Deputy managing director Bordin Sangarayakul said yesterday that negotiations started last year after the government launched its mega-projects worth up to Bt500 billion.

"However, the deal between the company and our potential partner needed to be put on hold when the government postponed its investment decision after facing a political crisis," Bordin said.

Pylon has been keeping in touch with its potential partner.

"When the government opens bidding for its new mega-projects, we then will conclude the deal with our foreign strategic partner," said Bordin, who declined to disclose the counterpart's name.

Foreign investors are still interested in coming here, but they are taking a "wait and see" attitude until political problems are resolved, he said.

Pylon, which expects its annual growth to average 30 per cent, hopes to move its listing from the Market for Alternative Investment to the Stock Exchange of Thailand within three years.

It has registered capital of Bt150 million but an upgrade to the SET would require a boost to Bt300 million over the three years.

"We don't need to increase our capital right now because we have enough for our business this year," he said.

Pylon has scored three foundation works projects worth Bt102.8 million in total.

Managing director Chanet Sangarayakul said the company's projects in hand would generate Bt330 million in revenue this year.

The company will tender for more construction jobs worth up to Bt600 million. The winners will be announced within two or three months.

More than 60 per cent of its future revenues are expected to come from private projects such as condominiums, factories and office buildings, and only 40 per cent from government contracts.

This marks a stark reversal from last year when 90 per cent of its revenues were from public projects. The decline of government work reflects the delay of many mega-projects due to political uncertainty.

The company is maintaining its ambitious 2006 revenue target at Bt600 million and net profit target at Bt48.75 million, respectively 107 per cent and 30 per cent higher than last year.

Pylon reported a net profit of Bt13.18 million on revenue of Bt170.24 million in the first quarter of this year.

 Somluck Srimalee

 The Nation