PF selects turnaround mode

PF selects turnaround mode

Moves respond to impact of pandemic

SET-listed Property Perfect Plc (PF) will sell plots of land and divest to generate earnings of 20.2 billion baht while diversifying into rubber glove production to deal with the impact from the pandemic crisis.

Chief executive Sanith Adhyanasakul said the company will focus on sustainable growth this year and shift to turnaround mode after being challenged by the pandemic.

“The property development business alone may be unable to help us reduce debts quickly,” he said. “Sale of land and some businesses which will be the largest divestment since our establishment can help. It will also build our financial stability.”

As of the end of 2020, PF had a debt to equity ratio at 2 times. It expects to reduce this to 1.2 times by the end of this year.

The land…