1 Bangkok Commercial Asset Management Public Company Limited Management Discussion and Analysis For the first quarter ended March 31, 2020 Bangkok Commercial Asset Management Public Company Limited

Management Discussion and Analysis For the first quarter ended March 31, 2020 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd., Silom, Bangrak, Bangkok 10500 Thailand Tel 0

mainly form energy prices. Therefore, the unemployment rate at 1.53% in the first quarter of 2022 dropped from the previous year and household debt tends to increase due to rising prices of consumer goods

customers, which shall be applied to the financial statements for accounting periods beginning on or after 1st January 2019 onwards Revenue from Sales The company has revenue from sales in the first quarter

Company”) would like to submit the Management Discussion and Analysis for the second quarter ended June 30, 2020 as follows: Construction and servic revernue For the first six-month period ended 30th June

(“the Company”) would like to submit the Management Discussion and Analysis for the third quarter ended September 30, 2020 as follows: Construction and servic revernue For the first nine-month period

privileges to attract business operators nationwide, especially for those who missed the first Project. The application period will last until May 31, 2013.After the success of the first ?Pride of the

quarter of 2018. Moreover, ICUK shall also give an emphasis on cost reductions particularly in redundant procedures to deliver appropriate rate of return on sales. In term of sales, ICUK continues to gain

12.29 million, the Company therefore had profit of THB 11.33 million and combined with other income of total THB 28.24 million, the Company had profit before expenses of THB 39.57 million and when

of last year. Revenue from sales of first half on 2018 decreased 0.25 percent due to the effect of Thai Baht appreciation even though sale volume and sale in CNF incoterm increased from first half on