Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the
Dusit Princess Srinakarin while the overseas hotels showed an increase of revenue as well as additional revenue recognition from Elite Havens which Company invested in late 2018 and also revenue from
their allies unable to come to terms on oil production cuts. This further exemplified pressure on the price of crude in the global market to make a severe reduction late in the quarter. Average price of
contract with some retailer which resulted in reduced sales volume since late Q4/2017. However, export CMG sales could manage to increase 11% QoQ. 2018 Sales Revenue The Company and its subsidiaries recorded
companies and securities held for trading in 4Q19. The Company's investment in 2019 was in line with the long-term strategic plans: Balance, Diversify and Expand. In addition to the investment in ECC which
and decreases at the same rate as the change in revenue. In terms of the profit of the Company for Q1–2021 changed in line with the change in revenue, when compare to Q4–2020 and Q1–2020. Compare to the