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Thailand's Land & Houses expects record net profit for 2014
November 20, 2014 / 5:03 AM / 3 years ago

Thailand's Land & Houses expects record net profit for 2014

BANGKOK, Nov 20 (Reuters) - Thailand’s largest homebuilder Land & Houses Pcl said on Thursday it expected net profit to hit a record high this year due to gain from asset sales to a real estate investment trust (REIT) and higher revenue.

Sales in 2014 are likely to exceed the company’s target of 32 billion baht ($974 million) and it aimed to book revenue from existing projects worth 22 billion baht over the next few years, Managing Director Adisorn Thananan-narapool told reporters.

Land & Houses will transfer assets, including the Terminal 21 shopping mall and hotel, to a REIT worth 6.23 billion baht ($190 million), which will be set up by its 60 percent-owned subsidiary L&H Property later this year, he said. ($1 = 32.8600 Thai Baht) (Reporting by Saranya Suksomkij; Writing by Khettiya Jittapong)

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