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10 November 2004
Submission of Financial Statementsfor the 3rd Quarter of 200
November 10, 2004
To: President,
Stock Exchange of Thailand.
Re: Submission of Financial Statements for the 3rd
Quarter of 2004.
Enclosures: Financial Statements for the 3rd quarter of 2004
and the relevant management discussion and analysis.
We are sending you herewith the enclosed financial
statements of the company and the consolidated statement of the
group for the 3rd quarter of 2004 ended September 30, 2004,
which were reviewed by both the Auditor and our Audit Committee.
The net profit of BEC World group for the 3rd quarter
of 2004 is Baht384 millions, lower than that of the same quarter
of last year by Baht55 millions thus a drop of 13 percent as the
costs and expenses were increase at a higher rate than that of
the revenue as a result of our efforts to create a better opportunity
outside the primetime and the expenses incurred on the move into
the new office. When compared this net profit with that of the
previous quarter it is also Baht164 millions lower (i.e.-30%) due
to the seasonal effect that caused a drop of advertising revenue.
The relevant management discussion and analysis is also
provided as per enclosure. Please be informed accordingly.
Sincerely Yours,
(Chathai Thiamtong)
Vice President - Finance
BEC World Plc.
Consolidated Financial Statements for 3rd Quarter of 2004
Management Discussion and Analysis:
Operating Results:
The net profit of BEC World group for the 3rd quarter of 2004
is Baht384 millions, lower than that of the same quarter of
last year by Baht55 millions thus a drop of 13 percent as the
costs and expenses were increase at a higher rate than that
of the revenue as a result of our efforts to create a better
opportunity outside the primetime and the expenses incurred
on the move into the new office. When compared this net profit
with that of the previous quarter it is still Baht164 millions
lower (i.e.-30%) due to the seasonal effect that caused a drop
of advertising revenue.
Revenue:
Advertising sales revenue for the 3rd quarter was Baht1,344
millions, 2% 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.
This is also 14% lower than that of the previous quarter mainly
because of seasonal factors. Revenue from other services is
higher than that of the same period of last year and that of
the previous period as we were able to organize more events
in line with the improvement of the general environment.
The 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.
Costs and Operating Expenses:
Costs and operating expenses increased when compared with that
of the same period of last year and that of the previous period
in line with the efforts to create a better opportunity outside
the primetime together with the increase in the number of events
we had organized and the expenses incurred on the move into
the new office.
Financial positions:
Our total assets at the end of the 3rd quarter decreased when
compared with that at the end of previous period as a result
of the payment of our interim dividend. However it increased
when compared with 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 from level at the end of previous
year to Baht 6,006 millions.