SET-listed Pace Development Corporation reported revenue of 8.81 billion baht and gross profit of 2.86 billion baht in 2018, down sharply from 2017.

In 2018, total revenue fell by 457 million baht, a 5% dip from 2017. Gross profit fell by 270 million baht, or 9%, attributed to a decrease in profits from the property business and the gourmet food and drink segment.

Natha Kittiaksorn, chief financial officer of Pace, said the company's property business includes the MahaNakhon tower, The Ritz-Carlton Residences in Bangkok, MahaSamutr, Nimit Langsuan and Windshell Naradhiwas.

Total revenue recognition from residential projects was 15.74 billion baht.

One project under construction, MahaSamutr Villas, is 95% complete. In 2018, Pace transferred the ownership of the MahaSamutr project, totalling three villas and recognised 160 million baht in revenue. The company expects to be able to sell and transfer the remaining villas to customers in 2019.

MahaSamutr Country Club and Sports Club is being restructured and is expected to be operating this year.

Nimit Langsuan and Windshell Naradhiwas are under construction.

The company also received credit facilities from financial institutions that are sufficient to complete the projects, and expect to transfer ownership to customers and recognise revenue in the second half of the year.

Revenue from sales of residential condo units was 6.11 billion baht, 69% of total revenue. Revenue from food and drink sales at Dean & Deluca was 2.43 billion baht and 28% of total revenue.

Other income, including trademark and trade name fees for Dean & Deluca, was reportedly 264 million baht, 3% of total revenue.

Compared with 2017, revenue from sales of residential condo units surged by 191 million baht, 3% year-on-year, whereas revenue from sales of food and drinks at Dean & Deluca plunged 708 million baht, 23% year-on-year. Other income increased by 76 million baht or 40% year-on-year.

Gross profit at the end of 2018 was 2.86 billion baht.

Pace's gross profit plunged by 270 million baht or 9% year-on-year in 2018, attributed to a decrease in gross profit from the property business and from gourmet food and drink.

Sales and administrative expense was 3.67 billion baht or 42% of total revenue, a decrease of 2.28 billion baht or 37% from 2017. This comprised sales costs for residential condo units of 2.14 billion baht and administrative expenses of 1.52 billion baht.

PACE shares closed Friday on the Stock Exchange of Thailand at 0.30 baht, down two satang, in trade worth 2.7 million baht.