March 1, 2006
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 30%
decline of the 2005 profit compared to the year before as follows:
1.Overall revenues in 2005 dropped 8.4% from the previous year
since the company has no longer consolidated Pre Built Plc. into
its financial statement since September 2005. Meanwhile, revenues
from property development was also down 6.3% from the year 2004
2.Gross margin declined from 34.9% in 2004 to 32.0% in 2005.
3.Corporate tax rose significantly from 22.5% in 2004 to 26.0% in
2005.
From the above mentioned, these caused a drop of our 2005 net
profit to 764.86 million Baht compared to 1,097.18 million Baht in
2004.
Please be informed accordingly.
Sincerely Yours,
Mr. Pichet Vipavasuphakorn
Managing Director