Operating Result

                                    TRANSLATION

No. F/2005 -                                    24 February 2005

Subject        : Submission of Financial Statements

Attention      : Managing Director
                 Stock Exchange of Thailand

Attachment     : Financial statements for the year ended  December 31, 2004

The Company would like to submit the financial statements for the year ended
December31,2004 which have been audited by the auditor for your information as
follows.

The operational performance for this year showed
a net profit of Baht 44.499 million in comparison
with last year which recorded a net loss of Baht
49.416 million. This resulted from the current
year sales income was increased from last year
about 146% and the main increase was from sales of condominium in Sukhumvit area
which was started from early year 2004.
In addition, the Company had realized less
losses from its subsidiaries from Baht 53.970
million in last year to Baht  29.606 million in this year.

However, if the share of loss from investment in the subsidiaries amounted Baht
29.606 million was excluded, the operational
result of the parent Company for the year 2004
only would show a net profit of Baht 74.105 million.

                                                Faithfully yours,


                                              (Apichai  Taechaubol)
                                                 Managing Director