Thai shopping center operator Central Pattana posted total earnings of 12.27 billion baht (US$340 million) for the third quarter, up 31 per cent year over year.

The company’s net profit also surged by 45 per cent to 4.16 billion baht (US$115 million) versus the previous year.

Naparat Sriwanvit, CFO of Central Pattana, attributed the growth to “tailwinds from domestic consumption and tourism”, which is in line with the increasing number of tourist arrivals.

The firm’s revenue increased in every business category, Sriwanvit stated, adding that it is also a result of better competitive edge from “mixed-use development strategy”.

The company successfully launched new projects as planned and is set to introduce Central Westville – its 40th shopping centre, designed to be a prototype for a semi-outdoor and low carbon mall.

As of the end of the third quarter, Central Pattana managed 37 shopping centres in Thailand, one project in Malaysia, one Esplanade shopping centre, one Mega Bangna shopping centre (under joint venture), and 17 community malls, making a total net leasable area of 2.3 million sqm.