5,951.00 53.42 PROFIT BEFORE INCOME TAX 1,119.00 (3,035.00) 136.87 Income Tax (Expense) Revenue (258.00) 313.00 (182.43) PROFIT (LOSS) FOR THE PERIOD 861.00 (2,722.00) 131.63 Gross profit margin (%) 40.98

Administrative Expenses 9,788.00 7,547.00 29.69 PROFIT BEFORE INCOME TAX 3,310.00 (854.00) 487.59 Income Tax (Expense) Revenue (707.00) 5.00 (14,240.00) PROFIT (LOSS) FOR THE PERIOD 2,603.00 (849.00) 406.60 Gross

9,874.00 6,950.00 42.07 PROFIT BEFORE INCOME TAX 3,072.00 834.00 268.35 Income Tax (Expense) Revenue 644.00 200.00 222.00 PROFIT (LOSS) FOR THE PERIOD 2,428.00 634.00 282.97 Gross profit margin (%) 37.02

11,723.00 7,658.00 53.08 PROFIT BEFORE INCOME TAX 8,729.00 2,825.00 208.99 Income Tax (Expense) Revenue 3,260.00 620.00 425.81 PROFIT (LOSS) FOR THE PERIOD 5,469.00 2,205.00 148.03 Gross profit margin

12,297.00 32.63 Selling and Administrative Expenses 11,628.00 9,874.00 17.76 PROFIT BEFORE INCOME TAX 6,114.00 3,072.00 99.02 Income Tax (Expense) Revenue 2,176.00 644.00 237.89 PROFIT (LOSS) FOR THE PERIOD

from Financial Solutions increasing by 4.60mb or 10.2% b u t o ffse t b y by the reduction in non-recurring revenue by 4.00mb or -12.6%. Other Income Other income has increased by 6.60mb or 116.6% to

non-recurring income of 0.27mb or 1.3%. Adjusting the one-time recognition of 12mb non-recurring revenue in Q1 2018, the total revenue should have improved by 13% YoY. This 12mb revenue booked in Q1

non-recurring income of 0.30mb or 1.5%. Adjusting the one-time recognition of 12.00mb non-recurring revenue in Q1 2018, the total revenue should have improved by 13.0% YoY. This 12.00mb revenue booked

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

, except pile. Remark : - GS has revenue from sand sale. The result of the excavation during the pit for raw water. To produce tap water. After the digging of the pond, GS will have no such income. - All