Origin Property Public Company Limited (SET: ORI) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
111.61 | 464.09 |
| Earning Per Share (Baht) |
0.0455 | 0.1891 |
| % Change | -75.95 | |
ORI and its subsidiaries generated a net profit for 1Q25 amount of THB 111.6 million, or 6.5% of the total revenues, a decrease of THB 352.5 million, or 76.0% YoY.
The Group has total revenues of THB 1.728 billion, a decrease of 1.484 billion baht, or 46.2 % YoY, from 1Q24’s revenue of THB 3.213 billion.
This mainly caused by the decreasing revenues from sales of real estate, service income, revenues from hotel operations and rental, revenues from project management and gain on disposals of investments in subsidiaries. However, interest income has continued to increase from the same period of the previous year.
Revenues from sales of real estate were THB 992.8 million, or 57.4% of the total revenues, a decrease of THB 532.2 million baht, or 34.9% YoY. There were projects that commenced new ownership transfers as well as ongoing transfers, most of which were under joint venture arrangements. This is a result of the slowdown of the domestic economy and the strictness of lending by financial institutions.
Service income was THB 354.9 million, or 20.5% of the total revenues, a decrease of THB 20.1 million baht, or 5.4% YoY.
Revenues from hotel operations and rental were THB 125.5 million, or 7.3% of the total revenues, a decrease of THB 22.6 million, or 15.3% YoY.
Revenues from project management are generated from providing services related to planning project feasibility studies and providing services, including project management, after signing a joint venture agreement with partners. For 1Q25, the revenue amounted to THB 163.6 million, or 9.5% from the total revenues, a decrease of THB 527.0 million baht, or 76.3% YoY.
Gain on disposals of investment in subsidiaries is a transaction that occurs when the company is entered into a joint venture agreement with partners, resulting in the group recognizing the disposal of investments in common shares of subsidiaries. For 1Q25, there is no gain/loss on disposals, a decrease of THB 334.6 million, or 100% YoY.
ORI and its subsidiaries began to spread out to major provinces throughout the country and more Open Platforms in joint ventures with landlords to find business partners in each province to enhance competitiveness last year. Since this year the group has had enough projects waiting to be jointly invested and has no plans to expand the project, the revenues from project management and gain on disposals returned to normal.
Interest income was THB 58 million, or 3.4% from the total revenues, an increase of THB 35.5 million, or 157.8% YoY. This is because interest income from loans to joint ventures increases according to the group’s joint venture which is lending in proportion to investment and/or as mutually agreed upon which the interest rate is calculated according to the policy of mutual transactions.
As for the total expenses, ORI’s 1Q25 amount was THB 1.701 billion, or 98.4% from the total revenues, a decrease of THB 2.098 billion, or 18.9% YoY.
