expenses were 1,371 Million Baht or 64% of total revenues, comprising of selling expenses of 924 Million Baht, administrative expenses of 434 Million Baht and also other expenses of 13 Million Baht. As a

debt to total equity ratio of the Company was due to the ability of revenue recognition from The Ritz-Carlton Residences, Bangkok (“RCR”) which is a part of MahaNakhon project. As a result, the Company

, the shareholders’ equity of the Company decreased by Baht 898 million or 3% decrease from the end of 2019 (as of 31 December 2019) since the Company recorded a net profit of Baht 969 million for the

result, there is no balance in the year 2022. Other non-current financial assets decreased by 79.2 MB, representing a decrease of 96.4% due to the fair value loss on FVTPL equity instrument of Campana

GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2019 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Million Baht, decrease of 12.93 Million Baht or 345.80% comparing to the same period last year. Loss to equity holders of the parent is 11.14 million baht decrease of 12.96 Million Baht or 711.92% comparing

the total equity was 7,671.02 million baht. For the Separate financial statements, the Company had net profit of the fourth quarter of 2019 was 449.87 million baht. A decrease of 5.04 million baht or

revenues of Baht 1,252.83 million, a decrease of 29.70% or equivalent to Baht 529.36 from 2018 which was Baht 1,782.19 million. Revenue from sales The Company and its subsidiaries registered consolidated

. 017.  The re r low season et Equity of  46.54 millio from Q2 ye t of produc irst Quarter Securities an ses and rea er of previou nce compar 2 year 2018 ectively. Rev 01% when co exporting. A 2018 and Q

., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR007/2019 14 November 2019 Subject: Management Discussion and Analysis (MD&A) Report for Q3/2019