measurement of goodwill of the hotel business in Europe was completed this quarter. The revenue growth was chiefly attributed to (i) the full quarter consolidation of the acquired hotel business in Europe
previously assessed partly due to delay in infrastruture investment projects. The value of merchandise exports contracted due to weaker global demand as a result of slower economic growth in a number of major
investment picked up in line with the improved economic outlook, and with additional support from the government investment project even in this quarter its growth was lower than the assessment as the delayed
quarter of 2018, the Thai economy expanded well, driven by both growth in the foreign sector and gradual improvements in domestic demand. Merchandise exports improved both in terms of export quantity thanks
abroad at a significantly unreasonable price, selling NUSA condominium units at a price lower than the appraised price, and transferring NUSA funds into personal accounts and those of close associates. As
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continued to expand from the previous quarter. The value of merchandise exports expanded in line with trading partners’ growth, global trade and the impacts of trade protectionism measures by the US and China