Country Group Holdings’ net profit surges 210% in third quarter 

CGH says it focuses on acquisitions of companies with high growth potential, especially those in the renewable-energy, real-estate and hospitality sectors. It will also seek companies with market-leading business models, strong synergies, or distressed assets, chief executive officer Tommy Taechaubol told a news conference yesterday.
“We seek to build our success from a core foundation of five key strategic strengths: dynamic portfolio, extensive network, synergistic infrastructure, optimal value, and an active investment approach,” he said.
Tommy said the company would continue to pursue its goal of achieving an investment return of more than 15 per cent and to make the SET50 Index by 2020.
“In addition to consistent returns to investors, we always remain committed to enhancing the trust and confidence of our investors by having a clear business direction, maintaining a strong balance sheet and continuing to build on our core business strengths,” he said.
He said a major contributing factor to such a strong performance was the partial transfer of its retail business to UOB Kay Hian Securities. The restructuring has allowed CGH to maintain its focus on its strategy to transform its business from securities to investment holdings, spurred by the downward trend of overall brokerage commissions.
Increased profit sharing from subsidiaries and affiliates also bolstered the company’s performance. In the third quarter, CGH recorded Bt0.0597 earnings per share, equivalent to a 419.13-per-cent increase from the same period last year. 
All of its subsidiaries and affiliates posted strong financial performances in the quarter.
 Country Group Securities posted Bt189.26 million in net profit, an increase of 371.52 per cent, after the partial sale of its retail business to UOBKH this year resulted in a greater focus on lower selling, general and administrative expenses and higher-margin products.
Padaeng Industry reported Bt221.45 million in net profit, an increase of 394.75 per cent from a net loss of Bt75.13 million in the same period last year. The company’s first solar farm in Japan started its commercial operations on October 3. It has invested about Bt1.9 billion in three Japanese solar-farm projects with a total capacity of 13 megawatts. 
MFC Asset Management posted Bt51.23 million in net profit. 
Country Group Development reported revenue of Bt174.15 million, an increase of 39 per cent. CGD has also made various significant moves including investments in a project on the Chao Phraya River – a 36-rai (5.76-hectare) site that includes a Four Seasons hotel, a Capella hotel, and Four Seasons Private Residences – and an education centre in Britain.