SET Announcements

At Sor.Kor 13 August ,2004 Subject : Operational Declaration of the Second quarter of year 2004. Attn : Director and Manager The Stock Exchange Market of Thailand Company would like to inform about net profit in second quarter 2004 compare with last same quarter decrease amount of 4.41 million Baht . Details are as below: 1.The revenue from sale decrease amount of 2.87 million Baht or 1.5 % as compare with last same quarter , it has revenue from universal coverage (30 Baht) project but now the company cancelled this project. 2. Gain on appraisal fixed assets was 10.42 million Baht in quarter 2,2004 because in 1999, the Company engaged an independent professional appraiser , to appraise property, plant and equipment by using the depreciated replacement cost method, except for assets being apartment building together with the land which are appraised using market value. The increment resulting from the appraisal was recorded in the accounts as unrealized increment per assets appraisal and is included as part of shareholders' equity. 3. Provision for doubtful accounts was 4.58 million Baht in quarter 2,2004 because the company has made an agreement to release former company directors'personal guarantee liabilities as per court judgement dated March 18,2003 and obtain the transfer of collateral assets with Theparak Hospital Public Company Limited,an associate,on May 25,2004. The Company agreed to pay amount of 12.5 million Baht to settle the debt of such associate and free the personal guarantee and collateral asset. After completion of payment, Theparak Hospital Public Company Limited will transfer the collateral assets (53 rooms of condominium) at appraised value amount of 7.92 million Baht to the company. The remaining of debt after transferring amount of 4.58 million Baht will be paid on installment basis for 12 months starting from August 31,2004 at rate of 0.38 million Baht per month. The company has considered the repayment ability and found that Theparak Hospital Public Company Limited has no financial source to pay the debt. Therefor,the company has accounted the net remaining amount as a doubtful account expense. 4. In quarter 2,2003 company has gain on compromise of debt was 0.47 million Baht. Your Faithfully (Pol.Lt.Gen Jarak Sangthawip) Chairman