Quality Houses : Financial Statement Q1 2025

Published: 2025-05-09 08:03:00 ET QH.BK

Published on 05/09/2025 at 08:03

‌Quality Houses Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information

For the three-month period ended 31 March 2025

‌To the Shareholders of Quality Houses Public Company Limited

I have reviewed the accompanying consolidated financial information of Quality Houses Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2025, the related consolidated statements of comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Quality Houses Public Company Limited for the same periods (collectively "the interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Pimjai Manitkajohnkit

‌Certified Public Accountant (Thailand) No. 4521

EY Office Limited Bangkok: 8 May 2025

31 March

31 December

31 March

31 December

Note

2025

2024

2025

2024

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

Assets

Current assets

Cash and cash equivalents

1,421,587

1,463,215

403,405

397,556

Trade and other current receivables

2, 3

98,973

102,247

36,581

32,624

Land and construction in progress

20,443,814

20,859,900

11,716,571

11,891,372

Advance for construction work

2,531

1,531

Advance for construction material

38,238

38,729

30,108

30,376

Asset recognised in respect of cost to obtain

contracts with customers

10,089

Other current assets

151,153

78,612

46,869

4,789

Total current assets

22,166,385

22,555,323

12,245,154

12,368,337

Non-current assets

Investments in subsidiaries

8,314,386

8,323,410

Investments in associates

12,828,893

12,290,075

12,828,893

12,290,075

Long-term loans to and interest receivables

- related parties

7,558,582

7,687,992

Investment properties

446,833

450,291

446,833

450,291

Property, plant and equipment

1,358,846

1,373,462

183,401

183,870

Right-of-use assets

1,275,897

1,330,535

125,472

132,043

Land and project development costs

6,154,737

6,005,094

518,775

Deferred tax assets

809,829

790,965

228,605

213,915

Other non-current assets

25,076

25,541

18,110

18,460

Total non-current assets

22,900,111

22,265,963

30,223,057

29,818,831

Total assets

45,066,496

44,821,286

42,468,211

42,187,168

The accompanying notes to interim financial statements are an integral part of the financial statements.

31 March

31 December

31 March

31 December

Note

2025

2024

2025

2024

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

Liabilities and shareholders' equity

Current liabilities

Short-term loans from financial institution

995,576

995,613

995,576

995,613

Trade and other current payables

356,905

478,106

175,351

257,863

Current portion of long-term loans

873,360

873,352

873,360

873,352

Current portion of unsecured debentures

3,269,277

3,268,929

3,269,277

3,268,929

Current portion of lease liabilities

218,078

226,995

29,074

39,503

Corporate income tax payable

44,547

35,169

21,182

Other current provisions

718,022

728,042

394,734

393,176

Advance received from customers

88,858

80,218

57,064

46,226

Deposits for rental and service

32,594

34,292

25,957

25,782

Retention guarantees

275,227

281,161

123,808

128,604

Current portion of rental income received

in advance

27,224

Other current liabilities

422,627

340,968

181,092

133,139

Total current liabilities

7,322,295

7,370,069

6,173,699

6,210,593

Non-current liabilities

Long-term loans, net of current portion

998,134

1,185,122

998,134

1,185,122

Unsecured debentures, net of current portion

4,837,410

4,807,274

4,837,410

4,807,274

Lease liabilities, net of current portion

1,180,377

1,235,726

114,923

122,315

Non-current provision for employee benefits

277,735

279,184

170,095

170,701

Other non-current provisions

314,958

291,304

38,483

38,701

Rental income received in advance - net of

current portion

290,314

297,008

290,314

297,008

Deferred tax liabilities

120

145

Deferred compensatory damage income

40,850

Other non-current financial liabilities

15,973

10,087

15,973

10,087

Total non-current liabilities

7,955,871

8,146,700

6,506,182

6,672,058

Total liabilities

15,278,166

15,516,769

12,679,881

12,882,651

The accompanying notes to interim financial statements are an integral part of the financial statements.

31 March 31 December 31 March 31 December

2025 2024 2025 2024

(Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed)

Share capital Registered

10,714,426,091 ordinary shares of Baht 1 each 10,714,426 10,714,426 10,714,426 10,714,426

Issued and fully paid

10,714,381,645 ordinary shares of Baht 1 each

10,714,382

Share premium

379,246

Retained earnings

Appropriated - statutory reserve

1,071,443

Unappropriated

18,240,632

17,869,434

18,240,632

17,869,434

Other components of shareholders' equity

(617,373)

(729,988)

(617,373)

(729,988)

Total shareholders' equity

29,788,330

29,304,517

29,788,330

29,304,517

Total liabilities and shareholders' equity

45,066,496

44,821,286

42,468,211

42,187,168

The accompanying notes to interim financial statements are an integral part of the financial statements.

Directors

(Unaudited but reviewed)

(Unit: Thousand Baht, except earnings per share expressed in Baht)

Note

2025

2024

2025

2024

Profit or loss:

Revenues

Revenue from sales of real estate

962,720

1,335,813

456,730

715,579

Revenue from hotel operations

383,228

367,727

72,661

Revenue from office rental operations

19,191

31,383

19,191

31,383

Other income

Income from forfeiture of booking and down payments

195

Others

57,025

61,703

26,466

27,768

Total revenues

1,422,261

1,796,821

502,454

847,442

Expenses

Cost of real estate sold

741,623

922,985

342,745

481,171

Cost of hotel operations

253,694

203,186

34,199

Cost of office rental operations

9,064

11,026

9,064

11,026

Selling expenses

108,537

122,052

29,249

51,317

Administrative expenses

357,485

405,645

201,496

202,901

Total expenses

1,470,403

1,664,894

582,554

780,614

Profit (loss) from operating activities

(48,142)

131,927

(80,100)

66,828

Share of profit (loss) from investments in subsidiaries

(9,024)

18,591

Share of profit from investments in associates

497,154

444,688

497,154

444,688

Interest income

1,526

1,017

52,830

44,624

Finance cost

(55,414)

(54,531)

(73,537)

(66,512)

Profit before income tax expenses

395,124

523,101

387,323

508,219

Income tax revenue (expenses)

6,889

(33,008)

14,690

(18,126)

Profit for the period

402,013

490,093

402,013

490,093

Other comprehensive income:

Other comprehensive income to be reclassified to profit or loss

in subsequent periods:

Share of other comprehensive income of associates - net of income tax

6, 11

72,930

29,962

72,930

29,962

Other comprehensive income to be reclassified

to profit or loss in subsequent periods - net of income tax

72,930

29,962

72,930

29,962

Other comprehensive income not to be reclassified to profit or loss

in subsequent periods:

Share of other comprehensive income of associates - net of income tax

6, 11

8,870

1,423

8,870

1,423

Other comprehensive income not to be reclassified to profit or loss

in subsequent periods - net of income tax

8,870

1,423

8,870

1,423

Other comprehensive income for the period

81,800

31,385

81,800

31,385

Total comprehensive income for the period

483,813

521,478

483,813

521,478

Earnings per share:

Basic earnings per share

Profit attributable to equity holders of the Company

0.04

0.05

0.04

0.05

The accompanying notes to interim financial statements are an integral part of the financial statements.

Other components of shareholders' equity Other comprehensive income

Share of other Total other

Issued and

Retained earnings

Surplus on comprehensive components of

paid-up

share capital

Share premium

Appropriated

- statutory reserve

Unappropriated

changes in value

of financial assets

income

of associates

shareholders'

equity

Total

Balance as at 1 January 2024

10,714,382

379,246

1,071,443

17,335,441

(1,127,983)

(1,127,982)

28,372,530

Investment in equity instruments derecognised

of associate during the period

(66,869)

66,869

Profit for the period

490,093

Other comprehensive income for the period

31,385

Total comprehensive income for the period

490,093

31,385

521,478

Balance as at 31 March 2024

10,714,382

379,246

1,071,443

17,758,665

(1,029,729)

(1,029,728)

28,894,008

Balance as at 1 January 2025

Investment in equity instruments derecognised of associate during the period

10,714,382

379,246

1,071,443

17,869,434

(30,815)

(729,989)

30,815

(729,988)

30,815

29,304,517

Profit for the period

402,013

Other comprehensive income for the period

81,800

Total comprehensive income for the period

402,013

81,800

483,813

Balance as at 31 March 2025

10,714,382

379,246

1,071,443

18,240,632

(617,374)

(617,373)

29,788,330

Other components of shareholders' equity Other comprehensive income

Share of other Total other

Issued and

Retained earnings

Surplus on comprehensive components of

paid-up

share capital

Share premium

Appropriated

- statutory reserve

Unappropriated

changes in value

of financial assets

income

of associates

shareholders'

equity

Total

Balance as at 1 January 2024

Investment in equity instruments derecognised of associate during the period

10,714,382

379,246

1,071,443

17,335,441

(66,869)

(1,127,983)

66,869

(1,127,982)

66,869

28,372,530

Profit for the period

490,093

Other comprehensive income for the period

31,385

Total comprehensive income for the period

490,093

31,385

521,478

Balance as at 31 March 2024

10,714,382

379,246

1,071,443

17,758,665

(1,029,729)

(1,029,728)

28,894,008

Balance as at 1 January 2025

Investment in equity instruments derecognised of associate during the period

10,714,382

379,246

1,071,443

17,869,434

(30,815)

(729,989)

30,815

(729,988)

30,815

29,304,517

Profit for the period

402,013

Other comprehensive income for the period

81,800

Total comprehensive income for the period

402,013

81,800

483,813

Balance as at 31 March 2025

10,714,382

379,246

1,071,443

18,240,632

(617,374)

(617,373)

29,788,330

2025

2024

2025

2024

Cash flows from operating activities

Profit before tax

395,124

523,101

387,323

508,219

Adjustments to reconcile profit before tax to net cash provided by (paid from)

operating activities:

Decrease in land and construction in progress as a result

of transferring to cost of sales

730,834

898,467

319,590

456,145

Depreciation

24,026

24,865

4,862

5,293

Depreciation of right-of-use assets

54,638

39,330

6,571

6,645

Reversal of allowance for expected credit losses

(147)

(1,643)

(394)

Unrealised loss (gain) on exchange

221

(7,750)

Loss on change in fair value of derivatives

5,886

Share of loss (profit) from investments in subsidiaries

9,024

(18,591)

Share of profit from investments in associates

(497,154)

(444,688)

(497,154)

(444,688)

Income from forfeiture of booking and down payments

(97)

(195)

(67)

(51)

Interest income

(1,526)

(1,017)

(52,830)

(44,624)

Loss (gain) on sales of equipment

151

(30)

(1)

(8)

Provision for loss arising from litigations

24,199

64,205

327

4,043

Reversal of provision for loss arising from litigations

(545)

(310)

(545)

(310)

Reversal of provision for loss on diminution in value of projects

(23,020)

(8,463)

(1,640)

Provision for housing repairment

8,795

11,189

4,370

6,123

Provision for employee benefits

6,415

6,147

3,639

3,706

Transfer deferred financial fees to finance cost

1,359

1,219

1,359

1,219

Interest expenses

40,350

43,488

69,483

60,974

Interest expenses from lease liabilities

Profit from operating activities before changes in

11,786

6,669

1,479

1,841

operating assets and liabilities Decrease (increase) in operating assets

Trade and other current receivables

781,295

3,200

1,154,584

26,056

261,676

(3,957)

545,542

1,364

Land and construction in progress

(259,654)

(808,486)

(128,576)

(483,901)

Advance for construction material

491

449

268

387

Other current assets

(62,021)

(68,154)

(42,080)

(44,151)

Land and project development costs

(138,006)

(210,822)

(165,216)

Deposits for purchase of land

(50,281)

Other non-current assets

Increase (decrease) in operating liabilities Trade and other current payables

465

(114,085)

330

(65,497)

350

(75,397)

(27,146)

Advance received from customers

2,042

(13,521)

4,211

(11,875)

Deposits for rental and service

(1,698)

347

175

(344)

Retention guarantees

(5,933)

8,271

(4,796)

4,878

Other current liabilities

62,844

30,039

45,141

29,948

Cash paid for litigation compensation

(14,895)

Cash paid for long-term employee benefits

(7,864)

(5,278)

(4,245)

(4,762)

Cash flows from (used in) operating activities

261,076

(16,858)

52,770

(170,119)

Cash paid for income tax

(13,142)

(21,979)

(12,570)

Net cash flows from (used in) operating activities

247,934

(38,837)

52,770

(182,689)

2025

2024

2025

2024

Cash flows from investing activities

Dividends received from associates

23,162

40,439

23,162

40,439

Decrease in long-term loans to related party

127,000

57,000

Interest income

1,526

1,017

55,240

45,087

Increase in property, plant and equipment - net of disposals

(6,103)

(3,406)

(934)

(1,616)

Cash received from decreasing of the company's paid-up capital of associate company

16,974

Net cash flows from investing activities

35,559

38,050

221,442

140,910

Cash flows from financing activities

Increase in short-term loans from financial institution

1,000,000

Repayment of long-term loans

(187,500)

(375,000)

(187,500)

(375,000)

Cash received from issuance of debentures

2,500,000

Cash paid for redemption of debentures

(3,000,000)

Cash paid for financial fees

(3,076)

Cash paid for interest expenses

(61,569)

(53,902)

(61,563)

(54,312)

Cash paid for lease liabilities

(76,052)

(57,712)

(19,300)

Net cash flows from (used in) financing activities

(325,121)

10,310

(268,363)

48,312

Net increase (decrease) in cash and cash equivalents

(41,628)

9,523

5,849

6,533

Cash and cash equivalents at beginning of period

1,463,215

1,347,699

397,556

341,654

Cash and cash equivalents at end of period

1,421,587

1,357,222

403,405

348,187

Supplemental cash flows information

Non-cash transactions

Interest expenses recorded as cost of projects and property, plant and equipment

43,711

36,271

14,573

19,195

Increase in share of other comprehensive income

of associates - net of income tax

81,800

31,385

81,800

31,385

The accompanying notes to interim financial statements are an integral part of the financial statements.

Quality Houses Public Company Limited ("the Company") is a public company incorporated and domiciled in Thailand. The Company is principally engaged in property development. The registered office of the Company is at 7th Floor, Q. House Lumpini Building, No.1 South Sathorn Road, Tungmahamek, Sathorn, Bangkok.

This interim financial information is prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.

The interim financial information is intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial information should therefore be read in conjunction with the latest annual financial statements.

The interim financial information in Thai language is the official statutory financial information of the Company. The interim financial information in English language has been translated from the Thai language interim financial information.

The interim financial information include the financial statements of Quality Houses Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and has been prepared by applying on the same basis as that applied for the preparation of the consolidated financial statements for the year ended 31 December 2024, with no changes in structure of subsidiaries during the current period.

The interim financial information is prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024.

The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements.

During the periods, the Group had significant business transactions with its related parties. These transactions which have been concluded on commercial terms and bases agreed upon in the ordinary course of businesses between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current periods. Below is a summary of significant related party transactions.

(Unit: Million Baht)

For the three-month periods ended 31 March

Consolidated

Separate

financial statements

2025

2024

2025

2024

Transactions with subsidiaries

(eliminated from the consolidated financial statements)

Interest income

Material cost

Transactions with associates

Goods and service cost

Rental expenses

147

Building management income

Office rental income

Other service income

Interest income

Dividend income

Transactions with related companies

Material cost

Building management income

Office rental income

Other service income

The balances of the accounts between the Group and those related parties are as follows:

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Deposits at financial institution (shown under cash and cash equivalents)

Associate

Land and Houses Bank Plc.

1,065,257

1,160,603

301,862

328,487

31 March

31 December

31 March

31 December

2025

2024

2025

2024

Trade and other current receivables - related parties (Note 3)

(Audited)

Trade accounts receivable - related parties

(Unit: Thousand Baht) Consolidated financial statements Separate financial statements

Associates

214

261

214

261

Related companies (common directors

or common shareholders)

689

668

689

668

Total trade accounts receivable - related parties

903

929

903

929

Other current receivables - related parties

Subsidiaries

10,644

10,201

Associates

44,645

33,644

22,175

16,138

Related companies (common directors

or common shareholders)

6,565

9,702

1,972

2,770

Total other current receivables - related parties

51,210

43,346

34,791

29,109

Total

52,113

44,275

35,694

30,038

Deposit for rental and service - related party (shown under other non-current assets)

Associate

7,552

7,553

7,552

7,553

Trade and other current payables - related parties

Trade accounts payable - related parties

Subsidiary

1,014

1,528

Related company (common directors

or common shareholders)

4,992

2,823

150

905

Total trade accounts payable

- related parties

4,992

2,823

1,164

2,433

Other current payable - related parties

Subsidiary

591

Associates

2,241

4,189

1,181

1,937

Related company (common directors

or common shareholders)

Total other current payable - related parties

2,253

4,202

1,772

2,528

Total

7,245

7,025

2,936

4,961

Deposit for rental and service - related parties

Associates

9,131

Related companies (common directors

or common shareholders)

4,115

Total

13,246

Accrued expenses - related parties (shown under other current liabilities)

Subsidiaries

Associate

82,838

62,095

Total

82,838

62,095

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Rental income received in advance - related party

Associate

Current portion

27,224

Non-current portion

290,314

297,008

290,314

297,008

Total

317,538

324,232

317,538

324,232

Lease liabilities - related parties

Associates

Lease payments

1,527,621

1,591,673

144,573

152,285

Less: Deferred interested

(145,955)

(157,502)

(12,066)

(13,371)

Total

1,381,666

1,434,171

132,507

138,914

Less: Current portion

(213,762)

(212,016)

(26,193)

(25,940)

Lease liabilities - net of current portion

1,167,904

1,222,155

106,314

112,974

(Unit: Thousand Baht)

Consolidated

financial statements

Separate

financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

Interest policy

(Audited)

(% p.a.)

Long-term loans to and interest receivables - related parties

Subsidiary

Casa Ville Co., Ltd.

7,558,582

7,687,992

2.51% to 3.21%

Related party

Harbour View Corporation

77,941

78,086

SOFR + 3.43%, 4.00% and

8.00%

Total

77,941

78,086

7,558,582

7,687,992

Less: Allowance for expected credit losses

(77,941)

(78,086)

Net

7,558,582

7,687,992

During the period, the movements of loans to and interest receivables and loan from and accrued interest with related parties were as follows:

(Unit: Thousand Baht)

Consolidated financial statements

‌1 January

2025

Increase

Decrease

‌31 March

2025

Long-term loans to and interest receivables - related party

Related party

Harbour View Corporation

78,086

(145)

77,941

‌Less: Allowance for expected credit losses

(78,086)

145

(77,941)

Net

(Unit: Thousand Baht)

Separate financial statements

‌1 January

2025

Increase

Decrease

‌31 March

2025

Long-term loans to and interest receivables - related party

‌Subsidiary

Casa Ville Co., Ltd.

7,687,992

74,686

(204,096)

7,558,582

Directors and management's benefits

During the three-month periods ended 31 March 2025 and 2024, the Group had employee benefit expenses payable to their directors and management as below:

(Unit: Million Baht)

Consolidated and separate

financial statements

2025

2024

Short-term employee benefits

Long-term post-employment benefits

Total

(Unit: Thousand Baht)

Consolidated

financial statements

Separate

financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Trade accounts receivable - related

parties (Note 2)

Aged of receivables

Up to 3 months

903

929

903

929

Total trade accounts receivable

- related parties

903

929

903

929

Trade accounts receivable - unrelated parties

Aged of receivables

Up to 3 months

46,999

57,159

725

1,604

3 - 6 months

6 - 12 months

Over 12 months

633

782

Total trade accounts receivable -

unrelated parties

47,656

58,018

725

1,604

Less: Allowance for expected

credit losses

(1,100)

(1,247)

Total trade accounts receivable -unrelated parties, net

46,556

56,771

725

1,604

Total trade accounts receivable - net

47,459

57,700

1,628

2,533

Other current receivables

Other current receivables - related

parties (Note 2)

51,210

43,346

34,791

29,109

Other current receivables - unrelated

parties

304

1,201

162

982

Total other current receivables

51,514

44,547

34,953

30,091

Total trade and other current receivables - net

98,973

102,247

36,581

32,624

(Unit: Thousand Baht)

Consolidated

Separate

financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Land and construction in progress

20,995,215

21,434,321

11,855,415

12,031,856

Less: Provision for loss on diminution

in value of projects

(551,401)

(574,421)

(138,844)

(140,484)

Land and construction in progress - net

20,443,814

20,859,900

11,716,571

11,891,372

Movements in the provision for loss on diminution in value of projects during the three-month period ended 31 March 2025 are summarised below:

(Unit: Thousand Baht)

Consolidated

financial statements

Separate

financial statements

Balance as at 1 January 2025

574,421

140,484

Provision reversal according to revenue

recognition during the period

(23,020)

(1,640)

Balance as at 31 March 2025

551,401

138,844

Details of investments in subsidiaries as presented in separate financial statements are as follows:

(Unit: Thousand Baht)

Separate financial statements

Company's name

Carrying amounts based on cost method - net

Carrying amounts based on equity method

31 March

31 December

31 March

31 December

2025

2024

2025

2024

(Audited)

Casa Ville Co., Ltd.

2,999,999

7,922,471

7,953,153

Q.H. International Co., Ltd.

25,000

427,744

411,323

Property Host Co., Ltd.

5,000

3,877

4,122

Centre Point Hospitality Co., Ltd.

4,999

(67,378)

(72,947)

The Confidence Co., Ltd.*

Q.H. Management Co., Ltd.

(and 19% held through The Confidence Co., Ltd.)

88,635

27,672

27,759

Q.H. International (BVI) Co., Ltd.**

Casa Ville (Rayong 2553) Co. Ltd.*

Casa Ville (Petchburi 2553) Co. Ltd.*

Q. House Precast Co., Ltd.*

Gusto Village Co., Ltd.*

Casa Ville (Chonburi 2554) Co., Ltd.*

Casa Ville (Prachuapkhirikhan 2554) Co., Ltd.*

Total

3,123,633

8,314,386

8,323,410

* 100% held through Casa Ville Co., Ltd.

** 100% held through Q.H. International Co., Ltd.

‌Share of comprehensive income

During the periods, the Company has recognised its share of comprehensive income from investments in subsidiaries in the separate financial statements as follows:

(Unit: Thousand Baht)

Separate financial statements

Company's name

Share of profit (loss) from investments

in subsidiaries

For the three-month periods ended 31 March

2025

2024

Casa Ville Co., Ltd.

(30,682)

(13,003)

Q.H. International Co., Ltd.

16,421

12,007

Property Host Co., Ltd.

(245)

(16)

Centre Point Hospitality Co., Ltd.

5,569

19,724

Q.H. Management Co., Ltd.

(87)

(121)

Total

(9,024)

18,591

Details of investments in associates

(Unit: Thousand Baht)

Consolidated and separate financial statements

Company's name

Carrying amounts based on cost method

Carrying amounts based on equity method

31 March

31 December

31 March

31 December

2025

2024

2025

2024

(Audited)

Quality House Business Complex

Leasehold Real Estate Investment Trust

1,942,435

1,959,409

1,103,308

1,089,147

Quality Houses Hotel and Residence

Freehold and Leasehold Real Estate Investment Trust

1,052,800

375,754

350,411

Home Product Center Plc.

759,959

5,880,996

5,541,651

LH Financial Group Plc.

2,849,800

5,468,835

5,308,866

Total

6,604,994

6,621,968

12,828,893

12,290,075

Share of comprehensive income and dividend received

During the periods, the Company has summarised its share of comprehensive income and dividend received from investments in associates as follows:

(Unit: Thousand Baht)

Consolidated and separate financial statements

For the three-month periods ended 31 March

Company's name

Share of profit from investments in associates

Share of other comprehensive income from investment in associates

2025

2024

2025

2024

Quality Houses Leasehold Property Fund

31,377

Quality House Business Complex

Freehold Real Estate Investment Trust

31,135

Quality Houses Hotel and Residence

Freehold and Leasehold Property Fund

18,144

Quality Houses Hotel and Residence Freehold and Leasehold Real Estate

Investment Trust

48,505

Home Product Center Plc.

339,240

340,325

105

369

LH Financial Group Plc.

78,274

54,842

81,695

31,016

Total

497,514

444,688

81,800

31,385

(Unit: Thousand Baht)

Company's name

Dividend received

For the three-month

periods ended 31 March

2025

2024

Quality Houses Leasehold Property Fund

24,542

Quality Houses Hotel and Residence Freehold and Leasehold

Property Fund

15,897

Quality Houses Hotel and Residence Freehold and Leasehold

Real Estate Investment Trust

23,162

Total

23,162

40,439

Fair values of investments in listed associates

In respect of investments in associated companies that are listed companies on the Stock Exchange of Thailand, their fair values are as follows:

(Unit: Million Baht)

Company's name

Fair values as at

31 March

2025

31 December

2024

Quality House Business Complex Leasehold Real Estate Investment Trust

765

969

Quality Houses Hotel and Residence Freehold and Leasehold

Real Estate Investment Trust

695

716

Home Product Center Plc.

22,472

24,432

LH Financial Group Plc.

2,241

Total

26,173

28,358

On 28 February 2025, the Quality Houses Business Complex Leasehold Real Estate Investment Trust announced a capital reduction by Baht 0.0830, from the previously par value of Baht 9.1517 per unit to Baht 9.0687 per unit. This capital reduction does not affect the existing number of investment units. The company received a total of Baht 17 million from this reduction in March 2025.

(Unit: Thousand Baht)

Consolidated

Separate

financial statements

March 2025

December 2024

March 2025

December 2024

(Audited)

Land and project development costs

6,271,134

6,121,491

558,607

Less: Provision for loss on diminution

in value of projects

(116,397)

(39,832)

Land and project development costs - net

6,154,737

6,005,094

518,775

‌Movement of the long-term loans account during the three-month period ended 31 March 2025 are summarised below:

(Unit: Thousand Baht)

Consolidated and separate

financial statements

Balance as at 1 January 2025

2,058,474

Less: Repayment

(187,500)

Less: Unamortised portion of deferred transaction cost

520

Balance as at 31 March 2025

1,871,494

Consolidated and separate financial statements

Number of debenture (Unit)

Amount (Thousand Baht)

Type of debenture

Interest rate

Age

Maturity date

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Unsubordinated and unsecured debentures

- No. 1/2022

Fixed rate of 2.78% p.a.

3 years

5 May 2025

1,000,000

- No. 2/2022 (2)

Fixed rate of 3.38% p.a.

3 years

21 November 2025

720,000

- No. 3/2022

Fixed rate of 3.33% p.a.

3 years

11 December 2025

550,000

- No. 1/2023

Fixed rate of 3.32% p.a.

2 years, 9 months

18 December 2025

1,000,000

- No. 2/2023

Fixed rate of 3.43% p.a.

3 years

25 April 2026

1,000,000

- No. 1/2024

Fixed rate of 3.17% p.a.

3 years

28 February 2027

2,500,000

- No. 2/2024

Fixed rate of 3.18% p.a.

3 years

9 December 2027

1,500,000

Total debentures - at face value

8,270,000

Less: Unamortised portion of deferred transaction costs

(4,736)

(5,575)

Less: Discount on debentures

(158,577)

(188,222)

Debentures - net

8,106,687

8,076,203

Less: Current portion of debentures

(3,269,277)

(3,268,929)

Debentures - net of current portion

4,837,410

4,807,274

All of unsecured debentures include covenants and restrictions. These pertain to, among other things, dividend payment and the maintenance of certain financial ratios.

(Unit: Thousand Baht)

Consolidated

financial statements

Separate

financial statements

31 March

2025

31 December

2024

31 March

2025

31 December

2024

(Audited)

Other current provisions

Provision for public utility maintenance

252,953

258,398

125,206

125,995

Provision for housing repairment

344,492

341,566

192,691

190,766

Provision for compensation for Housing

Estate Juristic Persons

120,577

128,078

76,837

76,415

Total other current provisions

718,022

728,042

394,734

393,176

Other non-current provisions

Provision for litigations

314,958

291,304

38,483

38,701

Total other non-current provisions

314,958

291,304

38,483

38,701

Total

1,032,980

1,019,346

433,217

431,877

Interim corporate income tax is calculated on profit before income tax for the period, using the estimated effective tax rate for the year.

Income tax expenses for the three-month periods ended 31 March 2025 and 2024 are made up as follows:

(Unit: Thousand Baht)

For the three-month periods ended 31 March

Consolidated financial statements

Separate financial statements

2025

2024

2025

2024

Current income tax:

Interim income tax charge

12,000

30,323

15,377

Deferred tax:

Relating to origination and reversal of

temporary differences

(18,889)

2,685

(14,690)

2,749

(Revenue) income tax expenses reported in the statements of comprehensive income

(6,889)

33,008

(14,690)

18,126

The amounts of income tax relating to each component of other comprehensive income for the three-month periods ended 31 March 2025 and 2024 are as follows:

(Unit: Thousand Baht)

For the three-month periods ended 31 March

Consolidated financial statements

Separate financial statements

2025

2024

2025

2024

Deferred tax relating to share of other comprehensive income of associates

16,983

10,757

16,983

10,757

The Group is organised into business units based on its products and services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements.

The following tables present revenue and profit information regarding the Group's operating segments for the three-month periods ended 31 March 2025 and 2024, respectively.

(Unit: Million Baht)

For the three-month period ended 31 March 2025

Real estate business

Other

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and eliminations

Consolidated

Revenues

External customers

905

383

1,392

Inter-segment

(21)

Total revenues

911

383

1,413

(21)

1,392

Operating results

Segment profit (loss)

(38)

(35)

(19)

Administrative expenses

(80)

Share of profit from investments in associates

497

Finance cost

(3)

Income tax revenue

Profit for the period

402

(Unit: Million Baht)

For the three-month period ended 31 March 2024

Real estate business

Other

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and eliminations

Consolidated

Revenues

External customers

1,262

368

1,758

Inter-segment

(81)

Total revenues

1,332

368

1,839

(81)

1,758

Operating results

Segment profit (loss)

105

(48)

163

Other income

Administrative expenses

(83)

Share of profit from investments in associates

445

Finance cost

(3)

Income tax expense

(33)

Profit for the period

490

The Group has the following outstanding commitments and contingent liabilities.

The Group has the following outstanding commitments in respect of agreements to purchase of land and construction of projects.

(Unit: Million Baht)

31 March 2025

31 December 2024

(Audited)

Construction contracts

445

The Group has entered into several lease agreements to lease motor vehicles and equipment, with a term of generally 1 year.

The Group has the following future minimum lease payments required under those operating leases contracts as follows:

(Unit: Million Baht)

31 March 2025

31 December 2024

(Audited)

Payable:

in up to 1 year

As at 31 March 2025, the Group has commitments in respect of various service commitments totaling Baht 47 million (31 December 2024: Baht 28 million).

As at 31 March 2025, the Group has servitude over land of approximately 55 Rai (31 December 2024: 55 Rai) of which the cost is included in the cost of projects.

There were outstanding bank guarantees issued by the banks on behalf of the Group in respect of certain performance bonds as required in the normal course of business as follows:

(Unit: Million Baht)

31 March 2025

31 December 2024

(Audited)

Letters of guarantee for arrangement

and maintenance of public utilities

1,692

1,799

Letters of guarantee for electricity usage

Other letters of guarantee

Total

1,728

1,845

Between 2017 and 2025, various customers sued the Company and its subsidiaries for compensatory damages from purchase of land and houses of their projects, as at 31 March 2025, totaling Baht 1,303 million (31 December 2024: Baht 1,135 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provisions totaling Baht 242 million (31 December 2024: Baht 219 million), which the Company and its subsidiaries deemed to be an appropriate amount.

In 2017, the Company was filed as a defendant by a construction contractor company, plaintiff, for breach of hire of work agreement, with the plaintiff demanding outstanding payment and compensatory damages as at 31 March 2025, totaling Baht 135 million (31 December 2024: Baht 135 million). In October 2019, the Court of First Instance dismissed the case and rendered a judgement ordering that plaintiff pay the compensatory damages arising from the counterclaim of Baht 77 million together with interest.

The Company demanded that the bank, as an issuer of the letter of guarantees, settle the payment on behalf of the plaintiff in accordance with the judgement of the Court and subsequently received the amount of Baht 41 million in May 2020 in accordance with the facilities stated in the letter of guarantee. The amount received was presented as "Deferred compensatory damage income" in the statement of financial position and will be recognised in profit or loss when the lawsuit is finalised.

In October 2022, the Court of Appeal overturned the prior judgement and ordered the Company to pay the outstanding payment and retention to the plaintiff. After offsetting the debt with the plaintiff's obligation to pay the compensatory damages, the Company was required to pay an additional amount of Baht 3 million together with interest and return the letter of guarantee to the plaintiff.

In 2024, the Company and the plaintiff filed an appeal against the judgment of the Court of Appeal. Subsequently, the Supreme Court issued an order to accept the appeal. The case is currently under consideration by the Supreme Court. However, the Company believes that there will be no material impact on its financial statements.

Between 2018 and 2025, Housing Estate Juristic Persons sued the Company and its subsidiaries as a defendant/co-defendant for a breach of agreement under the Land Development Act B.E. 2543, demanding compensatory damages of the Company and its subsidiaries, as at 31 March 2025, totaling Baht 699 million (31 December 2024: Baht 694 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provision of Baht 73 million (31 December 2024: Baht 72 million) for the loss arising from these litigations, which the Company and its subsidiaries deemed to be an appropriate amount.

As of 31 March 2025, the complainant filed a lawsuit against the Nonthaburi Provincial Land Allocation Committee (the respondent) in the Central Administrative Court, regarding their permission for land allocation of the Company and a subsidiary. The Company and the subsidiary were involved in a lawsuit as an interpleader and the respondent.

The Company and the subsidiary's believe that they has fully complied with the permits issued by the Land Allocation Committee of Nonthaburi Province. Consequently, the Company and the subsidiary have not recognised any potential damages arising from this lawsuit in the financial statements.

‌On 22 April 2025, the Annual General Meeting of the Company's Shareholders passed a resolution to approve a dividend payment at a rate of Baht 0.11 per share from the operating result of the year 2024 or a total of Baht 1,179 million. The Company paid an interim dividend of Baht 0.03 per share to its shareholders on 5 September 2024, remaining a final dividend of Baht 0.08 per share or a total of Baht 857 million will be paid on 20 May 2025.

This interim financial information was issued on 8 May 2025 by an acknowledgement of the Audit Committee who has been assigned by the Company's Board of Directors.

Disclaimer

Quality Houses pcl published this content on May 09, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 09, 2025 at 11:50 UTC.