oil within the country very fluctuated and increased due to the palm fruits crop over released to the market. These leads to a decrease in the crude palm oil price since 1st quarter of 2017 and to the

baht when compared to last period. Director’s remunerations also increased by 0.44 million baht due to the fact that in 2017, the Company increased meeting allowance during the year for subcommittee

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

508 Million representing a decrease from the same quarter of the previous year by Baht 351 Million or 40.9 percent from the effect of COVID-19 outbreak also the change in recording revenue from TTW

revenue of 3,648 million Baht, increased by 42% YoY and 101% QoQ, mainly due to revenue from the ESSE Asoke. Net profit of Q4’2018 was 305 million Baht, decreased by 53% YoY and 4% QoQ. Decreasing in net

revenue to the Company in 1Q19, 35% drop from 1Q18 due mainly to the reduce of revenue from construction service. Page 6 of 7 Management Discussion and Analysis 1Q2019 Revenue from sales of goods Revenue

of household debt. On the other hand, public spending and investment continued to grow due to government’s relief measure through cash injection for people and businesses. As of August 31, 2020, the

August 2020 and decreasing of credit card spending due to the impact of the COVID-19 pandemic. However, credit card revenue was 31% of total revenues. In this quarter, the Company launched the promotion

ordinary shares had not yet been transferred to the Subsidiary (within June 30, 2018 pursuant to the details set out below), if (a) Director’s Loan is increased (due to monthly expenses of Leyland that

in 20172, mainly due to an ongoing postponement of festivities subsequent to the mourning period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a