November 14, 2006
Subject : The explanation of the 207.5% 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 207.5% increase of Q3 2006 profit from the same period of last year. This was due mainly to a gain from the sale of the investment in City Asset Fund in the amount of 752 million Baht.
As a result, our Q3 2006 net profit was 636.2 million Baht compared to only 206.9 million Baht in Q3 2005.
Please be informed accordingly.
Sincerely Yours,
Mr. Pichet Vipavasuphakorn
Managing Director