The Explanation Of The Over 20 Percent Year-On-Year

BackAug 15, 2005

August 15, 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 the difference of Q2 2005 performance compared to the same period last year as follows:

  1. SG&A expenses as a percentage of sales increased to 14.5%, versus 11.8% in Q2 2004. This reflected about 30 million Baht recognition of our advertising cost of the condominium Baan Klang Krung (Siam-Patumwan).
  2. Corporate tax rose significantly from 58.58 million Baht in Q2 2004 to 88.13 million Baht in Q2 2005. Although the company has not yet recognized any income from Baan Klang Krung (Siam-Patumwan), tax needs to be paid based on cash received from sales of our condominium project.

From the above mentioned, these caused a drop of our Q2 2005 net profit to 166.94 million Baht compared to 210.73 million Baht in Q2 2004.

Please be informed accordingly.


Sincerely Yours,

Mr.Pumipat Sinacharoen
Senior Vice President