November 14, 2005
Subject : The explanation of the over 20% year-on-year change in operating result
To : Director and Manager
The Stock Exchange of Thailand
Asian Property Development Plc. would like to explain a 28% year-on-year decline of our net profit in Q3 2005 due mainly to a drop of our overall gross margin from 38.6% in Q3 2004 to 31.9% in Q3 2005. As a result, Q3 2005 net profit was down to 206.90 million Baht from 287.16 million Baht in Q3 2004.
Please be informed accordingly.
Sincerely Yours,
Mr. Pumipat Sinacharoen
Senior Vice President