Explanation Opr. Results In Case Of Profit & Loss Change > 20%

                             (Translation)

2 June 2005

Subject :Explanation for operating results in case of profit and
         loss account recording a change greater than 20%

To    :  President
         Stock Exchange of Thailand

 
Pico (Thailand) Public Company Limited would like to inform you that
the operating results for six-month period from November 1, 2004
ended 30 April 2005 increased more than 20% as per the following details.
As at quarter 2/ 2005 the company and subsidiaries recorded the revenues
from the rendering of services of Baht 405.6 million, an increase of
Baht 86.4 million or 27.1% increasing from the prior year at the same
period due from company's business expansion especially the growth of
event marketing sector is 131% compared with last year at the same period.
87% of the total turnover came from the company and 13% from subsidiaries.
The cost of sale was at Baht 304.6 million and selling and administrative
expenses at Baht 63.5 million and income taxes at Baht 8.2 million.
This resulted in Baht 28.5 million net income representing an increase
of 35.1% of the prior year at the same period.

Please be informed accordingly

Yours faithfully,

------------------------
(Mr. Pised Chungyampin)
Chief Executive Officer
Pico (Thailand) Public Company Limited