1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the three-month period ended 31 March 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE

Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the third quarter of 2018 ended 30 September 2018 Executive Summary

close the sales through their branches more than 2 months together with the decrease of sales via ELEGA showroom that had been stopped the business from the adjustment of the business strategy by closing

March 2018, GPSC and its subsidiaries' total assets increased by Baht 2,095 million or 3.5% from 31 December 2017, mainly from the increase in cash and cash equivalents as well as the investments

impairment in subsidiaries Baht 126 million, provision for court case claim Baht 100 million and loss on impairment of assets Baht 42 million. Other expenses of year 2018 of the company decreased by Baht 1,105

transaction to complete the disposal of the subsidiaries’ assets of not exceeding to 1,200 million Baht for the Company. The total value of the 2 agreements were 14,000 million Baht. The summary of significant

2020, without consideration of the effect of foreign exchange gain (loss) of the Company and subsidiaries showed the profit of THB 1,983.85 million, increasing by THB 280.62 million from the same period

the Company and its subsidiaries was totally Baht 257.28 million decreased from compared with the same period of 2019 which was for Baht 201.53 million or -43.92%. Caused by the start of the spread of

. including I-RETAIL business. The Company also extends the distribution channel in retail business. The business alliance is Dynasty ceramic public company limited who has widely 200 branches over the country

of the main customers in South America expanded more branches and the new policy of the Company to sell products to only one customer in some country where the customer has high market shares in