(TRANSLATION)
Ref:
11 November 2009
Subject: Explanation
of the 3rd quarter 2009’s operating result which has varied by 20 %
over
or under that of the preceding year
To: The
Secretary
The
Office of the Securities and Exchange Commission
Christiani & Nielsen Thai PCL. would like to
explain the reasons for the actual operating result varying by 20% from the
preceding year.
The
Company would like to inform that for the three-month period ended 30 September
2009, the Consolidated net profit of Baht 57 million increased from the same
quarter in previous year by Baht 31 million. As in year 2009, the net loss of
the results of discontinued operation units in this period decreased from the
previous year by Baht 27 million and the exchange loss on the subsidiaries also
decreased from the previous year by Baht 4 million.
The
Separate Financial Statement, the net profit for the nine-month period ended 30
September 2009 of Baht 78 million increased from the same quarter in the
previous year by Baht 27 million. In year 2009, the Company had more efficient
construction cost & administrative expenses control, which resulted in an
increase of the gross margin of Baht 32 million, decrease of administrative
expenses and finance cost of Baht 11 million. Furthermore, in year 2009 the
Company had the bad debt recovery and reversal of allowance for doubtful
accounts of Baht 10 million. However, since in year 2008, the Company had write
back of accounts payable of Baht 31 million, which resulted in decrease of
other income of Baht 26 million.
For
the nine-month period ended 30 September 2009, the Consolidated net profit of
Baht 76 million increased from the same period in previous year by Baht 26
million. In year 2009, the gross profit of the Company and the jointly
controlled entities increased from the previous year by Baht 30 million, bad
debt recovery and reversal of allowance for doubtful accounts of Baht 10
million, decrease of administrative expenses and finance cost of Baht 14
million and the other income decrease as mentioned above of Baht 28 million.
Furthermore, the Company would like to inform that during the current period, the subsidiary of the Company received its return on investment from Saturn Inc. of Baht 2.25 million since this company was liquidated and the Company received an investment return of approximately Baht 0.09 million from NWR, ITD, CNT & AS Joint Venture since the joint venture completed its liquidation process.
Please be informed
accordingly.
Yours faithfully,
Christiani & Nielsen (Thai) Public Company
Limited
– Signature –
(Mrs. Jurairat Suksawatdi Na Ayudhaya)
Director of Finance and Administration
CC: Vice
President, Listed Company Department
The
Stock Exchange of