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Clarification of operating results different more than 20%

BackAug 08, 2008

SF 408/08

7 August 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 second quarter of year 2008 ended 30 June 2008, which differs from the same period last year by more than 20%.

In the 2nd 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 Market place Nawamin, therefore, the rental and service income and cost increased. However, revenue and cost from finance lease contracts decreased from the same period last year due to the handover of long term leasable area in Major Avenue Ratchayothin project, remained from the handover in the 1st quarter, less than the handover of The Avenue Pattaya in the 2nd quarter last year. Details in Revenues, Cost & Expenses,and Net Profit are as follows:

1. Revenues
Rental and service income of 247.68 Million Baht increasing by 60.06 Million Baht or 32%, from the same period last year. Revenue from finance lease contracts of 72.61 Million Baht from handover remaining long term leasable area of Major Avenue Ratchayothin project from the 1st quarter decreasing by 283.07 Million Baht or 80%, from the same period last year.

Total Revenues of 358.91 Million Baht decreasing by 204.20 Million Baht or 36%,from the same period last year as a result of the recognition of Revenue from finance lease contracts of The Avenue Pattaya in the 2nd quarter last year.

2. Cost and Expenses
Cost of rental and services of 191.24 Million Baht increasing by 29.95 Million Baht or 19%, from the same period last year. Cost of finance lease contracts of 17.00 Million Baht decreasing by 84.99 Million Baht or 83%, from the same period last year. Total Cost and Expenses of 238.69 Million Baht decreasing by 58.51 Million Baht or 20%, from the same period last year.

3. Net Profit
Net profit of 44.16 Million Baht decreasing by 119.61 Million Baht or 73%, from the same period last year due to the recognition of the revenue and cost of finance lease contracts of Major Avenue Ratchayothin project in the 2nd quarter this year lower than that of The Avenue Pattaya in the same period last year.

Due to all of the reasons mentions above, the operating results for the 2nd quarter of year 2008 ended 30 June 2008 decreased by more than 20% from the same period last year.

 

Please be informed accordingly.

 

Sincerely Yours,

 

(Mr. Somnuk Pojkasemsin)
President President

Attachments

  • 2008-08-08_sfE0002.pdf (Size: 29,853 bytes)