deduct Interest income, unrealized loss from exchange rates and non-recurring items Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate

renovated projects and those with increases in rental rates, namely CentralPlaza Chaengwattana and CentralPlaza Bangna Meanwhile, shopping malls that are currently undergoing major renovations, namely

loan and the impact of the THB appreciation to foreign currency translation of financial statements despite higher interest rates. Earnings before interest, tax, depreciation and amortization (EBITDA

from repayments of loan and debentures, comprised decrease of interest rates of loans from bank since the fourth quarter of 2019. Tax income (expense) For the first quarter of 2020 and 2019, the Group

develop, comprised decrease of interest rates of loans from bank. For separate financial statements, the Company has finance costs for the year 2019 and 2018 in the amount of Baht 120.8 million and Baht 3.8

competition, the blended ARPU still declined to Bt558 or -1% QoQ. 1The Labor Protection Act (No. 7) B.E. 2562, effective from 5-May-19, stipulates additional legal severance pay rates for employees who have

additional legal severance pay rates for employees who have worked for an uninterrupted period of 20 years or more, with such employees entitled to receive not less than 400 days’ compensation at the latest

less accommodative in their monetary policies. Looking forward, global interest rates are therefore likely to be on an upward trend. Amid the trade rift which may make the global economic recovery

. ("ACM") the new aluminum can production facilities, produced approximately 215 million cans or equivalent to 86% utilization rate in 3Q/2019, up from 68% and 50% utilization rates in 2Q/2019 and 1Q/2019

rates as compared to the same period last year. 3. Revenue from rendering of services was THB 475 million, increased by THB 182 million or equivalent to 62.3% over the same period last year, primarily