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Correction to MD&A Q3/06

BackAug 21, 2006

Management Discussion and Analysis for the three-month and
nine-month periods ended June 30, 2006 and 2005 for Airports of
Thailand Public Company Limited and its subsidiaries

      1.Operating results of Airports of Thailand Public Company
Limited and its subsidiaries (AOT)
      In the third quarter of fiscal year 2006, (April 1,- June 30,
2006), AOT has operating revenues of Baht 3,954.49 million, a
year-on-year increase of Baht 296.76 million, or 8.11% due to a
6.26% rise in aircraft movement and 14.44% rise in passenger
movement.  The operating expenses amount to Baht 1,835.94 million, a
year-on-year increase of Baht 259.87 million, or 16.49% due to the
employment of new employees and temporary workers to be placed at
Suvarnabhumi Airport. The technical trails conducted at the new
airport also cause the electricity, outsourcing and public relations
expenses to rise. However, the decrease in losses on foreign
exchange of Baht 662.23 million, and a decrease of corporate income
tax of Baht 445.39 million, resulting from the gain on exchange rate
upon converting foreign currency loan into Baht received in the
second quarter of fiscal year 2006 which is recorded as assets in
the third quarter of fiscal year 2006, have increased the net profit
of the third quarter of fiscal year 2006 by Baht 1,317.33 million or
171.22%. The earnings per share is Baht 1.46,higher than the same
quarter of the previous fiscal year where earnings per share total
Baht 0.54.
      The comparison between key operating results of the third
quarter of fiscal years 2006 and 2005 is as follows:

Unit:Million(Baht)Apr06-Jun06 Apr05-Jun05 Increase(Decrease) %changes
Operating revenues    3,954.49    3,657.73       296.76         8.11
  Aeronautical revenue2,465.15    2,229.00       236.15        10.59
  Non- aeronautical
  revenue             1,489.34    1,428.73        60.61         4.24
Operating Expenses    1,835.94    1,576.07       259.87        16.49
Operating Income      2,118.56    2,081.66        36.90         1.77
Gain (Loss) on
foreign exchange       (246.98)    (909.21)     (662.23)      (72.84)
Profit before interest
and income tax        2,244.42    1,367.95       876.47        64.07
Net profit            2,086.73      769.40     1,317.33       171.22
Net earnings per
share (Baht)              1.46        0.54         0.92

      AOT has aeronautical revenues of Baht 2,465.15 million, a
year-on-year increase of Baht 236.15 million, or 10.59%, which
comprise
      - Landing and parking charges of Baht 841.43 million, a
year-on-year increase of Baht 14.25 million or 1.72%
      - Passenger service charges of Baht 1,545.96 million, a
year-on-year increase of Baht 222.08 million or 16.77%
      - Aircraft service charges of Baht 77.76 million, a
year-on-year decrease of  0.18 million or 0.23%
      AOT has non-aeronautical revenues of Baht 1,489.34 million,
a year-on-year increase of Baht 60.61 million or 4.24%, which
comprise
      - Office and state property rental of Baht 241.96 million,
a year-on-year increase of Baht 3.38 million or 1.42%.
      - Service revenues of Baht 226.60 million, a year-on-year
increase of Baht 4.65 million or 2.10%
      - Concession revenues of Baht 1,020.78 million, a year-on-year
increase of Baht 52.57 million or 5.43%

      AOT has total operating expenses of Baht 1,835.94 million, a
year-on-year increase of Baht 259.89 million or 16.49% due to the
preparation for the opening of Suvarnabhumi Airport, which
can be shown as follows:
      - Personnel expenses of Baht 567.71 million, a year-on-year
increase of Baht 119.57 million or 26.68% due to an annual salary
adjustment and the employment of new staff to be placed at
Suvarnabhumi Airport
      - Operating expenses of Baht 668.85 million, a year-on-year
increase of Baht 106.60 million or 18.96% due to a rise in
electricity, outsourcing and public relations expenses
      - Repair and maintenance of Baht 91.00 million, a year-on-year
increase of Baht 37.17 million or 69.05% due to repair expenses of
runways, taxiways, elevators, escalators, aviation bridges,etc.
      - State property rental of Baht 180.90 million, a year-on-year
increase of Baht 12.76 million or 7.59%, which is risen in
accordance with a rise in operating revenues
      - Depreciation and amortization of Baht 327.47 million, a
year-on-year decrease of Baht 16.24 million or 4.72%, a result from
the fact that some assets have reached the end of their useful life

      However, AOT has losses on foreign exchange of Baht 246.98
million, a year-on-year decrease of Baht 662.23 million or 72.8% due
to Thai Baht appreciation.
      In addition, AOT's corporate income tax of Baht 156.16 million
has decreased from the same period of the previous fiscal year by
Baht 445.39 million or 74.04%. The decrease is a result from the
gain on exchange rate upon converting foreign currency loan into
Baht received in the second quarter of fiscal year 2006 which is
recorded as assets in the third quarter of fiscal year 2006.

      In the nine-month period of fiscal year 2006 (October 1, 2005-
June 30, 2006), AOT has the net profit of Baht 9,117.58 million, a
year-on-year increase of Baht 3,898.89 million or 74.71%.The basic
earnings per share is Baht 6.38, which is higher than last year
where the basic earnings per share totaled Baht 3.65.The significant
comparison between the first nine months of this year and the
previous year is as follows:

                The nine-month period (Oct 05-Jun 06)
Unit:million(Baht)     2006       2005  Increase(Decrease)  % changes
Operating revenues     12,239.27  11,083.86     1,155.41        10.42
   Aeronautical revenue 7,729.05   6,889.51       839.54        12.19
   Non- aeronautical
   revenue              4,510.22   4,194.35       315.87         7.53
Operating Expenses      5,159.79   4,602.00       557.79        12.12
Operating Income        7,079.48   6,481.86       597.62         9.22
Gain on foreign exchange2,864.85      54.85     2,810.00     5,123.06
Profit before interest
and income tax         11,194.09   7,068.64     4,125.45        58.36
Net profit              9,117.58   5,218.69     3,898.89        74.71
Basic earnings per
share (Baht)                6.38       3.65         2.73

      2. The financial statements of Airports of Thailand Public
Company Limited and its subsidiaries as of June 30, 2006
        As of June 30, 2006, AOT has total assets of Baht 145,639.26
million, an increase from the end of fiscal year 2005 (September 30,
2005) of Baht 11,118.47 million or 8.27%. The assets comprise
current assets and non-current assets, which account for 18.96% and
81.04% of total assets,respectively. The assets can be elaborated in
details as follows:


                       June 30, 2006             September 30, 2005
                       Million    % of         Million   % of
                       (Baht)    total assets  (Baht)  total assets
Total current assets  27,608.54   18.96       28,699.00   21.33
Investments              590.46    0.41        2,028.71    1.51
Property, plant and
equipment-net         10,411.58    7.15       11,221.29    8.34
Assets under
construction         105,120.18   72.17       89,210.52    66.32
Intangible assets and other
non-current assets     1,908.50    1.31        3,361.26    2.50

         Assets under construction has increased by Baht 15,909.66
million or 17.83% as a result of the construction of Suvarnabhumi
Airport and Suvarnabhumi Airport Hotel (AOT's subsidiary)

         AOT has total liabilities of Baht 74,452.31 million, a rise
of Baht 4,413.02 million or 6.30%, which comprise

                        June 30, 2006             September 30, 2005
                      Million   % of total     Million    % of total
                      (Baht)    liabilities    (Baht)     liabilities
Current liabilities
(including current portion of
long-term loans)      7,692.88     10.33       9,494.91     13.55
Long-term loans      58,371.54     78.40      54,299.38     77.53
Advance received
concession revenue    4,460.00      5.99       4,460.00      6.37
Other non-current
liabilities           3,927.89      5.28       1,784.99      2.55

      Current liabilities (including current portion of long-term
loans) has decreased from the end of fiscal year 2005 by Baht
1,802.03 million or 18.98% because AOT has accelerated the repayment
to contractors who are responsible for Suvarnabhumi Airport
construction and others.
      Long-term loans have increased from the end of fiscal year
2005 by Baht 4,072.16 million or 7.50% due to the disbursement of
loans for the construction of Suvarnabhumi Airport.
      Non-current liabilities have increased from the end of fiscal
year 2005 by Baht 2,142.90 million or 120.05%.
      Shareholders' equity as of June 30, 2006 totals Baht 71,186.95
million, an increase from the end of fiscal year 2005 of Baht
6,705.45 million or 10.40% mainly due to a rise in net operating
income.
      For cash flow position of the nine-month period ended June 30,
2006, cash and cash equivalents as of June 30, 2006 totals Baht
19,403.17 million, a decrease from the beginning of fiscal year 2006
(October 1, 2005) of Baht 13.69 million.
      In short, the details of the sources and uses of funds are as
follows.
         - Net cash received from operating activities accounts for
Baht 3,380.65 million.
         - Net cash payment for investing activities accounts for
Baht 7,843.88 million,mostly in the construction of Suvarnabhumi
Airport.
         - Net cash received from financing activities accounts for
Baht 4,449.53 million. Cash received from long-term loan totals Baht
8,089.76 million. Dividend payment is Baht 2,428.57 million and cash
paid for repayment of long-term loan totals Baht 1,222.18 million.