December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

appreciation of the Thai baht; a decrease in revenue following the news about the closure of Dusit Thani Bangkok Hotel; and a decrease in revenue from the absence of Dusit Princess Korat Hotel, which was

financial statements due to an appreciation of the Thai Baht from 3Q17. Other Income increased from the share of profit from investment in DREIT and food business, which the company invested in 1Q18. Total

, resulting in 4.6% forecasted economic growth in the first quarter Economic outlook for Q2/2018 is expected to grow robustly, supported by promising outlook for merchandise exports as well as tourism. A robust

. Pricing impact on revenue: the company realized overall higher prices in Q4 compared with previous months on same-customer comparison basis given the robust demand and increased input cost pressure on all

positively, private consumption remained robust through amid still- weak inflation. On 10th July, a new cabinet was formed that should largely see policy continuation; however, given the coalition’s slim

product portfolio. MACO is now also exploring potential opportunities to expand our network to neighboring countries in Southeast Asian. We are responding to robust economic growth in the region and the

, total investment, and a robust export growth. As of May 31, 2018, the Company’s total cards reached 8.24 million cards (including 2.52 million credit cards and 5.72 million member cards), net increasing

sector the Thai economy continues to outperform with Q2 growth at 4.6% slightly below Q1 but remaining strong. Private consumption growth was robust in July and August, supported by higher consumer

/mmBtu in Q1’2017 and 231.23 Baht/mmBtu in Q4’2017), despite partly offset by a reduction of capacity payment due to Baht appreciation during the period Electricity sales to Industrial Users (IUs