operation in recent years, operational cost saving and an increase in Ft during the year. Normalized net profit (NNP) • NNP increased 39.6% year-on-year from Baht 2,090 million in 2016 to Baht 2,918 million

net profit ratio (ROS) from 17.16% in the nine-month period of 2018 to 15.74% in the same period of 2019. The total expense to total revenue ratio increased from 13.55% in the nine-month period of 2018

share of investment in JV and associates and non-recurring expenses. 2As shown in financial statement, excluding minority interest. 3Net profit excludes minority interest, is adjusted for amortisation of

lower stock loss. As aforementioned, the company realized net profit of THB 22 million, a decrease of 66% compare to 1Q2018. As of 31 March 2019, the company has total assets in the amount of THB 12,799

first quarter ended March 31, 2019 with those of 2018. This report discusses principal changes in the reviewed consolidated financial statements. Overall market environment The Thai economy for the first

Analysis Yearly Ending 31 December 2018 Highlights In 2018, the Company and subsidiary’s total net loss equals Baht 2,358 million comparing with last year which has net profit Baht 366 million. Separate

2,184 251.1 Share of profit from investments in associates, net 67 110 (43) -39.1 Non-controlling interests of the subsidiaries (3) (2) (1) -50.0 Profit attributable to Equity holders of the Company 3,118

(up 272.7% YoY) largely as a result of the increase in total revenue and the EBITDA margin rose to 31.5% (2018; 13.0%) • Reported net profit of THB 1,867mn (up 394.9% YoY), from aforementioned higher

full-year 2019 was THB  3,624.2mn. Of which, THB  499.0mn and THB 3,055.6mn, respectively, were from sales of real estate (transfer ownership to buyers) • Gross profit from sales of real estate in 4Q

534.6% Share of profit (loss) from investment in an associate and joint ventures (50.2) (2.9%) (158.8) (13.8%) (108.6) (216.3%) Finance costs (Interest expenses) 205.5 11.7% 196.8 17.1% (8.8) (4.3