11 August 2004
                                Management Discussion and Analysis
                                    BEC World Plc.
         Consolidated Financial Statements for 2nd Quarter of 2004 
         Management Discussion and Analysis:
              
         Operating Results:
         The net profit of BEC World group for the 2nd quarter of 2004 is
         Baht548 millions, higher than that of the previous quarter by
         Baht117 millions thus an improvement of 27 percent as the group was
         able to increase its revenue, both the advertising sales revenue
         and revenue from other services. However, when compared this net
         profit with that of the same quarter of last year it is still
         Baht78 millions lower (i.e.-12%) due to higher costs and operating
         expenses. This year the group does not have the tax benefits that
         it enjoyed last year, as well
        
         Revenue:
         Advertising sales revenue for the 2nd quarter was Baht1,557
         millions,20% higher than that of the previous quarter, partly
         because of seasonal factors. This is also 3% higher than that of
         the same period of last year as we were able to improve our
         non-primetime business even the loadings during the primetime were
         not as good as last year. Revenue from other services is higher
         than that of the previous period and that of the same period of
         last year as we were able to organize more events in line with the
         improvement of the general environment. However, other income,
         which comprises mostly returns on investment of our excess cash,
         was lower down in line with the amount of the cash after we had
         paid an interim dividend last December and the final dividend in
         May.
        
        
        
        
        
        
        
        
         Costs and Operating Expenses:
         Costs and operating expenses increased when compared with that of
         the previous period and that of the same period of last year in
         line with the increased revenue. The efforts to create a better
         opportunity outside the primetime together with the increase in the
         number of events we had organized and the fact that we were just
         moved into the new office are the main reasons of the inflation of
         costs and operating expenses.
        
         Financial positions:
         Our total assets at the end of the 2nd quarter increased when
         compared with that at the end of previous period and that at the 
         end of last year in line with the increased amount of our net
         earnings. Majority of our assets is still in the form of cash,
         deposits with financial institutions or short-term investment in
         fixed income funds as usual, but more in the form of cash or cash
         equivalent to reduce the risk on interest rate change. In term of
         liabilities, the group has trade creditors, accrued expenses and
         tax payable in aggregate at the same level as that of the previous
         period. Shareholders' equity increased to Baht6,405 millions.
                                
                            