from construction contracts 563.67 540.31 23.36 4.32 1,175.49 954.66 220.83 23.13 - EPC Service 6.81 169.66 (162.85) (95.99) 31.94 210.88 (178.94) (84.85) - Structure Mechanic and Pinging (SMP and E&I

, with the effect of COVID-19 outbreak, the labor has temporary moved from service sector back to agriculture sector which led to more demand in agriculture equipment. Other that the above reasons, in Q2

institutions for project development and business operation increases 3,360.56 Million THB or 64% i.e. from 5,250.47 million THB to 8,611.03 million THB. 2. The new Labor Protection Act is enforced on 5th April

domestic tourists and earnings of Thai labor have declined while unemployment rate has been increasing. In addition, whilst private consumption shows some growth but limits in some areas; therefore

the post- employment benefits program from the 300 days to 400 days and recognize loss from exchange rate which in 2018 was recognized as foreign exchange gain. 3.7 In 2019, the labor Protection Act

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

“we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the years ended December 31, 2019 as follows

detail as follows: I. The operating revenue breakdown by business segment In the third quarter and 9-month period of 2019, the Company and its subsidiaries’ revenue from sales of real estate decreased from

recorded 2,579.1 Million Baht, increasing by 45.4% as compared to Q2 2016 of 1,773.3 Million Baht. This was mainly due to the increasing revenue from property business, specifically The Ritz-Carlton

increased compared to the last quarter of last year. However, most of these accounts receivable are not overdue. Other receivables increased Baht 32.41 million mainly from the deposit payment for mold of new