Operating result The Results of the Consolidated Financial Statements The consolidated financial statements of Nation International Edutainment Public Company Limited and its subsidiaries for the first quarter ended 31 March, 2011 represented a profit before income tax, finance cost and doubtful debts expense of Baht 11.24 million. An inclusion of income tax and finance cost of Baht 2.51 million and doubtful debts expense of Baht 0.19 million, resulted in profit for the first quarter of 2011 of Baht 8.54 million, comparing to the same period of last year which showed a profit of Baht 7.70 million. The Group's significant operation results are summarized as follows: 1. Revenue from sales and services for the first quarter of 2011 decreased by 0.3% compared to the same period of 2010. The main reasons were: - Revenues from circulation decreased by 4%. The main reason is from circulation revenues of pocket books dropped by 18% as well as the dropping of children and education books by 3%. On the other hand, comic books and international publication sales increased by 1% and 35% respectively. - Revenues from rendering of services increased by 7% because of the increase of services revenue from pocket book printing and delivery services for international publications. 2. Costs and expenses decreased by 1% compared to the same period of 2010. The main reasons were: - Costs of goods sold decreased by 3% in line with circulation revenue. - Cost of rendering of services increased by 19% which is related to the increase of service revenue. - Selling and administrative expenses increased by 6% due to the increase of marketing expenses to support new business expansion. Conclusion: The Group reported profit for the first quarter ended 31 March, 2011 before income tax, finance cost and doubtful debts expense of Baht 11.24 million. An inclusion of income tax and finance cost of Baht 2.51 million and doubtful debts expense of Baht 0.19 million, resulted in profit for the first quarter of 2011 of Baht 8.54 million, comparing to the same period of last year which showed a profit of Baht 7.70 million. ______________________________________________________________________