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Published on November 15, 2007

 The auditor was unable to reach any conclusion on its financial statements.

The company said it recorded a net loss of Bt105.23 million in the third quarter this year, compared to a net profit of Bt88.75 million in the same period last year.

In the third quarter, the company reported Bt17.78 million in revenues, a drop of Bt492.20 million or 97 per cent from the Bt509.98 million in the same quarter of the previous year.

"On March 7, the concession agreement was terminated by the Office of the Permanent Secretary, Prime Minister's Office, thus no income from the television business has been gained onwards," iTV director Somkid Wangcherdchuwong said in the statement submitted to the Stock Exchange of Thailand.

Revenues recorded in the consolidated financial statements were interest incomes, business operation of a subsidiary company and other revenues. In addition, the issues regarding whether the concession was duly terminated is being considered by an arbitration panel.

In the third quarter, costs, sales and administrative expenses totalling Bt119.39 million decreased by Bt295.70 or 71 per cent compared to the same quarter of the previous year.

The company no longer operates UHF Television Broadcasting Station and has no costs and expenses from the business. Consequently, the company has merely necessary expenses arising from its subsidiary company.

The SET said in its statement that iTV's auditor was unable to reach any conclusion on the financial statements. It can be considered that the figures failed to adequately and/or properly reflect the actual position of iTV.

The SET continues to suspend trading of iTV shares in view of the fact that iTV must rehabilitate its operation.

The Nation