PRESS RELEASE – 11 NOVEMBER 2005             FOR IMMEDIATE RELEASE

MINOR 3Q05 profits up 98% YoY to Baht 58 Million 

In 3Q05, Minor Corporation’s (MINOR) net profit was up 98% YoY to Baht 58 million and total revenue was up 30% YoY to Baht 845 million. The retail lifestyle brands business performed well in 3Q05 despite a weaker macroeconomic outlook. Esprit’s sales were high in 3Q04 due to a strong promotional campaign but they were 18% lower in 3Q05 as the same promotion campaign was not offered. Excluding the effects of the campaign, Esprit’s sales increased by 12% YoY. Bossini, Bloom, and Red Earth combined for sales of Baht 110 million, a 14% increase YoY. Time Life sales increased by 45% to Baht 45 million. These brands, which accounted for 63% of lifestyle brand sales in 3Q05, posted net profit that was up 600% YoY to Baht 46 million. Recently introduced brands such as Elemis, Rampage, and Laneige continued to build a market presence.    

MINOR’s contract manufacturing business experienced a 15% YoY increase in sales to Baht 352 million and profit increased from Baht 4.6 million in 3Q04 to Baht 9.0 million in 3Q05. Management continued to look for ways to leverage the full capacity of the new factory which began operating in 4Q04 by expanding both domestically and regionally.

In 3Q05, Minor completed a significant acquisition. Minor paid approximately Baht 1.65 billion to increase its stake in Minor International (MINT) from 4.2% to 19.8%. The acquisition was financed in 3Q05 with proceeds from a term loan and proceeds from a Baht 190 million rights offering. In October, Minor raised an additional Baht 320 million to repay part of the term loan by privately placing 80 million new shares. The acquisition diversifies Minor’s business and cash flow profile and strengthens its investment portfolio of listed and private securities.

Minor Corporation (Minor) is a leading distributor of international lifestyle brands in Thailand focusing primarily on fashion, cosmetics, golf equipment and education. Its brands include Esprit, Red Earth, Bossini, Sinéquanone, Rampage, Bloom, Laneige, Elemis, Tumi, Henckels, Time Life, and World Book. It owns and operates one of Thailand’s leading contract manufacturers and investment portfolio of listed and private securities. For more information on Minor Corporation, please visit www.minornet.com

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