TICON Industrial Connection Public Company Limited (TICON) following a meeting of its Board of Directors on 22nd February announced its earnings for the financial year 2005. Total revenue rose over 195.6% to Baht 2.5 billion leading to a total increase of 133.8% in net profit to Baht 680.3 million, or 1.29 Baht per share. The significant boost in revenue came from the sale of 39 factories to the recently established TFUND PFPO. Sales of completed factories will be an ongoing component of TICON’s business approach. Return on equity was an all time high of 34.3%. Total space under rental increased by more than 37% (including 39 factories sold to TFUND), while occupancy rates continued to remain in excess of 92%. Total assets, as they have for more than the last 7 years, continued to grow. At the end of 2005 total assets exceeded Baht 6.4 billion. The debt to equity ratio will return to within long term levels following the sale of a 2nd tranche of factories to the TFUND early in 2006. The Board has recommended that shareholders approve a final dividend of 60 satang per share at the company’s Annual General Meeting. “ The 2005 year was a major turning point for TICON with the introduction of the innovative TFUND, our move into customized factories and the announcement of our planned logistics park. All of this culminated with our winning the Euromoney “Thailand Developer of the Year Award.” Said Khun Virapan Pulges Managing Director. “TICON also increased the number of pre-leased factories (those where customers enter a lease commitment before construction is complete) to 28, as compared to a pre-leased carry-over of 14 at the end of 2004. Our financial strength is recognized with a TRIS rating of A, and the SET has added TICON into the SET 100 Companies Index.” He added. TICON, the company, now manages a total of 185 leased factories, including 39 factories sold to TFUND in 2005. The number under management is targeted to grow to around 290 when the current development pipeline is fully developed and leased out. “An interesting development was that the number of Thai customers grew even with Singaporeans as the second largest group of new TICON customers for 2005. On the face of it this does not seem unusual for a Thai company providing factories in Thailand, but in TICON’s 16 years of business, it has never had more than 3 Thai customers at any one time. TICON has, in the past, put this down to the Thais’ desire to own land and develop their own facility, and the company has not been focusing its marketing on Thai companies. The trend change suggests that there are a growing group of Thai manufacturers who realize the benefits of capital-lean manufacturing, and thus renting production facilities allows them to attain higher returns on capital and greater flexibility. This is an exciting development for TICON, and Thai industry.” He added.