from real estate sales, which was the main source of income for 2019. In this regard, the analysis of the operating results of the Company could be explained as follows: Rental and Service Income and

Microsoft Word - SHR MDA YE19_EN 20200226 vf Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page

99 หมู่ที 1 นิคมอุตสาหกรรมไฮเทค ตาํบลบา้นเลน อาํเภอบางปะอิน จงัหวดัพระนครศรีอยธุยา 13160 ประเทศไทย โทรศพัท ์(035) 350 880 โทรสาร (035) 350 881 www.aapico.com 99 Moo 1, Hitech Industrial Estate

(loss) THB THB Garment Business (20,216,391.48) (90,540,939.22) Real Estate Development (1,120,997.37) 3,489,990.37 Other businesses (9,966.90) 315.17 Total (21,347,355.75) (87,050,633.68) Garment

Gain (loss) THB THB Garment Business 9,009,526.08 23,340,946.58 Real Estate Development (1,416,107.45) (218,223.21) Other businesses (10,800.00) (10,400.00) Total 7,582,618.63 23,112,323.37 Garment

follows: Year 2018 Year 2017 Net Gain (loss) / THB Net Gain (loss) THB Garment Business 9,741,633.94 (92,962,678.28) Real Estate Development (14,403,001.55) (4,305,171.15) Other businesses (2,069,049.43

holds 100% of shares, to London & Metric Property Plc or its subsidiaries, operating in real estate business in the UK, for the price of 16,750,000 Pound sterling. The Seller and the Buyer above mentioned

Estate Development (7,596,616.13) (5,023,051.54) Total (15,057,738.14) 7,926, 042.00 Garment Business: Total sales in garment business in Q2/2019 were 357,240,124.17 Baht, compared to 401,838,049.00 Baht

: Q1/ 2018 Q1/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business (37,838,702.24) (28,558,991.63) Real Estate Development (2,836,460.81) (2,979,998.04) Other businesses (16,000.00) (11,000.00

estimated to expand led by mid- to high- income non-agricultural household, which are the Company’s target customers. The BOT’s report mentions on real estate sector that, in 1Q18, there remained pockets of