brand products, and more efficient cost management. In addition, the revenue from Distribution Center was higher than cost that would affect the lower cost of inventories. 3. Selling and administrative

gross profit margin improved to 61.4% and 57.0%, respectively, due to higher average selling price and better construction cost management. • Revenue from sale of investment properties increased by 45

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 14 NOV 2018 U CITY PCL 3Q 2018 MD&A (for the quarter ended 30 September 2018) 1 U CITY PCL 15 MAY 2018 3Q 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue rose

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 15 MAY 2018 U CITY PCL 1Q 2018 MD&A (for the quarter ended 31 March 2018) 1 U CITY PCL 15 MAY 2018 1Q 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue rose

decrease in revenue. However, management will put the great efforts to reduce such effects by restructuring of the Group's operations to serve the change of consumer behavior according to the current

cost attributed to the slash in total revenue and net loss at THB 612m. Page 2 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Significant Events and 2H20 Outlook The

decreasing of net profit ratio only 9.3% less than the decreasing of revenue ratio. 2. Revenues from project management, in the period for year ended December 31, 2019, amount of 918.9 million baht, or 6.5

% compared on the same period from last year. Due to Quarter3/2018, the Group can recognize the revenue from project management from sale value which is higher than Quarter3/2019. However, the Group still

gross profit for the year 2019, an increase of Baht 18.60 million compared to the previous year from increased revenue and cost management by carefully set up own operational and maintenance for machines

2018 due to the increase in revenue from juristic management and condominium project management. - Net gain from a fair value adjustment in 2019 amounted 55.78 million baht increased by 17.29 million