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Clarification of the operating results more than 20%

BackAug 14, 2007

SF 279/07

10 August 2007

Subject: Clarification of the operating results different from the same period last year more than 20%

To: President The Stock Exchange of Thailand

As required by The Stock Exchange of Thailand's regulation, Siam Future Development Public Company Limited would like to clarify the operating results for the second quarter of the year 2007 ended 30 June 2007, which differs from the same period last year by more than 20%.

In the first quarter of the year 2006, the Company had 96,837 sq.m. of gross leasable area. In the 2nd and 4th quarter of last year we opened 3 new shopping centers namely The Avenue Chaengwatthana , La Villa (Phahonyothin) and Esplanade Ratchadapisek. As of now, the Company has 188,213 sq.m. of gross leasable area, therefore, the revenues and cost increased from the same period last year as follows:

1. Revenues
Rental and service income of 187.62 Million Baht increasing by 71.98 Million Baht or 62%, from the same period last year.

Revenue from finance lease contracts of 355.68 Million Baht from the Avenue Pattaya and Esplanade Ratchadapisek project increasing by 307.17 Million Baht or 633%, from the same period last year.

Total Revenues of 563.11 Million Baht increasing by 336.11 Million Baht or 148%, from the same period last year.

2. Cost and Expenses
Cost of rental and services of 160.62 Million Baht increasing by 65.87 Million Baht or 70%, from the same period last year.

Cost of finance lease contracts of 101.40 Million Baht increasing by 84.50 Million Baht or 500%, from the same period last year.

Total Cost of 262.02 Million Baht increasing by 150.37 Million Baht or 135% from the same period last year because of Cost of finance lease contracts.

Selling and administrative expenses of 35.18 Million Baht increasing by 12.95 Million Baht or 58% from the same period last year.

Interest expense of 25.15 Million Baht increasing by 13.65 Million Baht or 119%, from the same period last year because of loan for investing new projects.

3. Net Profit
Net profit of 163.77 Million Baht increasing by 104.69 Million Baht or 177%,from the same period last year.

Due to all of the reasons mentions above, the operating results for the second quarter of the year 2007 ended 30 June 2007 increased by more than 20% from the same period last year.

Please be informed accordingly.

 

Sincerely Yours,

 

(Mr. Somnuk Pojkasemsin)
President

Attachments

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