ความแตกต่างกัน (tax neutral) ส านักงานจึงมีแนวคิดที่จะปรับปรุงหลักเกณฑ์ การจ่ายเงินปันผลของ property sector fund โดยก าหนดให้ property sector fund ต้องจ่ายเงินปันผล ในส่วนที่ property sector fund ได้รับ

and tax, depreciation, amortization, and rent (EBITDAR) were derived from total income (excluding dividend income, gain on sale of investments, gain on sale of assets, interest income and gain on

and taxes 12.93 11.44 5.91 7.86 (7.02) (54.29) Finance Cost 0.88 0.78 0.71 0.94 (0.17) (19.32) Profit before income tax expenses 12.05 10.66 5.20 6.92 (6.85) (56.85) Income tax expense 0.87 0.77 0.25

three-month period ended 31 March 2020, the Company has one-time expenses, which are • Write off withholding tax and corporate income tax prepaid in 2016 • Loss from investment in fixed income fund of 2.1

administrative expenses • Tax on GLANDRT dividend received amount THB 62 mn, the final dividend payment before dissolution and delisting of the Trust • The Company recognized revenue from financial lease, a one

227 mn was recognized in administrative expenses Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 6 of 16 • Tax on GLANDRT dividend received amount THB 62 mn, the

other 22.11 - n.a. comprehensive income resulting from change in status of investments Finance Cost 26.09 20.73 26 Profit (loss) before income tax expenses 22.42 223.08 (90) Income tax expenses (3.67

-13.68 -17.32% Finance Cost 8.35 8.96 -0.61 -6.85% 16.93 19.95 -3.02 -15.12% EBT 79.31 28.13 51.17 181.90% 102.63 101.48 1.15 1.14% Tax -1.88 -7.06 5.18 -73.37% -6.34 -20.28 13.94 -68.75% Total

227 mn was recognized in administrative expenses Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 6 of 15 • Tax on GLANDRT dividend received amount THB 62 mn, the

17.27 18.78 (1.51) (8.04) Administrative expenses 18.79 19.34 (0.55) (2.84) Finance costs 0.41 0.00 0.41 100.00 Tax expense 3.50 5.90 (2.40) (40.68) Profit for the period 14.56 24.26 (9.70) (39.98) Net