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Clarification of the operating results

BackNov 12, 2007

SF 370/07

9 November 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 third quarter of the year 2007 ended 30 September 2007, which differs from the same period last year by more than 20%.

In the 3rd quarter of the year 2006, the Company had 139,614 sq.m. gross leasable area.(The Company had 188,514 sq.m. gross leasable area at the end of year 2006 from opening of La Villa (Phahonyothin) and Esplanade Ratchadapisek.) The Avenue Pattaya was launched in the 3rd quarter of 2007. As of now, the Company has 207,863 sq.m. gross leasable area, therefore, the rental and service income and cost increased from the same period last year. Moreover, in the 3rd quarter of the year 2006, the Company handover long term leasable area of Esplanade Ratchadapisek which effect high Revenue from finance lease contracts. In the 3rd quarter of the year 2007, the Company handover long term leasable area of Pattaya Project which has less leasable area, then, less Revenue from finance lease contracts. Details in Revenues, Cost & Expenses, and Net Profit are as follows:

1. Revenues
Rental and service income of 209.25 Million Baht increasing by 89.51 Million Baht or 75%, from the same period last year.

Revenue from finance lease contracts of 103.53 Million Baht from the Avenue Pattaya, Petchkasem Avenue and Esplanade Ratchadapisek project decreasing by 579.69 Million Baht or 85%, from the same period last year.

Total Revenues of 336.47 Million Baht decreasing by 471.69 Million Baht or 58%, from the same period last year.

2. Cost and Expenses
Cost of rental and services of 165.07 Million Baht increasing by 67.60 Million Baht or 69%, from the same period last year.

Cost of finance lease contracts of 17.82 Million Baht decreasing by 248.58 Million Baht or 93%, from the same period last year.

Total Cost and Expenses of 218.70 Million Baht decreasing by 187.51 Million Baht or 46% from the same period last year.

Interest expense of 24.97 Million Baht increasing by 13.60 Million Baht or 120%, from the same period last year because of loan for investing new projects.

3. Net Profit
Net profit of 61.84 Million Baht decreasing by 178.69 Million Baht or 74% from the same period last year.

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

 

Please be informed accordingly.

 

Sincerely Yours,

 

(Mr. Somnuk Pojkasemsin)
President

Attachments

  • 20071112_sfE2.pdf (Size: 29,313 bytes)