SET Announcements

Tor. 8/1998 March 30, 1998 Subject: Submission Loxley Public Company Limited's Financial Statement Attachment: 1.Financial statement and consolidated financial statement as at December 31, 1997. 2.Summary of the Company's financial position and results of operation Dear President The Stock Exchange of Thailand Loxley Public Company Limited ("the Company") announces its audited financial statement and consolidated financial statement for the year ended December 31, 1997. The summary is as following: Financial Statement for the year ended December 31, 1997 (Baht Million) Unconsolidated 1997 1996 Changed% Revenue 5,051.32 5,753.84 (12.21%) Net Profit/(Loss) (4,010.08) 471.01 (951.38%) Consolidated Revenue 10,622.04 10,834.01 (1.96%) Net Profit/(Loss) (4,056.63) 472.70 (958.18%) The economic turmoil has begun after the currency blow-out last year. The operational results has changed more than 20% cause by the direct impact from the Baht devaluation. At the exchange rate as at December 31, 1997 of Baht47.556/US$,the Company incurred loss on foreing exchange, the provision for convertible bonds redemption, and interest total amount of Baht4,067.34m. The provision for doubtful account is set at Baht212.77m. In addition, the subsidiaries' operation results is also impacted from the Baht devaluation and incurred loss amount of Baht145.94m. At present, the Company's Board of Directors have planed for the financial restructure. We will keep you inform accordingly. Sincerely yours, Loxley Public Company Limited Ms.Sukanya Veerakiatkij Senior Vice President Accounting & Budgeting Department