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Clarification of the operating results

BackMay 09, 2008

SF 192/08

8 May 2008

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 first quarter of year 2008 ended 31 March 2008, which differs from the same period last year by more than 20%.

In the 1st quarter of year 2008, the Company had 223,191 sq.m. gross leasable area increasing from the same period of year 2007 by 36,548 sq.m. or 20% from opening of 3 new shopping centers, The Avenue Pattaya, Kao Yai Market Village, and Nawamin Market place, therefore, the rental and service income and cost increased. The Company recognized Revenue from finance lease contracts because of handover long term leasable area of Major Avenue Ratchayothin project. Details in Revenues, Cost & Expenses, and Net Profit are as follows:

1. Revenues
Rental and service income of 231.43 Million Baht increasing by 68.13 Million Baht or 42%, from the same period last year.

Revenue from finance lease contracts of 369.95 Million Baht from handover long term leasable area of Major Avenue Ratchayothin project increasing by 161.84 Million Baht or 78%, from the same period last year.

Total Revenues of 635.40 Million Baht increasing by 246.47 Million Baht or 63%, from the same period last year.

2. Cost and Expenses
Cost of rental and services of 178.25 Million Baht increasing by 29.01 Million Baht or 19%, from the same period last year.

Cost of finance lease contracts of 90.60 Million Baht decreasing by 2.70 Million Baht or 3%, from the same period last year.

Total Cost and Expenses of 301.79 Million Baht increasing by 25.77 Million Baht or 9% from the same period last year.

3. Net Profit
Net profit of 128.38 Million Baht increasing by 73.14 Million Baht or 132%, from the same period last year due to the recognition of the revenue and cost of finance lease contracts of Major Avenue Ratchayothin project.

Due to all of the reasons mentions above, the operating results for the 1st quarter of year 2008 ended 31 March 2008 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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