44 million.  It is the highest gross profit for six-month period earned in the past three years.  MK has maintained the high level of gross profit margin at 41.97%, comparing to 41.09% QOQ, and 40.26% YOY. For the six-month period gross profit margin ratio increased from 39.80% to 41.45% YOY. Meanwhile, SG&A to sales ratio dropped to 11.89% from 12.03% of H1/2008.  MK's net income for Q2/2009 stood at Bt 107.47 million, yielding Bt 0.12 earning per share and a growth of 9.70% YOY.  Net profit margin was 20.84%, higher than 20.43% of the same period last year.  Net profit for six-month period was Bt 276.22 million or Bt 0.32 earning per share, growing 99.47% YOY. Net profit margin was 21.78%, increased from 16.66% of H1/2008.

MK's assets increased by Bt 95.73 million QOQ, due to new land plots purchasing for new projects.  Meanwhile, liabilities increased by Bt 121.18 million from loans for new projects and expansion for the next year.  Therefore, Debt to Equity ratio increased from 0.33 times to 0.36 times.

In addition, the company's board of directors has approved a payment of 2009 interim - dividend for the operating result from 1 January to 30 June 2009. The rate of dividend is 0.10 baht per share, payable on 11 September 2009.  Record date will be 28 August 2009 and the closing of share registration book will be on 31 August 2009.  Dividend payment for the year 2008 was 0.15 baht per share.