Quarter 2/09 Operating Results

SF 148/09 

7 August 2009

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

To:      President           The Stock Exchange of Thailand

 

Siam Future Development Public Company Limited would like to  clarify the operating results for the second quarter of Y2009 ended 30 June  2009, which differ from the same period last year by more than 20%.

 

The operating results for the three-month period in the second  quarter of Y2009 decreased from the same period last year as a result of  increase in cost of finance lease contracts due to the fact that Major  Ratchayothin Avenue, a previous year's project, is a freehold land project and  therefore, has no cost of land rental which is a part of Cost from finance  lease. But Nawamin City Avenue project has such cost. Details in Revenues,  Cost & Expenses, and Net Profit are as follows:

 

1. Revenues

 

Rental and service income of 289.68 Million Baht  increased by 18.83 Million Baht or 7% from the same period last year.

 

Revenue from finance lease contracts of 92.61 Million  Baht from handover of long-term lease area from Nawamin City Avenue project  increased by 19.99 Million Baht or 28% from the same period last year.

 

Total Revenues of 395.60 Million Baht increased by 36.69  Million Baht or 10% from the same period last year.

 

2. Cost and Expenses

 

Cost of rental and services of 209.86 Million Baht  increased by 18.62 Million Baht or 10% from the same period last year.

 

Cost of finance lease contracts of 86.34 Million Baht  increased by 69.34 Million Baht or 408% from the same period last year.

 

Total Cost and Expenses of 335.33 Million Baht increased  by 96.64 Million Baht or 40% from the same period last year.

 

Interest expense of 38.04 Million Baht increased by  11.34 Million Baht or 42% from the same period last year due to increase in  Total borrowing.

 

3. Net Profit

 

Net profit of 11.33 Million Baht decreased by 32.82  Million Baht or 74% from the same period last year due to the cost of finance  lease contracts from Nawamin City Avenue project which is higher than that of  Major Avenue Ratchayothin in the same period last year.

 

Due to all of the reasons mentions above, the operating results for  second quarter of Y2009 ended 30 June 2009 decreased by more than 20% from the  same period last year.

 

Please be informed accordingly.

Sincerely Yours,

(Mr. Somnuk Pojkasemsin)
                                                           
President                                                          

President

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