Report of performance for the quarter 1/2005 compared 2004

Translation Subject: Report of performance for the quarter ending March 31, 2005 compared with March 31, 2004 Attention: Managing Director The Stock Exchange of Thailand Dusit Thani Public Company Limited would like to report the financial performance according to the consolidated statements of income for the quarter ending March 31, 2005 compared with the same quarter in 2004 as follows: Consolidated Financial Statements According to the Company's performance in the first quarter of 2005, income before interest and income tax expenses amounted to Baht 193.1 million, an increase from the same quarter of last year of Baht 14.9 million or 8.4%. After the deduction of a total of Baht 52.8 million in interest and income tax, income after interest and income tax totaled Baht 140.2 million. After the deduction of the net profit of minority interest of Baht 8.8 million, net income totaled Baht 131.4 million, an increase from the same quarter of last year by Baht 1.4 million or 1.1%. 1. Revenue from sales and services The first quarter of 2005, the Company and its subsidiaries had the revenue from sales and services of Baht 700.2 million, an increase from the same period in the last year 2004 by Baht 83.7 million or 13.5% (Baht 616.5 million the same period in the year 2004), as a result of better performances by the hotel business under the Company and its subsidiaries: Dusit Thani Hotel: After the renovations of rooms of which 70% have been completed, the hotel is able to earn more revenue. The Executive Club Lounge provided for high paying guests, the internet, small meeting and seminar facilities provided for businessmen have all received a good response from the customers, resulting in Baht 159.1 million in revenue for the first quarter of 2005, an increase of Baht 16.2 million or 11.3% (Revenue for the same quarter of last year was Baht 142.9 million.) Dusit Resort Pattaya: Continuous renovations since 2004 to maintain the standards of a 5-star hotel, added with continuous marketing and maintenance of service standards, as well as the impact of the tsunami on the one part, have resulted in tourists in the south of Thailand on the Andaman coast, particularly in Phuket, Krabi and Pang Nga migrating to the East Cost during January, resulting in a revenue of Baht 137.4 million in the first quarter of 2005, an increase of Baht 23.1 million or 20.2%. (Revenue for the same quarter of last year was Baht 114.3 million.) Dusit Resort and Polo Club: Continuous hotel renovation since 2004 added with continuous marketing, as well as maintenance of standards and the impact of the tsunami in December, tourists in the south of Thailand on the Andaman coast have migrated to Hua Hin during the month of January, resulting in a revenue of Baht 121.8 million in the first quarter of 2005, an increase of Baht 37.3 million or 44.1%. (Revenue for the same quarter of last year was baht 84.5 million.) Dusit Hotel Nikko Manila: After the change in strategy and marketing, the hotel earned a revenue of Baht 131.9 million (Baht 121.6 million in the same quarter of year 2004), an increase by Baht 10.3 million or 8.5%. Hotels under the Royal Princess Group, which is a subsidiary is comprised of Royal Princess Larnluang, Royal Princess Srinakarin and Royal Princess Chiangmai earned a revenue for the first quarter of 2005 of Baht 128.3 million, which was close to the revenue for the same quarter of last year. Deverana Spa: which is a subsidiary running the spa business under the name Devarana Spa has received popularity and acceptance as a leading spa despite increasing competition in the industry, Devarana Spa has maintained its level of revenue. Revenue from the spa business for the first quarter of 2005 was Baht 14.5 million, an increase of Baht 1.2 million or 9%. (Revenue for the same quarter of last year was Baht 13.3 million.) 2. Hotel Management Fees: The Company earned revenue from Hotel Management Fee of Baht 34.9 million, an increase by Baht 4.2 million or 13.7% (Revenue of Baht 30.7 million for the same quarter of last year), due to the performance of the Dusit and Royal Princess hotel groups that the Company manages performing better overall, with the exception of Dusit Laguna Resort, Phuket that was affected by the tsunami. 3. Interest Income: For the first quarter of 2005, total interest amounted to Baht 0.2 million, a decrease of Baht 2.1 million or 91.3% (For the same quarter of last year, revenue was Baht 2.3 million) due to the Company's spent in hotel renovations which reduced cash at the bank and therefore the interest income decreased. 4. Other Revenues: In the first quarter of 2005, the Company had other income of Baht 17.3 million, a decrease of Baht 1 million or 5.4% (For the same quarter of last year, revenue was Baht 18.3 million.) as a result of Sichuan restaurant that was closed on January 1, 2004. 5. Cost of Sales and Services The Company operates with the cost effective policy resulted in the first quarter of 2005, the Company and its Subsidiaries cost of sales and services of Baht 324.1 million or 46.3% of sales and services revenue, which if compared to the same period of last year which had a cost of sales and services of Baht 295.4 million, or 47.9% of sales and services revenue. 6. Selling and Administrative Expenses In the first quarter of 2005, the Company and its Subsidiaries had a Selling and Administrative Expense of Baht 155.4 million or 20.6% of total revenue. As for the same quarter of last year, Selling and Administrative Expenses was Baht 129.4 million or 19.4% of total revenue. Selling and Administrative Expenses in the first quarter of 2005 increased from the same quarter of last year by Baht 26 million, mostly from the increase of promotion and marketing expenses. 7. Depreciation and Amortization Expenses In the first quarter of 2005, the Company and its subsidiaries had a total Depreciation and Amortization Expense of Baht 80.5 million, an increase from the same quarter of last year of Baht 16.1 million (same quarter of last year was Baht 64.4 million) or 24.9%. Continued from 2004 which had a Depreciation and Amortization Expense from the major renovation of Dusit Thani Bangkok and other properties, of which some are completed. 8. Interest Expense In the first quarter of 2005, the Company and its Subsidiaries had an interest expense of Baht 1.6 million, and decrease from the same quarter of last year of Baht 13.3 million (same quarter of last year was Baht 14.9 million) or 89.3%, due to the first quarter of last year having interest expense of Korat Thani Co., Ltd. which had been debt restructured and sold investment in Korat Thani Co., Ltd. in December 2004, therefore there was not this item in the first quarter of 2005. 9. Income Tax In 2005, the Company and its subsidiaries had an Income Tax of Baht 51.3 million, broken down as follows: - Dusit Thani Public Company Limited Baht 24.6 million - Royal Princess Public Company Limited Baht 14.0 million - Dusit Hotels and Resorts Co., Ltd. Baht 6.0 million - Philippine Hoteliers, Inc. Baht 5.8 million - Devarana Spa Co., Ltd. Baht 0.9 million In 2004, the Company and its subsidiaries had an Income Tax of Baht 24.8 million, broken down as follows: - Dusit Thani Public Company Limited Baht 8.4 million - Royal Princess Public Company Limited Baht 2.3 million - Dusit Hotels and Resorts Co., Ltd. Baht 6.6 million - Philippine Hoteliers, Inc. Baht 6.7 million - Devarana Spa Co., Ltd. Baht 0.8 million Income Tax increased Baht 26.5 million. Because the Company and its subsidiaries expended their tax loss entirely in 2004, the income tax in 2005 was due in full.