The SET said the suspension would give investors time to digest the results, as Picnic's auditor could not provide a summary of the results reflecting the company's actual financial position adequately and appropriately.

The possibility of the Securities and Exchange Commission (SEC) revising the firm's financial statement was another reason given for suspension of trading.

Picnic explained that the improved performance could be ascribed to a sharp decline in losses from asset write-offs and a decrease in provision for doubtful debts, the firm's filing with the SET said yesterday.

"Losses from asset write-offs decreased by Bt1 billion from the same period last year. The company had decided to write off gas cylinders presented as fixed assets that exceeded their value as per the appraisal report.

"The net difference was recorded as loss from the assets written-off in earning statements of the previous year. This transaction did not occur this year," the company said.

The cooking-gas manufacturer and distributor said the company's provision for doubtful debts declined by Bt293.06 million to Bt68.94 million in the third quarter this year.

Of the total provision, Bt6.21 million was account receivables in the LPG (liquid petroleum gas) business and the remainder was account receivables in the engineering business.

Its sale of petroleum oil between July and September fell by Bt2.65 billion from the corresponding period last year due to the company changing its position as a distributor of petroleum oil to its subsidiary.

Picnic's net loss for the first nine months this year dropped marginally from Bt1.32 billion in the same period last year to Bt1.23 billion.