CAUSES OF CHANGE IN PROFIT
12 May 1998
Translation
May 12, 1998
Subject : Causes of change in profit
To : Director and Manager
Stock Exchange of Thailand
Please be advised of the reasons for 26.8% reduction in profit for the
first quarter of 1998 compared to the same period last year.
1.) As forecasted, the overall economic downturn continue to have a
negative impact on consumer spending particularly in non-food items. Market
competition remained strong thus exerting downturn pressure on margins.
2.) The performance of subsidiary businesses were not profitable
resulting from the effect of the overall economy and the investment in new
outlets.
Yours faithfully,
Siam Makro Public Company Limited