were acquired through inheritance. (b) when the infrastructure asset is completely developed, the management company shall proceed as necessary to allot all units to the general investors and list all

for sale of newly issued shares; (3) passing through the following screening criteria completely: (a) the provisions relating to legal issues and the cooperation of foreign agency as prescribed in

investor unless the units were acquired through inheritance. (b) when the infrastructure asset is completely developed, the management company shall proceed as necessary to allot all units to the general

mentioned. Excluding such non- recurring income, 1Q18 revenues would have grown 9% QoQ, mainly from stronger performance of hotel business. Management Discussion and Analysis 1Q18 Consolidated Financial

solution with HR services representing 75.9% of our revenue, Financial services representing 22.6% and other income representing a small 1.5%. In 2018, the HR services has grown at a higher rate than

and money transfer service which grown steadily. 3 Forth Smart Service Public Company Limited (FSMART) 2Q17 Management Discussion and Analysis 3) Advertising income was Bt2mn, decreased 62.3% YoY

increase of 40.4% YoY, mainly from the increasing in kiosk usage and money transfer service which grown steadily. 3 Forth Smart Service Public Company Limited (FSMART) 3Q17 Management Discussion and Analysis

% YoY, mainly from the increasing in kiosk usage and money transfer service which grown steadily. 3 Forth Smart Service Public Company Limited (FSMART) 3Q17 Management Discussion and Analysis 3

our investments, as well as improvements in surplus cash management where we have invested surplus cash in money market products giving a better yield. Cost of Services While our revenue has grown 7.7

grown 7.7% compared year-on-year, the growth in our cost of service increased by 3.00mb or 2.1% to 147.42mb (Q2 2018: 144.42mb). The slower growth in cost is mainly due to improved productivity in our bid