of 2017. The change was due to the decreased lease receivable, calculated according to the Effective Interest Method. Management Discussion and Analysis For the Three-month and Six-month Periods Ended
exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long-term deposits at financial institutions Securities purchased under reverse
securities (Gain) Loss from assets distribution (Gain) Loss from foreign currencies exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long
off (Gain) Loss from regulation of securities (Gain) Loss from assets distribution (Gain) Loss from foreign currencies exchange Earnings from operation before change in operating assets and liabilities
. Procuring of loan policy 12. Return distribution policy and restrictions 13. Financial status and operating results of REIT 14. Future investment policy 15. Other relevant information Part 3: Information on
loan, professional fees, land transfer fees and sales & marketing expenses for the launch of new residential projects THB m % THB m % THB m % THB m % Revenue from sales of house and condominium units 633
commercially launched in September 2019, an increase in financial cost pressured by incremental debt financing to support business expansion which THB 5,357.8m loan facility to the acquisition of Outriggers was
Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change
debt to equity ratio was 0.42 time and the consolidated net debt to equity ratio was considerably low at 0.27 time. Financial Highlights 1Q 2018 1Q 2017 Change THB million % Sales THB million % Sales THB
15.37% up from 1Q2018. Financial Highlights 1Q 2019 1Q 2018 Change THB million % Sales THB million % Sales THB million % Revenue from Sales 3,966.01 100.00 3,733.10 100.00 232.91 6.24 Gross Profit 533.79