% ตน้ทุนการให้บรกิาร 387.7 378.2 9.5 2.5% Gross Profit 611.8 588.0 23.8 4.0% Gross Profit Margin 61.2% 60.9% ค่าใชจ่้ายในการบรหิาร 148.3 131.2 17.1 13.0% ค่าใชจ่้ายรวม 536.0 509.4 26.6 5.2% EBIT 495.3

THB 1Q2019 1Q2018 % YoY 4Q2018 % QoQ Sales Revenue 2,816 4,631 -39% 3,654 -23% EBITDA 143 211 -32% 286 -50% EBITDA Margin (%) 5.1% 4.6% 0.5% 7.8% -2.7% Stock Gain/(Loss) & NRV -74 -233 -68% -24 208

% 6,078 52.5% 1.0% Dusit Thani PLC Management Discussion and Analysis For 1Q19 P a g e | 6 In 1Q19, profitability ratios still maintain resilient showing gross profit margin in line with the same period

% 13.5% EBITDA 444 507 501 -1.2% 12.9% EBIT 333 384 380 -1.1% 14.1% Interest expenses 25 15 18 18.6% -27.8% Tax 83 82 76 -7.3% -8.6% Net profit1 202 261 260 -0.4% 28.8% Gross profit margin 60.4% 63.6% 55.5

previous year have ended and the competition has intensified in the stainless pipe product. As a result, sales and gross margin declined in the current quarter. While administrative expenses have increased

32,109 25,462 33,691 (18,284) (56.9) Income tax expenses 2,715 6,390 5,037 6,745 (3,675) (57.5) Profit for the period 11,110 25,719 20,425 26,946 (14,609) (56.8) Gross profit margin 23.6% 25.7% 23.6% 23.3

UNIT: Million Baht 1Q2020 1Q2019 % YoY 4Q2019 % QoQ Sales Revenue 5,227 2,816 86% 3,842 36% EBITDA 345 141 145% 226 53% EBITDA Margin (%) 6.6% 5.0% 1.6% 5.9% 0.7% Stock Gain/(Loss) & NRV 92 -74 -224% -13

248.11 11.03 4.45 Non-controlling interests 36.88 35.10 1.78 5.07 Gross Profit Margin 30.44% 30.54% Operating Profit Margin 16.97% 16.66% Profit before Finance costs, Tax expense, Depreciation and

. As a result, gross profit margin of raw water business dropped to 50.06% from 54.99%. Industrial Estate 64% Household Customer 23% Private Industrial Park 2% Factories 1% Internal Usage 10% Industrial

16.96% Gross Profit Margin 33.17% 30.59% 31.77% 30.56% Operating Profit Margin 19.73% 16.28% 18.32% 16.47% Profit before Finance costs, Tax expense, Depreciation and Amortization margin 29.53% 24.88