Siam Makro reports Q1 net profit of Bht 186.6 million

Bangkok--May 15--Bangkok Public Relations Siam Makro Public Company Limited, operator of Makro cash-and-carry trade centres, today reported net profit of Bht 186.6 million and consolidated sales of Bht 9,281 million for the first quarter ended 31 March 2002. The net profit compared to the same period of year's net earnings of Bht 267.8 million and the sales turnover compared to Bht 9,252 million for the same quarter of last year. Ms. Suchada Ithijarukul, President of Siam Makro Plc, said, "In the first quarter of this year, our sales increased by 0.3% against the same period of last year as a result of a growth in sales of upcountry stores. Sales of the branches in Bangkok and nearby provinces declined due to increased competition, especially in prices." Ms. Suchada said, "Our gross margin decreased because a decline in the proportion of non-food sales compared to the same period of last year. Meanwhile, food sales increased partly because of our refocus on wholesale business which aims to meet the needs of core customers, including caterers and small retailers in early 2001." "Operating expenses reduced continuously by 2.2% compared to the same period of last year because we have strictly and consistently controlled expenses of each store in line with our strategy to keep costs as low as possible so that we can offer the lowest prices possible to our customers," said Siam Makro's president. Siam Makro currently operates 20 stores around Thailand with approximately 211,000 square metres of selling space. Seven stores are in Bangkok and 13 are upcountry. For further information please contact: Bangkok Public Relations Ltd. Ananya Sopittakamol (ext. 110) or Benjamaporn Srabua (ext. 109) Tel: 0 2664 9500, Fax: 0 2664 9515 End. -AN-

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