offset with the increase of payment of lease liabilities THB 5,748 million and dividend paid THB 7,501 million Business outlook The Company aspires to grow revenue and profit sustainably in the long- term

21,840 MTHB which increased by 2,072 MTHB or 10.5% comparing to 19,768 MTHB at the end of 2018. The increment was mainly from the net profit of 2019 offset with dividend paid to its shareholders. Analysis

Liabilities 936 914 962 Total Liabilities 956 930 975 Shareholder’s Equity 422 431 432 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,646 3,979 2,021 Gross Profit 229 258 122 Operating Profit 113 131 58 Profit

Liabilities 914 784 835 Total Liabilities 930 797 845 Shareholder’s Equity 431 445 445 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,979 3,727 1,887 Gross Profit 258 247 146 Operating Profit 131 126 65 Profit

. The increased is mainly due to the operating profit for the period of Baht 104 million and share subscription as warrants exercised of Baht 353 million. However, there was dividend paid of Baht 114

, a decline of Baht 1,366.26 million as compared to net profit of Baht 1,316.43 in the same period of the previous year. This was mainly due to reduced share of profit from investments in associated

million, a decrease of Baht 1 million, or 0.14% from those of previous year-end, derived from profit for the period of 9M/2020 Baht 91 million deducted dividend paid out of Baht 92 million. Liquidity: In

449 million, a decrease of Baht 2 million, or 0.37% from those of previous year-end, derived from profit for the period of 9M/2019 Baht 86 million deducted dividend paid out of Baht 88 million

a result, the Company's EBITDA margin to total revenues decreased from 10.7 percent to 9.4 percent. Net Profit In 2019, the Company and its subsidiaries earn the net profit pursuant to the financial

rendering services 1,627.68 1,668.38 40.70 2.50% Cost of rendering hotel services 116.48 105.66 -10.83 -9.29% Total cost 1,744.17 1,774.03 29.87 1.71% Gross profit 994.08 1,090.62 96.54 9.71% Other income