construction. In addition, due to the low growth of retail business and rapid growth on e-commerce in recent years, the level of competition in this business, community malls included, became more intense

the Company entered into lease agreement. Since then, Project MET has not started any construction. In addition, due to the low growth of retail business and rapid growth on e-commerce in recent years

buildings were newly completed and introduced to potential customers. Due to the accounting standard, the company had to amortize leasehold rights of these new warehouse/ factory buildings. However, the

Management levels. Potential risks are taken into account when formulating our strategies and business undertakings to support business growth, thus ensuring sustainable profitability and maximization of

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

is poised to continue in 2018. The Thai GDP expanded by 3.8% in the first 9 month of 2017, (following the growth of 3.3% in the first 9 month of 2016)1. The growth supported by a marked upturn in

Page | 1 Management Discussion and Analysis Q2/2020 JMART Management Discussion and Analysis Q2/2020 Synergy Digital Transformation eX Growth Business Model Page | 2 Management Discussion and

SHR and the Company significantly as well as financially support potential future growth of SHR. Nevertheless, the Company intend to maintain its shareholding in SHR at 60% of SHR's paid-up capital

-year average of 68.0 percent. Consequently, employment contracted by 0.7 percent. Private consumption slightly softened due to stagnant farm and non-farm income growth. Moreover, household debt, which

Bangkok to support the hotel operations until it closes at the beginning of next year. The company reported 1Q18 net profit of THB 230 million, a growth of 85.5% yoy. Excluding nonrecurring gain, net profit