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PICNIC CORP: Net Loss Narrows to THB2,003,479,021 for 2006

Troubled Company Reporter, Apr. 11, 2007

Picnic Corporation Public Company Limited reported a 34.52% decrease in net loss to THB2,003,479,021 for the year ended December 31, 2006, from a net loss of THB3,059,506,835 for the year ended December 31, 2005.

The group's total revenues fell 41.90% to THB11,967,028,825 for 2006 due to a 93.58% fall in petroleum oil sales to THB594,274,612, and a general decline in other income.  Total expenses also fell 41.92% to THB13,532,731,308 for 2006, giving the company a loss before interest expenses of THB1,565,702,483, a 42.06% improvement against the THB2,702,097,648 loss before interest expenses recorded a year earlier.

The company's interest expense amounted to THB435,654,067 for 2006.

The company's profit and loss statements can be downloaded for free at  

                      Going Concern Doubt

Somchai Kurujitkosol at S.K. Accountant Services Company Limited raised significant doubt on the company's ability to continue as a going concern due to material impact on the company's financial position stemming from lawsuits by Picnic's creditors and by the Office of the Chief Public Prosecutor.

                       About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public Company Limited -- -- is engaged in liquefied petroleum gas trading business under "Picnic Gas" trademark transferred from Union Gas and Chemicals Company Ltd.

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