The explanation of the over 20% year-on-year

BackMar 01, 2006

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