SET Announcements

May 17, 1999 Manager The Stock Exchange of Thailand Dear sir: According to the performance of Noble Development Public Company Limited and its subsidiaries for the three months period ended March 31, 1999 reported net loss Bt76.20m decreased more than 20% from the same period of the previous year which reported net profit Bt33.53m. The company would like to clarify that the decline of the net profit mainly due to 1.In the first quarter of 1998,the company recorded gain on exchange rate amount Bt84.26m,but the company has non baht currency loan in 1999 account. 2.According to the accounting standard about capitalization of the borrowing cost, the company recorded 1999 loan interest of suspension projects amount of Bt51.34m as interest expenses in profit and loss,which ever been recorded as part of - development cost in balance sheet. 3.Although the performance of the three months period reported loss, revenue from sales which is the company's operating income was increased 37% comparing to the previous year. Eventhough interest rate for housing loan is going down, the - company still face the problem of ownership transfer especially the customers who bought the unit couple of years before. The company had to cancel the said contracts, which is resulted in Bt17.48m gain from the cancelled contracts. Sincerely, Sitti Leelakasamelerk Director