-Translation from Thai Text-
14 December 2007
Subject: Clarification for the difference greater than 20% in comparative income statements
To : President The Stock Exchange of Thailand
We, Pico (Thailand) Public Co., Ltd. wish to offer our clarification for the difference greater than 20% in the operating performance as at the year end 2007 relative to the corresponding period of the previous year.
Consolidated financial Statements
Consolidated revenue of the group year end 2007 as at 31 October 2007 amounted to Baht 1,042 million representing a Baht 70 million decreased over the same period of the previous year. The gross profit reduced from Baht 247 million to Baht 228 million due from that the company entered into new area of business call "Exhibition Organizer" and during 2007, Baht 12 million was invested. The selling and general administrative expenses came to Baht 167 million, an increase of Baht 12 million mainly due from our staff expenses including other fringe benefits and depreciation from office renovation and IT system. The consolidated net profit therefore declined from Baht 71 million to Baht 50 million or 29% lower than the performance of the previous year.Separated Financial statements year end 2007
Net profit for the separated financial statements was Baht 69 million which is very closed to the profit of last year at Baht 68 million. This was due to the dividend income received from the subsidiaries in accordance with the revision of accounting policy notification Thai Accounting Standard (TAS) No. 44. The total revenue for the year ending 31 October 2007 is Baht 934 million which included of Baht 29 million dividend received from subsidiaries, with gross profit margin of Baht 183 million. The selling and general administrative expenses are Baht 137 million resulting in a net profit of Baht 69 million. Incidentally, without the said accounting policy change, the net profit would be at Baht 40 million.Please be informed accordingly.
Yours faithfully,
(Signed) -Signature-
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Mr. Silchai Kiatpapan
Chief Executive Officer