The SET urged investors to take care because Picnic's auditor was unable to issue a disclaimer of opinion on the company's first quarter financial statement. This means that, as a result, the financial statement might not reflect the company's true financial status and operations.

The SET put a suspension sign on the stock on May 16 because Picnic Corp failed to file its first quarter financial statement on time.

Yesterday, Picnic submitted the delayed financial statement to the SET, showing a net loss of Bt381.8 million in the three months ended March 31. This was a from a net profit of Bt71.3 million in the corresponding period last year.

The company blamed the fall on interest costs of Bt109.5 million, compared with interest payments of Bt41.48 million in last year's first quarter. This was due to higher interest rates. The cancellation of the company's trademark also contributed a loss of Bt83.35 million.

The company said it had transferred its duties as a distributor of petroleum oil to a subsidiary company, forcing Picnic Corp to realise a loss of revenue.

In addition, the company set aside a loan-loss provision of Bt58 million. This figure was set in based on past debt-collection experiences. Moreover, sales and administrative expenses bloated to Bt235.8 million from Bt118.2 million in last year's first quarter because of business expansion, including investments in domestic and international liquid petroleum gas trading.

The SET said that because Picnic Corp's auditor was unable to summarise its review of the company's financial statements, the numbers, which represent the company's financial status and operating results, could fail to adequately or properly reflect the actual position of the company.

"Due to these discrepancies, the Securities and Exchange Commission (SEC) is considering requiring the company to amend its financial statements on the issues raised by its auditor," the SET said.

The SET maintained the suspension signyesterday, keeping the trading suspending in place, in order to provide time for investors to consider the auditor's report, and the financial statement. It will allow Picnic stock to resume trading today.

Meanwhile, Picnic said it had appointed Prasit Petkhart as its new managing director following the resignation of Nattachai Aramrasamewanich. The board also appointed Numpon Ngurnnumchoke as a director and new chairman of the company's audit committee after the resignation of Suwalee Sangkanchanavanich.

Siriporn Chanjindamanee

The Nation