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Annual Report 2003
Report of the Board of Directors

Dear Shareholders,

Matichon Plc. Presents its financial statement as of 31st December 2004 as follows :-

As a result of operations in 2004, the Company made a net profit of Baht 103,032,636.50 or Baht 5.03 per share, up Baht 60,295,721.70 from prior year.

In 2004 the company's total income was Baht 1,620 million, up Baht 76.97 million or 4.99% over prior year, while operating expenses totaled Baht 1,460.44 million an increase of baht 143.70 milloin or 10.91%

The drop in profitability resulted from the rise in operating costs, in particular the price of newsprint of which more was used, namely 18,013 tons in 2004 compared to 15,513 tons in prior year, an increase of 16.12%. The company also incurred extraordinary legal costs of Baht 25 million.

However, in 2004 the company invested Baht 46 million in new equipment to improve the efficiency of production, and a new building for Khao-Sod to be completed in 2005.

The Company, as always, place great emphasis in maintaining stability ans safety, while developing the quality of all publications in the group with an eye to costs and profitability.

Of the Baht 103,032,636.50 net profit earned in 2004, the Board of Directors moved, at its meeting on 25th March,2005 to pay a divided on its 20,500,000 shares, of Baht 3.00 per share, to be paid on 20th May, 2005

Nai Somchai Khuruchitkoson of S.K. Accounting Services Ltd. Has again been appiont Accountant.

Yours faithfully

Sommai Paritchart
Managing Director

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