Report net income for September 30, 2003 compare with 2002

Translation With reference to the Consolidated Financial Statements of Dusit Thani Public Company Limited as of September 30, 2003 which showed the revenue Baht 1,600.8 million decreased Baht 154.2 million or 8.79% from last year which showed the revenue Baht 1,755 million , the main reasons are as follows: As a consequence of war between USA and Iraq concurrent with the SARS epidemic which spread across Asia by the end of March. Thailand was also affected and the revenue of the hotel business of the Company decreased during April-June. At the third quarter of this year, the Dusit Thani Hotel began its renovations, which includes the restaurant area, banquet halls and rooms and has closed the entire E-WING building of 237 rooms. Additionally, Dusit Resort Pattaya is also renovating 159 rooms and the swimming pool, resulting in a decrease in occupancy and revenue. Furthermore,Dusit Hotel Nikko, Manila in the Philippines, a hotel under a subsidiary company has performance decreased as a result of SARS and economic and political problems within the country, including the military movement against the government. As of September 30, 2003 showed total cost of sales and services Baht 801.8 million and selling and administrative expenses Baht 337 million, total cost of sales and services decreased Baht 29.7 million or 3.57% but selling and administrative expenses increased Baht 45.2 million or 15.49% from last year which showed total cost of sales and services Baht 831.5 million and selling and administrative expenses Baht 291.8 million. Selling and administrative expenses increased because the Company has rent obligation to the land and building with The Crown Property Bureau as stipulated in the 15 years contract extension term, commencing April 1, 2003 to April 1, 2018, which amounts to Baht 1,100 million, and a registration fee payable to the Land Department of Baht 11 million, totaling Baht 1,111 million. The amount recorded as expense by dividing 15 years.This cause the expense increased for April to September by Baht 37.03 million. While Dusit Hotel Nikko recorded the allowance for doubtful accounts in this year Baht 5.4 million. Additional, there were selling and administrator expenses of Spa which opened new branch in Dusit Resort Pattaya and Dusit Resort and Polo Club. The reasons above resulting the Consolidated Financial Statements of the Company as of September 30, 2003 showed net profit Baht 193.5 million decreased Baht 153.2 million or 44.19% from last year which showed the net profit Baht 346.7 million. Presently, the SARS epidemic has come to an end and the government continuous encouragement of public relations. The hotel renovations partially completed and the last quarter of the year being the "high season" for the hotel, the Company is confident that it will be able to increase revenue.