SUBMISSION OF F/S AND EXPLANATION FOR CHANGE IN PROFIT
11 สิงหาคม 2541
Translation
August 11, 1998
Subject : Submission of financial statements and explanation for change
in profit
To : Director and Manager
Stock Exchange of Thailand
Please find enclosed the financial statements of Siam Makro
Public Company Limited and the consolidated financial statements of Siam
Makro Public Company Limited and its subsidiaries for the second quater
and the period of six months ended June 30, 1998. The net profit after tax
for the second quarter was 139.6 million baht, 1% higher than the first
quarter this year and 24.3% declined from the same period last year. This
caused by the followings.
1.) Total sales for the second quarter this year slightly
decreased from the same period the year before. Though food sales
satisfactorily increased but was not sufficient to compensate the decline
in non-food volume. This was due to the competitive environment and
unrecovery of overall economy coupled with poor liquidity and high interest
rate which have direct impact on consumer spending.
2.) Selling and administrative expenses increased over the same
quarter last year mainly due to operational expenses and depreciation of
new stores and expansion of subsidiary businesses.
Yours faithfully,
Siam Makro Public Company Limited