EXPLANATION FOR PROFIT CHANGE
21 กุมภาพันธ์ 2546
Translation
21 February 2003
Subject : Submission of Financial Statements for the year of 2002
To : Director and Manager
Stock Exchange of Thailand
Enclosed please find the consolidated and company
Financial Statements of Siam Makro Public Company Limited for
the year ended December 31, 2002 which have been audited by the
Company's Certified Public Accountant.
In 2002 the Company has earned net profit after tax of
Baht 942 million which included a net gain of Baht 104 million
on the sales of subsidiary company. The consolidated profit after
tax decreased 4% from last year net profit of Baht 985 million
due mainly to following reasons:
1. Consolidated sales decreased 2.6% from last year as
there were no sales of Makro Auto Care Co., Ltd. as a result of
the disposal of the entire interest in Makro Auto Care Co., Ltd.
in second quarter of 2002. Excluding Makro Auto Care Co,.Ltd.'s
sales for the years of 2002 and 2001, the adjusted consolidated
sales of the Company and its subsidiaries would be reduced only
by 0.6% from last year .
2. Change in sales mix for more lower margin food sales
coupled with the impact from competition caused the declining in
lower gross margin.
3 Total selling and administrative expenses has been
continuously reduced by 11.4% from last year although the Company
and its subsidiaries have increased number of stores during the
year. This was due to tightening control over the Company's
expenses.
Please be informed accordingly.
Yours faithfully,
Siam Makro Public Company Limited
Signature
(Charoen Assawajarukasem)
SET Coordinator Manager