PICNIC CORP: Net Loss Narrows to THB2,003,479,021 for 2006
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 http://bankrupt.com/misc2/PicnicPL.pdf
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.
Headquartered in Bangkok, Thailand, Picnic Corporation Public Company
Limited -- http://www.picniccorp.com/ --
is engaged in liquefied petroleum gas trading business under
"Picnic Gas" trademark transferred from Union Gas and
Chemicals Company Ltd.