) 2Q 2016 1Q 2017 2Q 2017 QoQ (%) YoY (%) Operating Revenue 181 190 199 4.9% 9.6% Cost of sales 79 89 87 -1.7% 10.4% Gross profit 102 101 112 10.8% 9.1% Selling, General & Administrative Expense 53 66 64
(mn) 3Q 2016 2Q 2017 3Q 2017 QoQ (%) YoY (%) Operating Revenue 172 199 262 31.8% 52.1% Cost of sales 79 87 106 21.7% 34.8% Gross profit 94 112 156 39.7% 66.7% Selling, General & Administrative Expense
162.77 19.3% 160.71 19.6% 169.68 21.3% 5.6% 4.3% Income tax expense (19.00) -2.3% (19.07) -2.3% (20.57) -2.6% 7.9% 8.3% Net profit 143.77 17.1% 141.64 17.3% 149.11 18.7% 5.3% 3.7% Non-controlling interests
) / Operating Revenue (Annualised) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 8 MANAGEMENT OUTLOOK There were 2 major unexpected events in 2019
product scope and ultimately face down this competitive pressure. Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2019 2. Outlook Geopolitical uncertainty
before income tax expenses 170.98 20.1% 169.68 21.3% 165.18 20.5% -2.7% -3.4% Income tax expense (20.16) -2.4% (20.57) -2.6% (20.28) -2.5% -1.4% 0.6% Net profit 150.82 17.8% 149.11 18.7% 144.90 18.0% -2.8
closely with our customers to demonstrate the added value.” 2. Outlook A more challenging external environment, owing to continued trade tensions, impacted negatively on the economy in the second quarter
169 million. Dusit Thani PCL Management Discussion and Analysis For 1Q18 P a g e | 6 *Annualized ** = EBIT/ Interest expense The Company’s profitability remained resilient in 1Q18, showing improved
MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 SG&A expense against only 1.5mTHB consolidated EBITDA contribution, since the acquisition was completed only at the very end of the quarter
% (11.56) -1.4% 8.7% 54.6% Profit before income tax expenses 165.66 21.5% 162.77 19.3% 170.98 20.1% 5.0% 3.2% Income tax expense (21.94) -2.9% (19.00) -2.3% (20.16) -2.4% 6.1% -8.1% Net profit 143.72 18.7