exchange rate, resulting in a decrease in net profit ratio (ROS) from 16.00% in 2018 to 14.78% in 2019. The total expense to total revenue ratio increased from 13.32% in 2018 to 17.46% in 2019. 1. Overview

Dusit Thani PLC Management Discussion and Analysis 4Q18 and FY2018 P a g e | 1 Executive Summary The Company reported net profit of THB 119 million in 4Q18, a decrease of 59.0% from the same period

164 Million from the increase in revenue and the decrease in financial cost. The Company had revenue from Expressway business of Baht 10,174 Million, representing an increase by Baht 217 Million or 2.2

sales of Medical Vision Co., Ltd. increased from the period maintenance work. Meanwhile, revenue is not much. These are the result of the Group. The gross margin was lower than that of the same period of

operating results in the Quarter ’. Thai’s economy has trend to growing lower continuously, Especially Service & Travel business which loss a lot of travellers in this year from Coronavirus disease (COVID-19

increase of Bt571mn from 2016. Gross profit margin was 23.6% of total revenues from core business, a decrease of 25.4% in 2016 due to the increasing of money transfer transaction which is an added service to

11mn. This was primarily attributable to lower trade & other receivables of THB 84mn which was offset by the increase in cash and cash equivalents of THB 68mm. Total non-current assets stood at THB

and esthetics. 2. Overview of operating results for Quarter 1’ 2020. Thai’s economy has trend to growing lower continuously, Especially Service & Travel business which loss a lot of travellers in this

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Income Others income in Q3/2018 and the nine months of 2018 were Bt11.6 million and Bt36.4 million which increased by 9.4% (y-o-y) but decreased by 21.1%(y-o-y) respectively since lower interest income as