Discussion and Analysis Performance for the Period Ended December 31, 2018 Statement of Comprehensive Income 2018 2017 Change (Million Baht) (Million Baht) (%) Sales 2,020.63 2,147.64 (5.91) Foreign exchange

51.0 Revenues from project management 418.1 16.9 142.7 4.1 (275.5) (65.9) Gain on disposals of investments in subsidiaries 213.3 6.2 213.3 100.0 Other income 68.9 2.8 96.9 2.8 28.0 40.7 Total Revenues

Development, Residence Services, Real Estate Investment Advisory and Condominium Management. หนา 3 ของ 5 5. Other income, in the period of the six-month period ended June 30th,2019, accumulated amount of 268.6

margin of 23.5 percent. The details on the performance of the companies in the group can be described as follows: Summary of Income Statement Q3/2018 Q3/2017 Change 9M/2018 9M/2017 Change MB MB % MB MB

tourism related while non-durable and semi-durable goods, food and apparels still declined, signaling a still weak grass-root economy consistent with the decline in agricultural sector income. Private

related while non-durable and semi-durable goods, food and apparels still declined, signaling a still weak grass-root economy consistent with the decline in agricultural sector income. Private investment

household purchasing power remained weak. Despite improvements of both farm and nonfarm income, households’ purchasing power is compressed by the high debt burden and the waning confidence regarding

, while gross profit margin was 8.50%, compared to 7.99% in the first nine months of 2018. 2 Other income For the first nine monhts of 2019, the Company and its subsidiaries had other income of Baht

% from the same period of last year, while gross profit margin was 8.35%, compared to 7.88% in the first half of 2018. Other income For the first half of 2019, the Company and its subsidiaries had other

10% Cost 1,631 1,509 Gross profit 209 164 45 28% Gross profit margin 11.3% 9.8% Other income 6 2 4 246% Selling & Admin expenses 123 121 2 2% 6.7% 7.2% Cost and expense from delayed project 57 (57