The explanation of the 75.7% year-on-year

BackMar 01, 2007

March 1, 2007

Subject : The explanation of the 75.7% 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 75.7% increase of 2006 net profit from the same period of last year. This was due mainly to a 20.7% year-on-year rise in revenue to 6,344 million Baht and a gain (before SG&A expense and tax) from the sale of the investment in City Asset Fund in the amount of 752 million Baht.

As a result, our 2006 net profit was 1,344.1 million Baht compared to only 764.9 million Baht in 2005.

Please be informed accordingly.

 

Sincerely Yours,

 

Mr. Pichet Vipavasuphakorn
Managing Director