SET Announcements

1600 / 097 / 2002 October 30 , 2002 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : Filing Unreviewed Financial Statements and Business Operations' Explanation for Quarter 3, 2002 Attachment : 1. Unreviewed Financial Statements for Quarter 3 (Thai 1 Copy) 2. Unreviewed Financial Statements for Quarter 3 (English 1 Copy) According to that the Bangchak Petroleum Public Company Limited (BCP) has filed unreviewed financial statements following the Stock Exchange of Thailand's guidelines for filing unreviewed and unaudited financial statements; The Company would like to file unreviewed financial statements for quarter 3 ending September 30, 2002 and also would like to explain reasons for the variation in business operations in accordance with the profit and loss account more than 20 percent from that of the same period of 2001 as followed : Regarding the 3rd quarter's business operations in 2002, the Company's total revenues are BHT. 14,001 million. The Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) is BHT. +453 million as well as the operating profit (exclude the gain/loss from foreign exchange fluctuations) is BHT. 64 million. As for the loss from foreign exchange fluctuations, it totals BHT. 167 million. Consequently, the net loss is BHT. 99 million- lower than that of the same quarter in 2001 BHT. 746 million (the 2001 third quarter's net loss was BHT. 845 million). An improvement in the Company's business operations from the same quarter in 2001 results from the followings : 1. Sales The Company experiences an average increase of 15.1% in retail and industrial markets over the same period of last year. This has been resulted from improvements of all service stations and convenience stores' new image and service aiming at maximizing customers' satisfaction. Furthermore, the Company has just developed and launched new fuel oil product "Fuel Oil: Low Concarbon", which lowers emissions from industry comparing to the ordinary fuel oil does. This distinctive qualification enables users to lessen the maintenance expense in production process and reduce the air pollution problem. 2. Production For this quarter, the Company lifts up the capacity utilization about 5.4% comparing to that of the same period of the preceding year and has continually extended its cooperation with other refineries in order to reduce cost together with increase the Company's revenue. Also, the Company has had the strong endeavor in refinery efficiency's continuous improvement. Though the Company's operating profit (exclude the gain/loss from foreign exchange fluctuations) is BHT. 64 million, it yet has this quarter's net loss totaling BHT. 99 million - mainly from the loss from foreign exchange fluctuations. The said loss from foreign exchange fluctuations affected from Baht depreciation against US. Dollar around 1.80 BHT./USD. comparing to the beginning of this quarter's exchange rate leads to higher burden in Company's foreign loans and trade accounts payable. Please be informed accordingly. Yours sincerely (Mr. Chokchai Atsawarangsalit) Corporate Planning Manager Corporate Planning Office Tel: 0-2335-4583