SET Announcements

Sansiri Plc (SIRI) gave reasons of consolidated financial statements as of 1996 period lower than the projection as shown below: According to comparative table of audited profit/loss account in 1996 and the projection, total revenues and net profits edged down 58% and 63% from the prediction respectively, especially revenues from sales which immensely effected total revenues. Predicted realised income ecliped the realised income totalling to Bt511 million in 1996 by Bt1,151 million or 69% extremely lower, as can been seen from following projects: (In million baht) Actual realised income Predicted Lower than for 1996 projection by 1.Baan Kaimuk Project 63 63 - 2.Baan Prueksasiri I 78 273 196 3.Baan Prueksasiri II 52 217 166 4.Baan Saensaran 164 840 676 5.Baan Plernjit 52 102 50 6.Baan Piyasathorn 103 167 63 And followings are the projects SIRI could gain a very minimal income compared with the prediction: 1.Baan Prueksasiri I had the realised income lower by 50% 2.Baan Prueksasiri II had the realised income lower by 46% 3.Baan Saensaran had the realised income lower by 36% The key reasons were concerned selling price, progress of construction and payment method. Thailand downhill economy during 1996 period accounted for falling demand which highly headed downward so that the company had new policy to boost purchase power through the down discount and amortisation extension. The sales climbed up a little while that policy caused it not to realise the income in each unit, as percentage of amortisation was not complete at 20% by a year 1996. The details of each project are shown below: 1.Baan Prueksasiri I : Predicted sales staying at 40% in 1996 surpassed the 16% of actual sales and worse, that the construction was expected to completely finish by a year 1996 but it could drag on 92% progress of construction. 2.Baan Prueksasiri II : Actual sales posted 18% down from the prediction which was 53% to 35% and moreover, the 100% complettion of predicted construction was contradicted by only 87% progress. 3.Baan Saensaran : 1996 sales stayed at 15% lower than the projection by 9% and also, the construction progressed only 61%, from formerly it was expected to 100% finish by 1996. 4.Baan Plernjit : Sales dealt at 9%, 2% lower than the prediction projecting at 11%. Eventhough the construction of this project was only one reaching the 100 percentage points, some were sold, the customers did not make the amortisation grabbing 20% level, causing income to be unrealised. 5.Baan Piyasathorn : The actual sales at 14% could not approach the 17% of predicted sales eventhough the company humbly expected it must reach 60% progress of construction, the exact digit stayed merely 30% at final limitation by 1996. To sum up, the above reasons were resposible for declining performance in 1996 period.