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Thailand’s GMM Grammy expects 40% profit growth


September 30, 2008

Thailand’s GMM Grammy expects 40% profit growth
Thailand's GMM Grammy said on Monday it expected 30-40 percent growth in 2008 net profit, far higher than analysts' expectations, after the launch of its new satellite television service next month, reported Reuters.

The country's largest music and entertainment group planned to launch its own channel, FAN TV, on October 1 and set a target for 10 more channels in three years, company chairman Paiboon Damrongchaitham told reporters.


Paiboon said talks with potential partners to establish three TV news channels would wrap up later this year, with an initial investment of 100 million baht ($3 million) per channel.
GMM Grammy has changed its business model to focus on digital music and entertainment and shift away from traditional sales of music CDs.

"We hope this will help boost our profit by 30-40 percent," Paiboon said of the current financial year ended December 31.

His estimate was far above the 11 percent rise in 2008 net profit forecast by four analysts polled by Reuters Estimates.

The company reported a net profit of 502 million baht ($14.7 million) in 2007.


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