subscribers. However, the scale of overall subsidized campaigns has been controlled. Pricing environment has been stable and slightly improved on the high-end segment after a raise in minimum ARPU of unlimited

2017 was 362.4 Million Baht or 45.2% of revenue from food & beverages business which slightly decreased from 49.7% in Q2 2016. Total expenses were 2,553.8 Million Baht or 99% of total revenues

from filter elements still continuously grows from product and service quality, which enabled well response to the customers’ demand. Therefore, sales volume in this segment slightly decreased

% +12% Management Discussion & Analysis YE 2019 • Net profit in Q4/2019 was THB 50 million which increased slightly by THB 1 million or 2% from Q4/2018 due to the increase in operating revenue, which

hire purchase loans declined slightly from the end of 2018. For asset quality, the Non-Performing Loans (NPLs) to total loans ratio for 1Q19 remained stable at 4.1% from the end of 2018. On Special Asset

discontinuation of management contracts. The occupancy rate also increased by 1.2% to 73.8%. Overall ADR slightly decreased to MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 14 AUGUST 2019 U CITY PCL 2Q 2019 - MD&A (for

slightly better performance in Hotel Business. A decrease in cost of sales and services, and an increase in SG&A and employee benefit expenses linked with the closure plan of Dusit Thani Bangkok Hotel, was

pressuring performance of the Company’s hospitality business. Additionally, the Company’s residential business was slightly affected due to the lockdown measure causing most of our foreign buyers decided to

expected that the total rainfall in the Eastern part of Thailand will be higher than average level by about 5% in August 2020, then average in September 2020 and slightly lower than average in October 2020

from sales of consumer food products segment was close to the same period of previous year, slightly decreased amount of Baht 1 million or 0.2%  Gross Profit The Company and its subsidiary’s gross