operating revenue as a result of the temporary closure of most branches of Index Living Mall, The Walk, and Little Walk, resulting in the drop of sale of goods by 13.8% QoQ, and revenue from rental and

of the virus has caused demand for consumption of fuel around the world to decline with significance. This factor is putting pressure on the price of crude and finished product to drop significantly

in Q4/2018 continuously grew. Export-oriented manufacturing businesses continuously expanded but domestic-oriented manufacturing was rather stable as slow recovery of private consumption and high

performance recovery by strict cost control and cost reduction and ramping up asset utilization to manage fixed costs. In Q3/2019, we have recognized apparent expenses decrease. This contribution leveraged our

Analysis (MD&A) 2019 Page 3/8 profit equal to 67 million Baht. It was due to a result of the strict credit control by the Company, causing an increase in revenue from collecting (Bad Debt Recovery

slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

anticipate that sales growth in the second half of this year will come from 1) Branded export sales which will continue to grow prominently; 2) Branded domestic sales recovery, driven by new marketing campaign

from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same direction from investment motivation of both governmental and private

recovery and well-performing trading partners’ economies. Also, tourism sector robustly expanded, reflected from an increasing number of international tourist arrivals in almost every nationality especially

continuous consumption of private sector mainly covering with supportive factor from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same