The company's shares closed yesterday at Bt3.54, unchanged from last Friday. Pico told the Stock Exchange of Thailand that the group's consolidated revenues in the period ending April 30 were Bt523 million, a fall of Bt15 million over the same period of the previous fiscal year.

"This decline is due mainly to political uncertainty [and its] reflection in our customers' decisions," said CEO Silchai Kiatpapan.

Gross profit was Bt114 million, a comparative decline of Bt13 million due primarily to higher costs for services. One-fourth of the revenues in the period came from a museum exhibit that contributed a low gross margin, and the company also invested in some stands at the Bangkok International Motor Show that will be amortised in the future.

The company's sales and general administrative expenses came to Bt85 million, a comparative increase of Bt9 million due to a restructuring of human resources and building renovations.

As a result, consolidated net income declined to Bt23 million, 41 per cent lower than the Bt39 million in the same period of the previous year.

Meanwhile, the separated company's financial performance showed a net-income increase to Bt50 million, from Bt39 million before, a relative increase of 28.21 per cent over the same period of the previous fiscal year. This was due to dividend income received from subsidiaries in accordance with revisions of accounting policy under Thai Accounting Standard No 44. The company's consolidated net revenues for the first six months of fiscal 2007 amounted to Bt485 million and its net income Bt50 million. Without the accounting-policy change, its net income would have been Bt21.3 million.