Clarification of change operation results in excess of 20%

28th July, 2006

Subject: Clarification of change in the operating results in excess
         of 20% in financial statement

To: Managing Director
      The Stock Exchange of Thailand


The company's consolidated operating results showed a net profit of Baht
30.94 million in the reviewed financial statements for 3 months period
ended 30 June 2006, being a decrease in net profit of Baht 162.02 million
or 83.96% compared to the same period of the preceding year, or a change
in excess of 20%.

The company will accordingly like to clarify the reasons for this change
as follows:

The company recorded total consolidated revenues of Baht 1,068.82 million,
being an increase over the same period of the preceding year by Baht 279.56
million or 35.4% mainly due to increase in revenue from its subsidiaries
in Turkey and USA. The increase in consolidated sales volume was much higher
at 48.91% and thus reflects the reduction in average sales price  by 6.3%
due to adverse market conditions. The company recorded total consolidated
expenses (cost of sales and selling and administrative expenses) of
Baht 1,011.84 million being an increase over the same period of the preceding
year by Baht 416.0 million or 69.8% brought about by increase in raw material
prices (arising mainly from the increase in crude oil prices), higher
power/fuel expenses as also higher selling & administrative costs incurred
by subsidiaries. The net financial charges during the quarter were Bt 20.55
million, an increase of Bt. 20.09 million mainly due to interest on new long
term loans borrowings in PTL and Turkey subsidiary.

The combined net result of decline in sales prices, sharp increase in cost
of sales along with increase in financial charges, etc explains the decrease
in consolidated profitability by Bt. 162.02 million.




Please be informed accordingly.

Yours sincerely,



Mr. Manish Gupta
Director