14 กุมภาพันธ์ 2551
Clarification of change for investment in Subsidiary
A/C 073/2008
14 February 2008
To: Director and Manager
The Stock Exchange of Thailand
Subject: Clarification of the effect of the change in accounting for
investment in subsidiary for the first quarter ended 31 December 2007
During accounting period 2006, the company invested in a subsidiary
amounting to Baht 10 million. The company accounted for its investment using
the cost method in compliance with the notification from FAP No. 26/2549 dated
11 October 2006 "TAS 44 -Consolidated Financial Statements and Accounting for
Investments in Subsidiaries. The FAP announcement requires a parent company
which has investments in a subsidiary company,an entity under joint control,
or an associate company, which is not classified as a "held for sale"
investment, to record the investment in accordance with either the cost method
or with
the recognition and measurement basis for financial instruments. This
adjustment caused the net income on the separate financial statement to differ
from that reported in the consolidated financial statement. The company had
net income of Baht 46.01 million for the three-month period ended December
31, 2007, according to the consolidated financial statement. However, the
separate financial statement over the same period showed a net income of Baht
46.03 million. Now, the subsidiary company has not yet started operation.
For your kind attention.
Yours sincerely,
(Mr. Krirkchai Siribhakdi)
President