Explanation for opr results in case P&L a/c change over 20%

-Translation from Thai Text-



1 September 2006


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

To :      President
      The Stock Exchange of Thailand


     Pico (Thailand) Public Co., Ltd. would like to inform you that
the operating results for the third quarter ended 31st July 2006
increased more than 20% at the same period.  Regarding that as at
the 3rd quarter of 2006 the company and subsidiaries recorded the
revenues from the rendering of services increasing from Baht 503 million
to Baht 769 million, total amount of Baht 266 million or 53% increasing,
by revenues from rendering of services of Baht 767 million due from event
marketing and knowledge center.

     Due to increasing revenue, the gross profit increasing from Baht
120 million to Baht 185 million, in the amount of Baht 65 million which to
be in line with the increasing of selling & administrative expenses.
Which cause to adjust the company structure for business expansion of the
company as the previous year planned.  This resulted of net income from
Baht 23.5 million to Baht 53.4 million representing an increase of
Baht 29.9 million or 127% of the prior year at the same period.

      Please be informed accordingly.

      Yours faithfully,

      (Signed)   -Signature-

   Mr. Pised Chungyampin
    Chief Executive Officer
Pico (Thailand) Public Co., Ltd.