and rendering services 420.82 435.52 14.70 3.49% Cost of rendering hotel services 29.75 23.58 -6.17 -20.75% Total cost 450.57 459.10 8.53 1.89% Gross profit 266.79 348.59 81.80 30.66% Other Income 2.53

134.75 110.47 (24.27) -18.01% Cost of rendering of services (92.05) (76.99) 15.05 -16.35% Gross profit 42.70 33.48 (9.22) -21.59% Other income 0.08 0.60 0.51 615.28% Services expenses (1.13) (1.29) (0.16

Operations 161.8 161.6 0.2 0.2 Profit Margin from the performance (percentage) 4.5 4.5 (0.0) Balance Sheets and Statement of Cash Flows As of the end of the Quarter 2 of 2017, the total assets of the Company

P a g e 1 | 8 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

value of financial assets 0.47 0.12% - 0.00% 0.47 0.00% Earning before tax 68.50 17.50% 15.10 6.94% 53.40 353.64% Income tax expenses 1.88 0.48% (0.04) -0.02% 1.92 (4,800.00%) Profit for the year 66.62

doubtful accounts of Baht 50.55 million, and impairment on assets of Baht 5.61 million, the operations for year 2018 showed a loss of Baht 168.95 million. Compared to the same period of 2017, the profit was

. Average goods selling time Day 24 18 18 6. Fixed asset turnover ratio Time 0.47 0.55 0.56 7. Total assets turnover ratio Time 0.09 0.14 0.22 8. Debt to equity ratio Time 0.12 0.10 0.60 9. Gross profit

0.56 0.53 7. Total assets turnover ratio Time 0.12 0.09 0.10 8. Debt to equity ratio Time 0.10 0.11 0.13 9. Gross profit % 34.5 34.3 37.4 10. Net profit % 11.7 10.9 54.1 11. Rate of return on total

turnover ratio Time 0.44 0.67 0.56 7. Total assets turnover ratio Time 0.09 0.12 0.09 8. Debt to equity ratio Time 0.11 0.10 0.11 9. Gross profit % 34.2 34.5 34.3 10. Net profit % 7.8 11.7 10.9 11. Rate of

steel domestic consumption decrease which suffered from slow down economics. Other income 13.2 15.9 20.5% A gain and profit in exchange rate comparing to the same period of last year due to efficient