SET Announcements

1600 / 184 / 2003 October 29, 2003 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, 2003 Attachment : 1. Unreviewed Financial Statements for Quarter 3 (Thai 1 Copy) 2. Unreviewed Financial Statements for Quarter 3 (English 1 Copy) As the Bangchak Petroleum Public Company Limited (BCP) has filed unreviewed and unaudited 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 ended September 30, 2003 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 2002 as follow : Regarding to the 3rd quarter's business operations in 2003, the Company's total revenues were BHT. 15,103 million and it reported the net profit of BHT. 119 million- higher than that of the same quarter in 2002 by BHT. 305 million (the 2002 third quarter's net loss was BHT. 187 million). Such profit resulted from the following factors: 1. Gross refining margin, excluding the effects of changes of oil prices and foreign exchange rate fluctuations in the 3rd quarter 2003, increased by 0.26 $/BBL from 1.00 $/BBL to 1.26 $/BBL. 2. Marketing margin in the 3rd quarter 2003 was nearly to that in the same quarter of last year, however, the Company's retail sales through service station and industrial markets increased by 44 million liters or 11.1% and 8 million liters or 5.2% respectively. 3. During July - August 2003, the prices of crude oil and finished products in the world market decreased by 2 $/BBL on average, due to the intense situation in Iraq. On the contrary, Thai Baht continually appreciated by BHT 1.2 against a US dollar. These affected to the higher Company's profit of BHT 230 million, however, it was lower than that of the same quarter in 2002 by BHT.150 million. 4. Since the Company made a prepayment of World Bank loan in the 3rd quarter 2002, it incurred the prepayment fee by BHT. 92 million. However, this had enabled the Company to reduce its interest expenses by approximately BHT. 85 million per annum. 5. The Company posted a gain from the foreign exchange fluctuations by BHT 191 million in the 3rd quarter 2003, it increased by BHT. 358 million comparing to that in the same quarter of last year, which posted a foreign exchange loss of BHT. 167 million. Please be informed accordingly. Yours sincerely, (Watcharapong Saisuk) Assistant Vice President, Corporate Planning Office Corporate Planning Office Tel: 0-2335-4583