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

BackMay 15, 2007

May 15, 2007

Subject : The explanation of the 32.2% 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 32.2% decrease of Q1 2007 net profit from the same period of last year. This was due mainly to a 8.5% decrease in revenue and an increase in SG&A expense as a percentage of revenues from 11.7% in Q1 2006 to 15.8 in Q1 2007 (advertising expense was high from a newly launched condominium project named The Address Chidlom).

As a result, our Q1 2007 net profit was 158.3 million Baht compared to 233.5 million Baht in Q1 2006.

Please be informed accordingly.

 

Sincerely Yours,

 

Mr. Pichet Vipavasuphakorn
Managing Director