Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

from sales of real estate decreased by Baht 1,170 million. Administrative expenses increased by Baht 121 million and finance cost increased by Baht 41 million. However, gross profit from the property

654 3323 560.86 1,194.14 469.20 227.29 2,434.12 6,114.97 Others revenue Revenues from food and beverage business Revenues from property business 2018 2019 2.6% 27.7% 69.7% 2018 Others revenue Revenues

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY