SET Announcements

REVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF MARCH 31,1998 AND 1997 1998 1997 Baht Baht ASSETS Current Assets Cash on hand and at banks 224,346,950 120,193,277 Short -term investments 116,301,263 6,460,825,790 Trade accounts and notes receivable - Net 2,339,545,745 2,720,877,578 Inventories 2,270,598,392 3,407,222,382 Other current assets Materials and supplies 468,769,655 534,216,164 Withholding tax receivable 184,796,348 33,742,217 Others 213,114,764 336,457,816 Total Current Assets 5,817,473,117 13,613,535,224 Investments and Loans (Note 2) Related parties 191,648,327 166,460,406 Others 224,636,281 208,150,000 Property,Plant and Equipment-Net 18,687,993,443 12,468,703,120 Other Assets Deferred income tax 1,431,340,032 - Deferred charges 190,128,145 155,539,366 Long term investment - service station 209,875,996 262,153,896 Others 97,692,930 72,100,909 TOTAL ASSETS 26,850,788,271 26,946,642,921 The accompanying notes are an integral part of these statements. (Sign) Aran Thammano (Sign) (Sophon Suphapong) (Mr.Aran Thammano) (Mr.Sophon Suphapong) Chairman President LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans 3,389,964,920 8,208,402,675 from financial institutions Trade accounts payable 8,066,416,549 4,737,163,892 Current portion of long-term liabilities 332,185,950 221,170,000 Other current liabilities Accrued excise tax and oil stabilization fund 280,515,118 230,259,813 Accrued expenses 362,693,690 270,639,248 Others 621,213,346 299,624,367 Total Current Liabilities 13,052,989,573 13,967,259,995 Long - Term Liabilities 2,960,384,983 3,235,446,813 Other Liabilities Deferred Revenue 85,360,860 91,923,557 Others 28,312,623 19,320,415 Total Liabilities 16,127,048,039 17,313,950,780 Shareholders' Equity Share capital Authorized share capital Common stock 522,040,940 shares par value at 5,220,409,400 5,220,409,400 Baht 10 per share Issued and paid-up share capital Common stock 522,040,940 shares 5,220,409,400 5,220,409,400 par value at Baht 10 per share Paid - in capital Premium on share capital 2,007,950,671 2,007,950,671 Surplus on fixed assets revaluation 5,033,771,099 - Retained earnings Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (2,038,869,741) 1,925,598,998 Deferred losses from foreign exchange fluctuations prior to year 1996 (47,115,752) (68,861,483) Total Shareholders' Equity 10,723,740,232 9,632,692,141 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 26,850,788,271 26,946,642,921 The accompanying notes are an integral part of these statements. REVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME FOR THE FIRST QUARTER ENDED MARCH 31, 1998 AND 1997 1998 1997 Baht Baht Revenues Sales 9,900,486,831 8,777,076,733 Other income Interest income 64,252,259 195,754,956 Others 62,029,736 90,439,283 Total Revenues 10,026,768,826 9,063,270,972 Expenses Cost of sales 8,783,214,586 8,597,334,425 Administrative and selling expenses 267,968,617 244,782,016 Interest expenses 225,683,249 296,903,227 Directors' remuneration 131,400 165,000 Losses from foreign exchange fluctuations204,712,636 15,318,328 Total Expenses 9,481,710,488 9,154,502,996 Profit (Loss) before income tax 545,058,338 (91,232,024) Income Tax 163,702,375 - Net Profit (Loss) 381,355,963 (91,232,024) Earnings Per Share Net Profit (Loss) 0.73 (0.17) The accompanying notes are an integral part of these statements.