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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