A version of the thermodynamic perturbation theory for associative fluids with central force associative potential is developed. The theory is used to describe thermodynamic properties of the fluid of dipolar hard spheres at intermediate and low temperatures. The accuracy of the theory proposed ranges from quantitative at intermediate temperatures to qualitative at low temperatures. The liquid-gas phase diagram with the critical point located in reasonable agreement with the prediction of a recent computer simulation estimate is calculated. Copyright (C) EPLA, 2007.