Thai mall operator Central Pattana says its first-quarter profit surged 39 per cent on earnings up 27 per cent as the retail economy continued its return to normal after the Covid pandemic. 

Quarterly earnings reached US$301.3 million, while net profit for the quarter was $95.2 million. 

CFO Naparat Sriwanvit said the company’s earnings recovered rapidly with shopping centres in particular performing well, and turnover now back to pre-Covid levels. 

The company’s flagship CentralWorld shopping centre in downtown Bangkok welcomed high-profile global brands to the tenant roster, including Tesla, launching its first Supercharger, and quick-service restaurant chain Shake Shack, opening its first store in the country. 

New properties to open during the quarter included the Marche Thonglor community mall and more new projects will come on stream later this year, including Central Westville in October, along with hotel and residential projects.

As of the end of March, Central Pattana managed 39 shopping malls – including 37 under the Central banner, the Esplanade shopping centre and the joint venture-run Mega Bangna – along with 17 community malls, 33 food courts,10 office buildings, five hotels and 28 residential projects. 

The company said its five-year business plan is on track, with a heavy focus on new mixed-use developments anchored by retail, and the renovation of existing assets to add value and reduce overheads through improved efficiencies. 

“The company will continue to study investment opportunities in other forms of business, acquisitions and overseas investments in Southeast Asia, such as Malaysia and Vietnam, as well as studying opportunities in new types of business with high growth potential in order to bring in new revenue streams and align with the targeted growth achievement for a stable and sustainable future,” Central Pattana said in a statement.