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124 Communications anticipates 20% growth in 2006 and 2007

124 Communications Plc projects its revenue will grow by no less than 20 percent this year and next year, thanks to a rising backlog in business contracts.

The listed public-relations firm already has consultancy contracts worth 100 million baht in hand and expects to book the revenue starting from the third quarter of this year through 2007.

The company yesterday signed an agreement with Family Know-how, an affiliate of the Stock Exchange of Thailand, to handle ad sales with a focus on companies listed on the main board and the Market for Alternative Investment.

Nimitz Modrakee, chief executive of 124 Communications, said the company had signed a one-year contract with Family Know-how that runs until Aug 8, 2007.

"This co-operation will be a boost for both of us in terms of support and benefits that we will get. We'll have more channels to expand the business since the exchange has nearly 500 listed firms," he said.

Presently, less than 15 percent of the total listed firms have sought corporate public-relations consultancy, business relations, and investor-relations (IR) advisory services.

"We hope to attract some 10-20 listed companies to become our clients," Mr Nimitz said.

He said the overall business outlook will pick up in the third and the fourth quarters when the trend of the business cycle will generally be active.

"I'm not worried about our net profit because it's the nature of this business. Usually, the first two quarters will be slow while the rest will be the harvest season," he added.

The company posted second-quarter net profits of 6.04 million baht on revenues of 54.64 million.

First-half revenue totalled 96.22 million baht, up 41.37 percent from the 68.06 million posted the same period last year.

Mr Nimitz said the company would book revenues of 23 million baht from consultancy services for the new Suvarnabhumi Airport project in the third quarter.

The company has a revenue proportion of 60 percent from deals with government agencies and 40 percent from corporate and private organisations. Major customers include Thai Beverage, Oishi Group, King Power, MasterCard, ESPN Sports Channel, and Starsports.

The firm has also won IR consultancy deals from two major companies, Media of Medias and Sri Trang Agro-Industry.

Shares of PR124 last traded on the Stock Exchange of Thailand on Monday when it closed at 5.25 baht.