were opened during the second half year of 2019 and the 1st quarter 2020 and E-Commerce by 13.4%. • Gross profit margin increases from the same period of last year from 44.6% to 49.6%. According to the

set up full allowance for impairment for Thanh Cong investment prior to the sale, and reversed such expense in the profit and loss in the same period.  The Company recognized share of profit from

third quarter and for the nine-month period ended September 30, 2018 as follows: The consolidated operating result for the third quarter ended September 30, 2018 The Company reported net profit of Baht

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

0.25 (0.17) (68.00) Expenses of tax income 6.76 1.13 5.63 498.23 Income above expenses / Net income 27.87 9.84 18.03 183.23 Profit sharing Attributed to the shareholders of the Company 24.18 9.84 14.34

% Cost of sales - 191.6 - 160.8 -19.1% Selling expenses - 4.7 - 4.0 -17.8% Administrative expenses - 10.1 - 11.9 15.5% Finance costs - 2.8 - 3.0 5.3% Profit for the period 12.7 20.6 -38.5% Net Profit 5.7

3122.1% Cost of sales - 151.2 - 216.3 30.1% Selling expenses - 5.3 - 5.4 2.7% Administrative expenses - 9.6 - 10.7 10.8% Finance costs - 3.1 - 2.8 -9.7% Profit for the period 17.2 5.3 222.9% Net Profit 9.1

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 12 Executive Summary Growth in both revenue and net profit demonstrates the effectiveness of retail

2019. This resulted in the company having total income and net profit in the first nine- month period of Baht 50,493.89 million and Baht 4,428.72 million respectively, increasing 3.35% and 12.78% from

commercially opened in September 2019. Generally, a hotel will take about 3 years to reach stabilized year and earn the expected normalized profit margin. Selling Expenses In 2019, the Company reported selling