profits by 12.5% as a result of higher efficiency gains from effective cost controls, despite a decrease in total revenue by 3.4% primarily due to the decline in revenue from sales, consistent with the

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

, there are risks from the slow recovery of some business sectors, including the export sector that continued to decline due to the economic slowdown in Thailand's major trading partners. This may affect

sales volumes. The sharp decline in the Finished Goods prices has also led to a decline in Raw material prices and the Company suffered devaluation loss on Finished Goods stock, Raw Material in stock and

while revenue from residential projects is expected to increase in 2H19 and accordingly with CPN’s business plan. In 2Q19, growth in the Thai economy decelerated primarily driven by a decline in export

also due to a decrease in interest rates. Nevertheless, loan demand for investment declined, both for fixed investment and inventory buildup purposes. Demand for consumer loans declined in all categories

faded tourists and decline in new subscriber acquisition as a large number of telecom shops residing in shopping malls were mandated to close. While more people are working from home mostly started in the

faded tourists and decline in new subscriber acquisition as a large number of telecom shops residing in shopping malls were mandated to close. While more people are working from home mostly started in the

. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

% going forward and the ratio should gradually decline as a result of cost synergies in through restructuring, in particular in digital operations. In light of tangible improvement in gross profit, VGI