The explanation of the 58.1% year - on - year

BackAug 14, 2007

August 14, 2007

Subject : The explanation of the 58.1% 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 58.1% decrease in Q2 2007 net profit from the same period of last year. This was due mainly to a 19.6% YoY decrease in revenues and an increase in SG&A expense as a percentage of revenues from 12.1% in Q2 2006 to 18.1% in Q2 2007. High SG&A was caused by advertising expenses from three 'Life'condominium projects launched in the quarter. Furthermore, a drop in our net profit resulted from rising in the effective tax rate from 22.8% to 36.5% due to the tax collection on the presales.

As a result, our Q2 2007 net profit was 98.1 million Baht compared to 234 million Baht in Q2 2006.

Please be informed accordingly.

 

Sincerely Yours,

 

Mr. Pichet Vipavasuphakorn
Managing Director

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