% from the same period last year. Essentially, the Company’s gross profit margin significantly increased from 37% in 9M18 to 42% in 9M19, representing higher gross profit margin from Residential business

second quarter of 2020, which grew by THB 50 million or was equivalent to a gross profit margin of 56% that was essentially unchanged from gross profit margin in the second quarter of 2019. 3

operations. 2. Gross profit was THB 87 million in the third quarter of 2020, which grew by THB 41 million or was equivalent to a gross profit margin of 50% that was essentially unchanged from gross profit

previous year. Gross profit for the first six months of 2018 was Baht 1,179.40 million, a decrease by Baht 422 million or 26.35% from the same period of last year; however, gross profit margin essentially

was still in contraction. Tourism sector essentially got greatest hit from border restriction and faced 100% drop in foreign tourist numbers. Bank of Thailand, then, slashed its forecast for Thai

Limited Management Discussion and Analysis 2019 Gross Profit 2019 Gross profit at THB 5,033m represented a significant increase of 55% from the same period last year. Essentially, the Company’s gross profit

. Essentially, the Company’s gross profit margin significantly increased from 33% in 2Q18 to 42% in 2Q19, representing higher gross profit margin from Residential business and Hospitality business. Selling

contracted. In 1Q2020, hospitality business of Singha Estate Public Company Limited (“the Company”) was also significantly impacted by COVID-19. Essentially, government announced the lockdown measure to

due to the appreciating US Dollar, after the FED raised interest rate 4 times during 2018 to the level between 2.25 to 2.50%, essentially dwindling crude oil demand from importing countries. Average

added to U City’s office building portfolio. The building has an NFA of 16,115 sqm and end of March 2018 occupancy rate of 99.7%. U City’s office building portfolio was essentially fully occupied