Report of net profit as of June 30, 2003 compared with 2002

Translation With reference to the Consolidated Financial Statements of Dusit Thani Public Company Limited as of June 30, 2003 which showed the net profit Baht 141.1 million decreased Baht 125.4 million or 47.06% from last year which showed the net profit Baht 266.5 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, the most tourists from various regions stop traveling, and had a serious impact on tourism. Thailand was also affected and the revenue of the hotel business of the Company decreased during April-June. Aside from the impact of SARS, the Company also 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 this quarter by Baht 18.52 million. 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. However, currently, the epidemic has come to an end. Government encourage and support public relations for the tourist industry continuously. The Company expect more tourists will be entering the country and the Company's performance for the rest of the year should be better. From the third quarter of this year, the Dusit Thani Hotel will be under renovation, which includes the restaurant area, banquet and rooms, and has closed the entire E-WING building since July. The works is expected to be finished by the end of September, during this time the rooms available for sales has been reduced by 237 rooms. Once the E-WING renovation is finished, the Company will begin renovations on the Main Tower and other public areas in the hotel, of which the works are expected to finish by the end of 2004. Once the renovations of the Dusit Thani Hotel is complete, the Company is confident that it will be able to increase revenue.