Operating result

TRANSLATION

No. F/49 -                                     28  February  2006

Subject        :  Financial Statements Submission

Attention      :  Managing Director
                  Stock Exchange of Thailand

Attachment     :  Financial statements for the year ended 31 December 2005

      Thai Factory Development Public Company Limited
(the Company) would like to submit the financial statements
for the year ended 31 December 2005 and the operational
performance including the financial position of the Company
and its subsidiaries in comparison with the same period of
the year 2004 as follows.
                             2005       2004     Change   Increase (Decrease)
                            Mil. Bt.   Mil. Bt.  Mil. Bt.         %
Performance
Sales                         698.1     482.5     215.6        44.7
Rental and service income     186.9     188.6      (1.7)       (0.9)
Total revenue                 894.1     676.5     217.6        32.2
Net profit                     41.2      44.5      (3.3)       (7.4)
Net profit per share (Baht)  0.0645    0.0697   (0.0052)       (7.4)
Financial Position
Total assets                1,278.4   1,688.0    (409.6)      (24.3)
Total liabilities             451.5     877.7    (426.2)      (48.6)
Total shareholders' equity    826.9     810.3      16.6         2.0
Book value (Baht/Share)        1.30      1.27      0.03         2.0

      Although the Company's operational performance would show an increase of
revenue by 32.2% while the net profit had been
lowered by 7.4%.  This resulted from the following main factors.
      1. Gain on sale of land and factory to the Thai Industrial Fund 1 (TIF1)
amounted Baht 54.1 million was not yet realized due
to the TIF1 was treated as an associated company as 31.8%
investment units holding by the Company.

      2. The Company and its subsidiaries bore more tax burden particularly the
property tax of prior years for Baht 14.4 million
and the income tax for Baht 21.2 million.

      In view of the Company's financial position as at 31 December 2005, total
assets was decreased by 24.3% due to the main
factories and the Lakegreen condominium had been sold out
during the year to repay the loans from financial
institutions giving rise to reduce the total  liabilities by 48.6%.


                                           Faithfully yours,





                                       (Mr.Apichai  Taechaubol)
                                           Managing Director