be Baht 446.70 million or an increase of 33.26 percent, due to expansion of distribution channels and effective cost management having resulted in maintaining profit margin at a good level. (2

in sales and overall gross profit margin and effective management over selling and admin expenses, which compensated higher financial expenses and corporate income tax expenses as mentioned above. Net

decrease in amort iza t ion on rights to operate completed expressway sectors of the Second Stage Expressway together with cost management resulted to Net Profit Margin ratio being at the same rate as in the

% EBITDA margin 15.1% -11.8% -8.7% Net profit (loss) margin 5.4% -35.0% -31.7% MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 3 13 May 2019

percent, due to the fact that every distribution channel has expanded significantly, as well as effective cost management has resulted in maintaining gross profit margin at a good level. (2) Analysis of

carrying out effective cost management to maintain profit margin target.

Profit Margin are calculated from Total Revenue 1 Financial PerformanceExecutive Summary Significant Events Management Discussion & Analysis Q4/2022 Source : Trade Policy and Strategy Office (TPSO) 44.6

Microsoft Word - MDA_Q417_DTC_ENG_v4.3 Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 1 Executive Summary The company reported net profit of THB 267 million in 2017 driven mainly

increased by Baht 11.24 million or an increase of 2.73 percent. Details of the changes or impacts are described in the Management Discussion and Analysis (MD&A) as attached herewith. Please be informed

business growth, while decreasing -0.5% QoQ from higher SG&A. EBITDA margin improved to 54% from continual focus in profitable revenue, cost management, and improved device margin. AIS reported a net profit