Thai Central Pattana sees revenue boost from new stores
Central Pattana CPN.BK, Thailand's top department store operator, said on Wednesday it expected 2009 revenues to grow more than 25 percent, higher than analysts' forecasts, after new store openings this year, Reuters reported.
Chief Financial Officer Naris Cheyklin said he expected second quarter revenues to exceed the first quarter due to the recent acquisition of a department store in the northeastern province of Udon Thani.
"We raised our revenue target for this year. It should be more than 25 percent," he told reporters.
The company, which reported revenues of 8.6 billion baht ($253 million) in 2008, had previously forecast 25 percent growth this year.
Central Pattana opened a new store in the eastern province of Chonburi in May and planned to open another in the northeastern province of Khon Kaen in December.
The additional stores required the company to raise its investment budget to 8.69 billion baht from 5.62 billion baht this year, he said.
Central Pattana planned to invest about 15.5 billion baht from 2010-12 to develop and upgrade existing shopping centres, Naris said.
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