Listed property developers posted mixed first-quarter results as many homebuyers delayed purchases or unit transfers in order to benefit from the tax and fee reduction incentives that took effect on March 29.

However, several companies recorded better sales performance over the period due to improving buyer confidence in line with positive economic developments and a more stable political situation after the establishment of an elected government. Rising costs, especially the sharp rise in steel nad oil prices, affected costs so several companies tried to control selling and administration costs to ensure satisfactory gross margins.

Krisdamahanakorn Plc recorded a loss of 28 million baht in its consolidated statement for the first quarter, an improvement from a loss of 83.5 million in the same period last year. Its revenue for the quarter rose 219% to 465.9 million baht from 145.9 million a year earlier.

The company said the increased revenue was the result of its successful sales of the Kris project and revenue realisation in the first quarter.

Areeya Property Plc recorded a loss of 40.99 million baht of loss in the first quarter, up 35.4% from a loss of 30.35 million baht a year earlier, because of delays in home transfers. Total revenue was 69.48 million baht, down 68.3% from 219.3 million a year earlier.

Everland Plc recorded a net profit of 13.43 million baht in the first quarter, down 20.3% from 16.85 million in the same period last year. Total revenue was 86.79 million baht, down 26.5% from 31.11 million baht.

Asian Property Development Plc recorded 151.5 million baht in net profit in the first quarter, down 4.3% year-on-year while its revenue declined 6.76% to 1.324 billion baht from 1.42 billion last year.

The company generated 2.39 billion baht in sales in the quarter, up 19% from the fourth quarter last year. Of the total sales, 68% came from low-rise units and the rest from condominium units. Its sales backlog stood at 16.55 billion baht, about 3.14 billion baht of which was from low-rise developments on which revenue would be realised this year.

SC Asset Corporation Plc recorded a net profit of 150.25 million baht, down by 32.43% year-on-year. Its total revenue rose 4% to 952 million baht, including 747 million from real estate development and 201 million from rental revenues.

Sales totalled 915 million baht, up 68% year-on-year, as the firm launched two new projects that it said were well accepted in the market.