Financial Statement Q1 2025

May 9, 2025 at 12:03 PM UTC · MarketScreener

‌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

Independent Auditor's Report on Review of Interim Financial Information

‌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.

Scope of 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.

Conclusion

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

‌Consolidated financial statements Separate financial statements

		31 March	31 December	31 March	31 December
	Note	2025	2024	2025	2024
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Assets
Current assets
Cash and cash equivalents	2	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	4	20,443,814	20,859,900	11,716,571	11,891,372
Advance for construction work		2,531	2,531	1,531	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	10,089	10,089	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	5	-	-	8,314,386	8,323,410
Investments in associates	6	12,828,893	12,290,075	12,828,893	12,290,075
Long-term loans to and interest receivables
- related parties	2	-	-	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	7	6,154,737	6,005,094	518,775	518,775
Deferred tax assets		809,829	790,965	228,605	213,915
Other non-current assets	2	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.

Consolidated financial statements Separate financial statements

		31 March	31 December	31 March	31 December
	Note	2025	2024	2025	2024
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		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	2	356,905	478,106	175,351	257,863
Current portion of long-term loans	8	873,360	873,352	873,360	873,352
Current portion of unsecured debentures	9	3,269,277	3,268,929	3,269,277	3,268,929
Current portion of lease liabilities	2	218,078	226,995	29,074	39,503
Corporate income tax payable		44,547	35,169	21,182	21,182
Other current provisions	10	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	2	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	2	27,224	27,224	27,224	27,224
Other current liabilities	2	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	8	998,134	1,185,122	998,134	1,185,122
Unsecured debentures, net of current portion	9	4,837,410	4,807,274	4,837,410	4,807,274
Lease liabilities, net of current portion	2	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	10	314,958	291,304	38,483	38,701
Rental income received in advance - net of
current portion	2	290,314	297,008	290,314	297,008
Deferred tax liabilities		120	145	-	-
Deferred compensatory damage income	15	40,850	40,850	40,850	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.

Consolidated financial statements Separate financial statements

31 March 31 December 31 March 31 December

2025 2024 2025 2024

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

Shareholders' equity

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	10,714,382	10,714,382	10,714,382
Share premium	379,246	379,246	379,246	379,246
Retained earnings
Appropriated - statutory reserve	1,071,443	1,071,443	1,071,443	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

Quality Houses Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 31 March 2025

(Unaudited but reviewed)

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

Consolidated financial statements Separate financial statements

	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	2	19,191	31,383	19,191	31,383
Other income
Income from forfeiture of booking and down payments		97	195	67	51
Others	2	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	2	741,623	922,985	342,745	481,171
Cost of hotel operations	2	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	2	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	5	-	-	(9,024)	18,591
Share of profit from investments in associates	6	497,154	444,688	497,154	444,688
Interest income	2	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)	11	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.

Consolidated 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	(1,127,983)	(1,127,982)	28,372,530
Investment in equity instruments derecognised
of associate during the period	-	-	-	(66,869)	-	66,869	66,869	-
Profit for the period	-	-	-	490,093	-	-	-	490,093
Other comprehensive income for the period	-	-	-	-	-	31,385	31,385	31,385
Total comprehensive income for the period	-	-	-	490,093	-	31,385	31,385	521,478
Balance as at 31 March 2024	10,714,382	379,246	1,071,443	17,758,665	1	(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)	1 -	(729,989) 30,815	(729,988) 30,815	29,304,517 -
Profit for the period	-	-	-	402,013	-	-	-	402,013
Other comprehensive income for the period	-	-	-	-	-	81,800	81,800	81,800
Total comprehensive income for the period	-	-	-	402,013	-	81,800	81,800	483,813
Balance as at 31 March 2025	10,714,382	379,246	1,071,443	18,240,632	1	(617,374)	(617,373)	29,788,330

Separate 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 Investment in equity instruments derecognised of associate during the period	10,714,382 -	379,246 -	1,071,443 -	17,335,441 (66,869)	1 -	(1,127,983) 66,869	(1,127,982) 66,869	28,372,530 -
Profit for the period	-	-	-	490,093	-	-	-	490,093
Other comprehensive income for the period	-	-	-	-	-	31,385	31,385	31,385
Total comprehensive income for the period	-	-	-	490,093	-	31,385	31,385	521,478
Balance as at 31 March 2024	10,714,382	379,246	1,071,443	17,758,665	1	(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)	1 -	(729,989) 30,815	(729,988) 30,815	29,304,517 -
Profit for the period	-	-	-	402,013	-	-	-	402,013
Other comprehensive income for the period	-	-	-	-	-	81,800	81,800	81,800
Total comprehensive income for the period	-	-	-	402,013	-	81,800	81,800	483,813
Balance as at 31 March 2025	10,714,382	379,246	1,071,443	18,240,632	1	(617,374)	(617,373)	29,788,330

Consolidated financial statements Separate financial statements

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	-		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)		52 (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)		-		(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)

Consolidated financial statements Separate financial statements

	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	-	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	-	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	-	2,500,000
Cash paid for redemption of debentures	-	(3,000,000)	-	(3,000,000)
Cash paid for financial fees	-	(3,076)	-	(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)	(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 and its subsidiaries Condensed notes to interim financial statements For the three-month period ended 31 March 2025

‌General information
1. ‌Corporate information
  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.
2. ‌Basis for preparation of interim financial information
  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.
3. ‌Basis of consolidation
  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.
4. Accounting policies
  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.

‌Related party transactions

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		financial statements
	2025	2024	2025	2024
Transactions with subsidiaries
(eliminated from the consolidated financial statements)
Interest income	-	-	53	45
Material cost	-	-	4	56
Transactions with associates
Goods and service cost	5	5	4	3
Rental expenses	147	88	8	8
Building management income	18	15	7	7
Office rental income	10	18	10	18
Other service income	1	-	1	-
Interest income	2	1	-	-
Dividend income	23	40	23	40
Transactions with related companies
Material cost	5	15	-	12
Building management income	8	9	1	2
Office rental income	5	5	5	5
Other service income	1	1	-	-

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)		(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)		(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		591
Associates		2,241		4,189		1,181		1,937
Related company (common directors
or common shareholders)		12		13		-		-
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		9,131		9,131		9,131
Related companies (common directors
or common shareholders)		4,115		4,115		4,115		4,115
Total		13,246		13,246		13,246		13,246
Accrued expenses - related parties (shown under other current liabilities)
Subsidiaries	-		-		89		14
Associate	82,838		62,095		-		-
Total	82,838		62,095		89		14

(Unit: Thousand Baht)

Consolidated financial statements			Separate financial statements
	31 March 2025	31 December 2024	31 March 2025	31 December 2024
		(Audited)		(Audited)
Rental income received in advance - related party
Associate
Current portion	27,224	27,224	27,224	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)		(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	16	16
Long-term post-employment benefits	-	-
Total	16	16

‌Trade and other current receivables

(Unit: Thousand Baht)

Consolidated financial statements			Separate financial statements
31 March 2025		31 December 2024	31 March 2025	31 December 2024
		(Audited)		(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	24	63	-	-
6 - 12 months	-	14	-	-
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

‌Land and construction in progress

(Unit: Thousand Baht)

Consolidated			Separate
	financial statements		financial statements
	31 March 2025	31 December 2024	31 March 2025	31 December 2024
		(Audited)		(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

‌Investments in subsidiaries

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)		(Audited)
Casa Ville Co., Ltd.	2,999,999	2,999,999	7,922,471	7,953,153
Q.H. International Co., Ltd.	25,000	25,000	427,744	411,323
Property Host Co., Ltd.	5,000	5,000	3,877	4,122
Centre Point Hospitality Co., Ltd.	4,999	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	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	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

‌Investments in associates

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)		(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	1,052,800	375,754	350,411
Home Product Center Plc.	759,959	759,959	5,880,996	5,541,651
LH Financial Group Plc.	2,849,800	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	2,241
Total	26,173	28,358

Capital reduction of the Quality House Business Complex Leasehold Real Estate Investment Trust "QHBREIT"

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.

‌Land and project development costs

(Unit: Thousand Baht)

Consolidated			Separate
	financial statements		financial statements
	31 March 2025	31 December 2024	31 March 2025	31 December 2024
		(Audited)		(Audited)
Land and project development costs	6,271,134	6,121,491	558,607	558,607
Less: Provision for loss on diminution
in value of projects	(116,397)	(116,397)	(39,832)	(39,832)
Land and project development costs - net	6,154,737	6,005,094	518,775	518,775

‌Long-term loans

‌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

‌Unsecured debentures

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)		(Audited)
Unsubordinated and unsecured debentures
- No. 1/2022	Fixed rate of 2.78% p.a.	3 years	5 May 2025	1,000,000	1,000,000	1,000,000	1,000,000
- No. 2/2022 (2)	Fixed rate of 3.38% p.a.	3 years	21 November 2025	720,000	720,000	720,000	720,000
- No. 3/2022	Fixed rate of 3.33% p.a.	3 years	11 December 2025	550,000	550,000	550,000	550,000
- No. 1/2023	Fixed rate of 3.32% p.a.	2 years, 9 months	18 December 2025	1,000,000	1,000,000	1,000,000	1,000,000
- No. 2/2023	Fixed rate of 3.43% p.a.	3 years	25 April 2026	1,000,000	1,000,000	1,000,000	1,000,000
- No. 1/2024	Fixed rate of 3.17% p.a.	3 years	28 February 2027	2,500,000	2,500,000	2,500,000	2,500,000
- No. 2/2024	Fixed rate of 3.18% p.a.	3 years	9 December 2027	1,500,000	1,500,000	1,500,000	1,500,000
Total debentures - at face value				8,270,000	8,270,000	8,270,000	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.

‌Provisions

(Unit: Thousand Baht)
	Consolidated financial statements		Separate financial statements
	31 March 2025	31 December 2024	31 March 2025	31 December 2024
		(Audited)		(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

‌Income tax

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

‌Segment information

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	58	383	19	27	1,392	-	1,392
Inter-segment	6	-	-	-	15	21	(21)	-
Total revenues	911	58	383	19	42	1,413	(21)	1,392
Operating results
Segment profit (loss)	(38)	(35)	22	8	24	(19)	-	(19)
Administrative expenses								(80)
Share of profit from investments in associates								497
Finance cost								(3)
Income tax revenue								7
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	74	368	31	23	1,758	-	1,758
Inter-segment	70	-	-	-	11	81	(81)	-
Total revenues	1,332	74	368	31	34	1,839	(81)	1,758
Operating results
Segment profit (loss)	105	(48)	70	17	19	163	-	163
Other income								1
Administrative expenses								(83)
Share of profit from investments in associates								445
Finance cost								(3)
Income tax expense								(33)
Profit for the period								490

‌Commitments and contingent liabilities

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	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	5	4

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.

‌Bank guarantees

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	7	7
Other letters of guarantee	29	39
Total	1,728	1,845

‌Litigations
1. 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.
2. 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.
3. 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.
4. 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.
‌Event after reporting period
‌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.
‌Approval of interim financial information

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.

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