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January 23, 2008 |
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SAFARI WORLD: 3Q Consolidated Net Loss Climbs to THB71MM in 2007 Safari World PCL's consolidated income statement for the quarter ending September 30, 2007, showed a net loss of THB71.728 million, an increase from 2006's THB63.669 million. For the quarter ending September 30, 2007, the company and its subsidiary recognized revenues of THB318.395 million, comprising mostly of ticket sales of THB170.715 million. Operating expenses for the quarter are at THB333.827 million, the bulk of which is occupied by costs of sales and animal maintenance of THB133.591 million and selling and administrative expenses of THB114.575 million. Third-quarter interest expenses are at THB27.614 million. Likewise, the group's net loss for the 2007 nine-month period also went up to THB269.481 million, from 2006's THB272.072 million. Revenues for the January-September period are at THB845.261 million and expenses are at THB947.984 million. As of September 30, 2007, the company had THB3.76 billion in total assets and THB4.101 billion in total liabilities, resulting in a capital deficiency of THB340.916 million. The company is also illiquid as of September 30, 2007, as its current liabilities of THB2.762 billion exceeded current assets of THB151.549 million. GOING CONCERN DOUBT After reviewing the company's financial statements for the third quarter and nine-month period ending September 30, 2007, Atipong Atipongsakul at ANS Audit Co. Ltd. raised significant doubt on the company's ability to continue as a going concern. According to Mr. Atipong, the Company and its subsidiary have incurred a continuous operating loss and have a net consolidated loss for the nine-month periods ended September 30, 2007 and 2006, amounting to about THB269.5 million and THB272.1 million, respectively, and have total liabilities exceeded total assets as at September 30, 2007, amounting to about THB340.9 million. In addition, the Company has not complied with conditions indicated in the debt restructuring agreement that caused the default and the creditor filed a lawsuit against the Company regarding the default in payment of loan and bank overdraft and the enforcement of the mortgage. Presently, the Company has been in the process of negotiating with another creditor to refinance the debt. These factors, Mr. Atipong said, may cause significant doubt as to the ability of the Company to continue as a going concern. The company's third quarter and nine-month financial statements can be downloaded for free at: http://researcharchives.com/t/s?273f About Safari World PCL Bangkok-based Safari World Public Company Limited -- http://www.safariworld.com/ -- is engaged in the entertainment business. The company operates Safari World, which is comprised of an open zoo, a marine park, a bird park and other theme parks. It offers animal performances and other recreational activities such as jungle cruises and feeding shows. The company is also involved in food and beverage services, the sale of souvenirs and the provision of air-conditioned coach services. Safari World has a subsidiary, Phuket FantaSea Company Limited, which is engaged in the operation of Phuket FantaSea (a nighttime cultural theme park). |
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