ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal profit was at Bt441m (-37%YoY,-27%QoQ).
The dropped in YoY and QoQ of net profit was pressured by lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m
Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.