Raimon Land has delayed purchases of land for new developments as a result of the financial and political crises, says chief operating officer Kitti Tungsriwong.

As well, plans to raise 567 million baht in new funds from Thai investors could be postponed because the company's share price in the stock market is now at about 0.30 baht while each new shares would be sold at one baht.

The fund-raising was part of Raimon's plan to increase its registered capital by 1.11 billion baht to 4.1 billon baht.

"We will continue our effort to sell shares, but will halt all new investments until the situation gets better," Mr Kitti said yesterday.

However, he expressed no concern over the financial support for its existing and future projects.

"We have secured loans from five local banks, cashflow from operations and advanced loans from our major shareholder IFA Hotels & Resorts Ltd, which just bought 340 million shares worth 340 million baht through the offering of convertible loans," he said.

However, according to an analyst Siam City Research Institute, Raimon's liquidity is weak as its debt-to-equity ratio is still high at 2.04 times. The status would improve if the company can draw funds from selling remaining shares next year.

Mr Kitti predicted the worst-case scenario for next year would be if Raimon could not sell any units. In such a case the company still expected to realise at least 4.8 billon baht from its current sales backlog of 9.8 billion baht.

CEO Nigel Cornick, said the company projected sales for next year at 10 to 12 billion baht, but this was before this week's escalation of anti-government protests and airport closures.

The company recorded consolidated net profit in the third quarter of 81.18 million baht, up 445% from 14.9 million a year earlier. It said the improvement stemmed from sales recognition for the quarter which rose 107% to 820 million baht mainly from two condominiums: Northpoint Pattaya and The River.

Nine-month net profit was 83.25 million baht, against a loss of 50.75 million last year. Revenues for the period were 2.04 billion baht, up 84.4% year-on-year.

Raimon this month launched presales of 185 Rajadamri worth 12.1 billion baht with units averaging 325,000 baht per square metre. It sold two units at 369,000 baht per sq m to two Thai clients.

Overall, the proportion of its Thai clients rose to about 50% in the third quarter, up from 23% in the first quarter in terms of sales value.

It has not delayed its plans to introduce Amalfi, consisting of 15 villas worth 4.2 billion baht in Phuket by year-end, and The Edge, worth 4.8 billion baht, in Pattaya early next year.

Shares of Raimon closed yesterday on the Stock Exchange of Thailand at 0.27 baht, up one satang, in trade worth 510,000 baht.