OPERATING RESULTS

Ref. TP-MT-011/99 (FC028/99) March 2,1999 Subject: 1.Notification of Comparative Operational Performance in Year 1997 and 1998 2.Forwarding of Audited Financial Statements Attn.: Managing Director, Stock Exchange of Thailand Enclosures: 1.Audited Financial Statements and Audit Report of CPA in Year 1997 and 1998 (2 copies) 2.Summary of Operating Results 1.Total revenues of the company had increased from Bt. 610.68 Million in 1997 up to Bt. 856.99 Million in 1998 accounting as net increased amounting Bt. 246.31 Million or as increasing percentage of 40.33 due to following causes: 1.1 sales revenue was from exporting amounting up to 97% in the form of US dollars which had increased at the rate of 0.52% and when converted into Baht currency it resulted as increasing rate of 39.79%. 1.2 the foreign exchange rate between Baht against US dollars by average was devalued from Bt. 31.39 per one US dollar in 1997 to Bt. 41.37 per one US dollar in 1998 or computing as weaken exchange rate of 31.79%. 1.3 Other revenues had been increased from previous year at the rate of 56.43% attributed to these revenues: - Scrap material sales revenue had been increased at the rate of 35.39% - Interest revenue had been increased at the rate of 127.48% - Other revenue had been increased at the rate of 49.45% 2.Cost of Sales when compared with Total Revenues in the form of Financial Common Size Statement had been decreased from 72.56% in 1997 down to 64.36% or as decreasing rate of 8.20%. 3.Net Profit in 1998 was Bt. 94.05 Million had been increased from Bt. 32.63 Million in 1997 amounting Bt. 61.42 Million or accounted for 188.23%. Please hereby be informed as mentioned above. Sincerely yours, Mr. Phietoon Trivijitkasem Mr. Pichai Tangwithetchit Director Director