expense decreased 24.7% y-on-y and decreased 35.2% q-on-q (Baht 177 million in 2018 / Baht 46 million in Q4’2018), primarily attributable to a record of deferred tax income and a decrease in taxable profit

million. This is a decrease from Q2/2019 by Baht 188 million or 17% and decreased from Q3/2018 by Baht 6 million or 1%. The main reason for the decrease in net profit for the company is mainly from the fall

rights to service under concession arrangement from extend of amortization period from 16 years to 18 years and decrease in cost of ashes removal. Gross Profit for Q4/2020 compared to Q3/2020 decrease by

(Decrease) 2019 2018 2019 2018 2019 2018 Amount % Total Revenues 21,276 17,698 333 589 21,609 18,287 3,322 18% Total Expenses (19,555) (16,918) (347) (526) (19,902) (17,444) 2,458 14% Share of Profit (Loss

(1,785) (1,871) (86) (5%) Operating profit (loss) 167 258 (91) (35%) - BLCP : The operating result was decreased by Baht 91 million mainly due to a decrease in Availability Payment (AP) according to the

expenses and interest expenses. Whereas, electricity profit was down, caused by more unplanned outage than the same period last year. GPG: Unit : Million Baht Quarter 3 Change Increase (Decrease) 2017 2016

million, decreased in amount of THB 118.54 million or 34. 71% down from THB 341. 50 million in 2Q2019. The EPS of 2Q2020 was THB 0. 18 per share. The decrease in consolidated net profit was primarily driven

Dusit Thani PLC Management Discussion and Analysis For 3Q19 and 9M19 P a g e | 1 Executive Summary In 9M19, Dusit Thani PLC (“The Company”) reported the net profit including attributable to non

profit including attributable to non- controlling interest of Baht 339 million, increased by 60.7% from 9M2018. The net profit attributable to owners of the parent was Baht 51 million, decreased by 70.0

from THB 1,662.19 million in 2017. The EPS of 2018 was THB 0.83 per share. The decrease in consolidated net profit was primarily driven from lower revenue from sales and lower share of profit from