(Translation)
REF. SET: 51-05 15th May 2008
Subject : 2008 1st Quarter Operation Report
To : The President of the Stock Exchange of Thailand
We, Fancy Wood Industries Public Company Limited, would like to inform
you of our company and its subsidiary company performance for the 1st quarter
of 2008 from January until March 2008 in detail as follows :-
The total revenues of our & subsidiary companies of the 2008 1st
quarter amounted to 234.93 Million Baht; an increased of 24.94 million Baht or
11.87 % against the same period of last year. Despite the total revenues have
increased but direct Rubber Wood furniture Exporters still face some problems
that we try to solve and protect in order to overcome them. It caused our
company and its subsidiary turnover in the 1st quarter 2008 losing in business
equal to 0.51 million Baht which is better than the 1st quarter of 2007 for
losing 14.79 million Baht details as follows:
1. The purchase orders from our customers rose 2.67 % compare
with the same period of last year, but we had chosen orders that created
maximum benefits to the company. The major customers from U.S.A. now still
faces economy decline condition continued from last year.
2. The competition of furniture factories in our neighboring
countries problem such as China, Vietnam that has much lower costs than
Thailand. It still affects directly our business.
3. The exchange rate of Baht appreciated about 3 Baht to 1
U.S. Dollar that averaged from January to March in 2008 equal to 31.92
Baht/U.S.Dollar. The average rate for the first quarter in 2007 was 35.20
Baht/U.S.Dollar. If takes revenues from company sales convert into U.S.Dollar;
the company operated at a loss in the first quarter (1/2551) by exchange rate
as major cause.
Please kindly acknowledge accordingly.
Faithfully yours,
(Mr.Pongsan Leelaprad) (Mr.Vichai Tanpatanarat)
Director Director
