of holiday club memberships increased by Baht 780 million. The revenue recognition of the property sales projects (Banyan Tree Deluxe Double Pool Villas, Banyan Tree Grand Residences, Cassia Phuket
Banyan Tree Bangkok offset by the lower performances of Laguna Phuket hotels. • Revenue from property development operations which comprise of property sales and the sale of holiday club memberships is
prior year as a result of the improved performances of Laguna Phuket hotels and Banyan Tree Bangkok. • Revenue from property development operations which comprise of property sales and the sale of holiday
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