Profit clarification at TPI

TPI Polene Public Company Limited (TPIPL) would like to clarify net profit changes greater than 20% for the unreviewed financial statements of the Company for the second quarter ended June 30, 2004, as follows: -

In Q2/2004, TPIPL and its subsidiaries had normal operating profit of Baht 701 million, an increase of 43.35% from Baht 489 million in Q2/2003. Net profit in Q2/2004 was totaled Baht 486 million, decreased by 57.45% from net profit of Baht 1,143 million in the same period of the previous year due to the followings:-

For the first six-month period of the year 2004, TPIPL and its subsidiaries reported net profit of Baht 2,823 million compared to net profit of Baht 1,461 million in the same period of the previous year, an increase of 93.23% as the Company had gain on debt restructuring of Baht 1,290 million but had loss on foreign exchange of Baht 480 million. Consolidated EBITDA for the first six- month period of the year 2004 was Baht 3,480 million compared to Baht 2,717 million in the same period of the previous year, an increase of 28.08%. This was attributable to an increase of sale volumes for cement, ready-mixed and plastic resins, driven by the higher demand consumption in the domestic market, which was in line with an economic expansion in the country.