the uncertainty of world economy reveals an impact on decreasing number of tourists (Source: Tourism Authority of Thailand). 3 ASIA’S BOUTIQUE AIRLINE For the second quarter of year 2019, the Company

of Chinese tourists. However, tourists from South East Asia faced a declining growth at 2.6 percent, dropped from 16.1 percent growth in the third quarter of 2018 while Europe, which is another top

continuously affected by the appreciation of the THB against both the USD and Euro, which resulted in THB sales declining by 4% of total sales (Table 1, Y-o-Y effect of change in FX rates on sales was Bt565

from the previous year by THB 69 million from decreasing of current assets THB 6 million, while the non- current assets were increased THB 74 million, which were mainly caused by: 1. Cash and cash

against the US dollar and Euro in the period, which resulted in THB sales declining by Bt111 million (Table 1). The drop in revenue in 1Q19 was mainly pressured by a decrease in sales volume by 1% Q-o-Q and

baht against the US dollar and Euro in the period, which resulted in THB sales declining by Bt46 million (Table 1) Cost of Sales and Gross Profit The gross profit margin in 2Q19 of 19.0% declined Q-o-Q

strengthening of the Thai baht against the US dollar and Euro in the period, which resulted in THB sales declining by Bt215 million (Table 1). Cost of Sales and Gross Profit The gross profit margin in 3Q19 of

was 312.9 million baht compared to 321.7 million baht the same period last year, decreased 2.7 percent or 8.8 million baht mainly from declining in print media and advertising revenue. Revenue from

2018 was 295.8 million baht compared to 358.4 million baht the same period last year, decreased 17.5 percent or 62.6 million baht mainly from declining in print media and advertising revenue. Revenue

Bt25,078mn decreasing 16% YoY mainly due to lower handset subsidies while offset by higher other G&A expenses. • Marketing expenses were Bt9,990mn declining 38% YoY due to focused subsidy campaigns mainly for