SET Announcements

May 10, 2006 To: President, Stock Exchange of Thailand. Re: Submission of Financial Statements for the 1st Quarter of 2006. Enclosures: Financial Statements for the 1st Quarter of 2006 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 1st quarter of 2006 ended March 31, 2006, which were reviewed by the Auditor and our Audit Committee has already reviewed them. BEC World group was able to made Baht436 millions as its net profit for the first quarter of 2006, higher than that of the prior quarter by 143 millions thus a plus of 49 percent and higher than that of the same period last year by 184 percent or Baht283 millions as the advertising income was continuously improved further since the previous quarter, from the higher utilization rate of our commercial air-time, while our costs and expenses were not increased sharply as prior year. Therefore, our operating margin had improved substantially as discussed further in the attached management discussion and analysis. Please be informed accordingly. Sincerely Yours, (Chathai Thiamtong) Vice President - Finance BEC World Plc. Consolidated Financial Statements for the 1st Quarter of 2006 Management Discussion and Analysis: Operating Results: BEC World group was able to made Baht436 millions as its net profit for the first quarter of 2006, higher than that of the prior quarter by 143 millions thus a plus of 49 percent and higher than that of the same period last year by 184 percent or Baht283 millions as the advertising income was continuously improved further since the previous quarter, from the higher utilization rate of our commercial air-time, while our costs and expenses were not increased sharply as prior year. Therefore, our operating margin had improved substantially. Revenue: For the first quarter of 2006 BEC World group had Baht1,498 millions as advertising income higher than that of the prior quarter by 94 millions (+7%) and higher than that of the same period last year by 35 percent up 389 millions. This is the results of higher utilization rates, continuing improved further since the previous quarter where as last year we did have a bad experience in the fist two months of that year as a consequence of the tsunami, especially during the primetime. However, revenue from concerts and shows dropped substantially as we had excluded revenue of ThemeStar out from our consolidated statement this year as it had been transformed from being a subsidiary to being just an associated company at the end of last year. Costs and Operating Expenses: Costs and operating expenses had been stable and are back at normal, not increased at a high rate as happened last year as the group had completed its planned expansion programme. Costs of concerts and shows were lower down substantially as we had excluded those of ThemeStar out from our consolidated statement this year as it had been transformed from being a subsidiary to being just an associated company at the end of last year. When compared these costs and expenses on the same base, they were dropped from that level of the previous quarter in line with the lesser seasonal activities, but increased slightly in line with inflation rate from the same period of last year. Financial positions: Our total assets at the end the quarter increased when compared with that of the end of last year in line with profit. Majority of our assets is still in the form of cash and cash equivalents as usual. In term of liabilities, the group also has higher liabilities as we recognized the higher corporate income tax in line with the improved profitability as well as the accrued final dividend at the amount to be proposed for final approval by the shareholders' meeting in April. The Shareholders' equity as at March 31, 2006 lower down when compared with that at the end of previous year because of the said dividend, now is amounting to Baht5,694 millions.