characteristically sensitive to the cyclical patterns of Thailand’s advertising environment, we expect our new foundation for growth to make us more competitive and resilient. VGI got off a good start to the new

/Interest expense Dusit Thani PLC Management Discussion and Analysis 3Q18 and 9M18 P a g e | 9 Profitability ratio remained resilient in 3Q18, showing improved EBITDA margin and net profit margin. Liquidity

long term, OSP would seek for opportunities amid the crisis to become more resilient, build strong fundamental for medium and long term growth under the new normal, through “Winning in Crisis” project

announced in many countries, severely impacting both the tourism service sector and related businesses. Meanwhile, merchandise exports shrank as the global demand weakened due to lockdown measures and supply

Thailand's Private Sector Collective Action Coalition Against Corruption LH Financial Group Public Company Limited, Land and Houses Bank Public Company Limited and Land and Houses Fund Management Company

driven by global trade recovery and well-performing trading partners’ economies. Also, tourism sector robustly expanded, reflected from an increasing number of international tourist arrivals especially

of continuous expansion of Thailand’s economy. This is mainly driven by export sector, which enables to be well expanded including with gradual recovery of domestic economy significantly driven from

sector spending and consumption. The Group’s revenues during the last quarter of 2016 and 2017 was affected. In 2017, the Group had total revenues of THB 2,407.17 million with a decrease of THB 153.73

agreed to settle the disputes under the Second Stage Expressway Agreement, the Agreement for the Extension of the Second Stage Expressway System (Sector D), and the Bang Pa-in - Pak Kret Expressway

from contraction of export sector as global consumer demand weakened. The tourism sector and private consumption grew at a slower pace. On the other hand, the personal loan of commercial banks and