services in year 2018 of THB 5,881.33 million (excluding fuel costs of THB 30,302.81 million). The main reasons were as follows: Management Discussion and Analysis For the Year Ended December 31, 2019 Page 7

of 2017 was Baht 1,383.38 million, increasing by Baht 505.49 million or 57.6 percent from Baht 877.89 million in the 2 nd quarter of 2016. The main reasons were as follows:- 2.1.1 The profit of Hongsa

by Baht 426.02 million or 79.7 percent from Baht 534.33 million in the 3 rd quarter of 2016. The main reasons were, the profit of Hongsa Power Company Limited ("HPC"), a joint venture, in a portion of

million or 9% from Q2/2019 and increas ed by Baht 3,870 million or 241% from Q3/2018. This was mainly due to the following reasons: Executive Summary Comparing Q3/2019 vs Q2/2019 Comparing Q3/2019 vs Q3

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of THB 58.74 million, for the following reasons; ท่ีตั้ง 55/2 หมู ่8 ถ. เศรษฐกิจ 1 ต.คลองมะเด่ือ อ.กระทุ่มแบน จ.สมุทรสาคร 74110 Tel. (66) 0-34877485 - 8 Fax. (66) 0-34877491 – 2 2 / 6 55/2 Moo 8

profit of THB 58.74 million, for the following reasons; ท่ีตั้ง 55/2 หมู ่8 ถ. เศรษฐกิจ 1 ต.คลองมะเด่ือ อ.กระทุ่มแบน จ.สมุทรสาคร 74110 Tel. (66) 0-34877485 - 8 Fax. (66) 0-34877491 – 2 2 / 6 55/2 Moo 8

reasons; Revenue The company and subsidiaries realized the revenue as of the 1st quarter ended as of March 31, 2017, of THB 501.45 million which decreased by THB 647.19 million or 56.34% from the 1st

. Gross profit from sale of real estate stood at THB 949.2 mm for the second quarter of 2017, which increased by THB 832.7 mm or 715.0% from the same period of previous year. The main reasons were both