Thailand's Preuksa Real Estate (PS): 2Q09 earnings - In-line results.

Section: Stocks - PS reported a 2Q09 net profit of Bt639mn, up 2.4% YoY but down 7.0% QoQ. Revenue was Bt3.6bn, up 11.3% YoY but down 3.3% QoQ. Gross margin remained high at 36.1% compared with 35.3% in 2Q08 and 36.2% in 1Q09. The result was generally in line with the consensus and expectation. The effective tax rate rose to 26.0% in 2Q09, from 24.2% in 1Q09 and 21.6% in 2Q08. This was due to the decline in revenue contribution from BOI houses during the quarter, i.e. 10.0% in 2Q09, 11.0% in 1Q09, and 19.0% in 2Q08.

Note that PS adopted two International Financial Reporting Standards (IAS), IAS 12 (income taxes) and IAS 19 (employee benefits), which have been applied …