The year 2003 saw the successful introduction of our Thai-language business daily, Post Today. Format and contents were widely accepted and, in fact, led to modifications in the layout and content of our competitors. We expect further strong growth and support for this new paper in the year 2004.

In line with the improved economy, the Bangkok Post had a substantial growth in its circulation and readership, especially in the second half of 2003, with a dramatic increase in advertising revenue. Despite heavy promotional outlay for Post Today, profit remained at approximately the same level as last year’s, with improved support from our joint venture with Hachette.

The revamped Student Weekly saw a satisfactory growth in both circulation and advertising revenue.

Our book division, which concentrated mainly on English-language titles, was closed. Nevertheless, we intend to resume production in mainly Thai-language publications instead.

Newsprint prices remained very low during 2003, although we foresee an increase towards the second half of 2004.

With the growing readership and a wider advertisement base of Bangkok Post and Post Today, we see a positive outlook for 2004. A further growth in general, on the basis of a strong economy, is expected.

There were some changes in the Board with the resignation of Dr. Vanchai Chirathivat, and the appointment of Mr. Viroj Lowhaphandu in his place. Dr. Vanchai was named Honorary Chairman.

We thank our staff and our supporters for their continued loyalty and cooperation.

Finally, we are pleased to propose to our shareholders the payment of a final dividend of Baht 1.40 per share.

Mr. Chavalit Thanachanan
Chairman

Mr. Suthikiati Chirathivat
Acting Managing Director