Explanation of the 20% change of the Operation

BackMay 15, 2006

May 15, 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 on 57.2%
   increase of Q1 2006 profit from the same period of last year.
   This was due mainly to a 48.3% year-on-year rise in revenue to
   1,546 million Baht, driven by strong sales of property
   development.
  
   As a result, our Q1 2006 net profit was 233.5 million Baht
   compared to only 148.5 million Baht in Q1 2005.
  
   Please be informed accordingly.
  
  
   Sincerely Yours,
  
   Mr. Pichet Vipavasuphakorn
   Managing Director