Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

business in Thailand by optimizing car brands and number of showrooms in the Portfolio. The company stopped the operation of Changan dealership in April 2024 and will stop the operation of all Ford

97.5% of total capacity during off-peak period in the third quarter. In September, the company started to produce during on-peak period, which resulted in the September production at 73,134 2. Business

million Baht. The continuously realized losses is the main reason which the subsidiaries company's operations are ceased their business operations. Gross Profit (Loss) The Company has a gross profit from

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

in the second quarter, while higher spending in the first quarter were to support growth of existing brands, new product launches and business expansion domestically and internationally. The Company

support operations within the business group. 2. Other Income The Company and its subsidiaries had revenue from Other Income in the 3rd quarter of 2019 and the 3rd quarter of 2018 of 14.21 million Baht and

SET and mai but excluding proprietary trading 2 Including selling agent fee which receive from subsidiary company 13  Investment Business Investment Business is managed by 3 departments in which Phatra

direct connection to the undertaking of securities or derivatives business; “ intermediary ” means a securities company or derivatives intermediary, excluding venture capital fund management company or

direct connection to the undertaking of securities or derivatives business; “intermediary” means a securities company or derivatives intermediary, excluding venture capital fund management company or inter