having a tendency to decline as the GDP is expanding. Moreover, the number of unemployed in the 4Q/2022 amounted 4.62 hundred thousand people, or an unemployment rate of 1.2%, remained stable from the

million or 15.9% from the same period of prior year. It was resulted to decrease in the gross profit by THB 12.4 million, whereas the gross profit margin was going up to be at 15.9%. Revenues The structure

amounted 283.1 million Baht, decreased the amount of 13.9 million Baht or 4.91%. Decrease in service income since the company's major customers have relocated their business and some customers had reduced

due to the decrease of Operating Revenue of Self- Managed Hotels and Outrigger Hotels from COVID-19 pandemic. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels

dessert café franchise in Hong Kong. • Revenue from Catering and Pop-Up in Q3/2022 was THB 12 million, slightly decreased by THB 1 million or 8% from Q3/2021 due to the slight decrease in average sales per

revenue of 5,651 million baht, an increase of 5 million baht, which was at the same level as last year. In the third quarter of 2019, credit card revenue was 1,897 million baht, a decrease of 17 million

quarter of 2019, the Company had finance cost of 544 million baht, a decrease of 8 million baht or 1% y-y and increased by 2% q-q. However, finance cost in the first quarter of 2019 accounted for 10% of

2% of total turnovers. The consolidated revenues from hire purchase were 91 million baht, a decrease of 6 million baht or 7% from last year. This was mainly contributed from hire purchase income from

from 0.8 to 1.1 times. The Company expects the IBD/E to significantly decrease after the IPO. Year Ended December 31, 2018 (THB million) Six Months Ended June 30, 2019 (THB million) Cash and cash

quarter of 2022, consolidated operating income was reported at 1,450 million baht, an increase of 10 million baht or 1% y-y. The Company recorded net profit of 1,115 million baht, a decrease of 35 million