Management s Discussion and Analysis on the Consolidated Financial Statements for the year 2005 MCOT gained television revenues for the year 2005 up to 2,202 million baht for the first time or grew 18% compared to 1,863 million baht in 2004.As a result of the sustainable increase of advertising revenues and revenues form projects which account for 85% of the total television revenues especially the increase in those figures of the last quarter of 2005. The revenues from projects in Q4-2005 were such as the New Year party at National Stadium, OTOP City at Impact Arena, Vocational School Project, Energy Saving Project, Gasohol Promoting Project, 1-year Memory of Tsunami, and Rehabilitation for Southern part of Thailand and etc. In the same direction, the radio revenues in 2005 grew 23% or 555 million baht compared to 452 million baht in 2004 due to the management of the 6 radio stations in Bangkok. The top hit radio stations are FM 95 and Seed 97.5 FM while others are making progress. In consequent of the high growth of television and radio revenues, the total revenues reached 3,479 million baht for the first time of MCOT historical performance. It grew 17% from 2,970 million baht in 2004. And as a result of the efficiency in cost control, especially in SG&A, the total expenses in 2005 grew only 6% to 1,978 million baht compared to 1,862 million baht in 2004. Then, MCOT gained the profit before tax amounting to 1,501 million baht compared to 1,108 million baht in 2004 or 35% increase. The net profit of 2005 reached 1,103.8 million baht or 1.61 baht per share. Thus, the Company will pay dividend at Baht 1.30 per share or 80.92% of earning per share.