WHA Corporation reported second-quarter 2569 net profit of 659.2 million baht, down 32.7% from the same period last year, as the land and property-for-investment sales business recognised lower revenue because of fewer land transfers and the absence of asset sales into the WHART trust that occurred in the second quarter of 2568. Overall gross margin was 40.5%, down from 46.7%, in line with the lower share of land revenue. However, the company was partly offset by the property rental, utilities and power businesses, and by lower financial and administrative expenses. Land transfers in the second quarter of 2569 totalled 208 rai, down from 301 rai a year earlier, but the company recorded cumulative land sales of 1,199 rai in the first half of 2569 and has a revenue backlog of as much as 1,464 rai, which will be transferred mainly in the second half. WHA maintained its full-year land sales target of 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam, and plans to sell assets worth about 3.743 billion baht into the WHART and WHAIR trusts in the fourth quarter of 2569. Analysts at ASL recommend buying, with a positive view from FDI flows and data centres supporting land sales for the rest of the year, and give support at 4.86 and 4.74 baht and resistance at 4.96 to 4.98 and 5.15 baht.
WHA Corporation Public Company LimitedQ2 net profit fell 32.7% due to lower land transfers and absence of asset sales into WHART trust.
