investments and net fees and service income, mainly from lower fees from loan-related services, combined with the decline in fees from transaction services caused by the exemption of transaction fees via

the second half of the year. However, government expenditure was slightly decline as well as the contraction on agricultural and construction sector. The Thai economy in 2018 is expected to expand more

THB 6.99 million which has decreased by THB 36.92 million or 84.08% from the 1st quarter of 2014 was THB 43.91 million, because of decline in the demand for goods. 3. Ports and Terminal Services and Ice

16% 0.87 0.71 0.75 16% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

economic activity in the second quarter of 2017 continued to expand, driven by export of goods which showed a high and more broad-based expansion and the tourism sector which continued to expand steadily

Trade and Current Po Current Po Short-term Other Curr Debentures Other non- Total non-c Total Share Assets As of the p higher tha investmen Liabilities As for the baht more term loan decline by times and

31 December 2016, the Group has the allowance for doubtful accounts, amounting to Baht 50 million and Baht 42 million, respectively. The Group’s policy on allowance for doubtful accounts is based on

policy on allowance for doubtful accounts is based on past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful

2016, since in 2017, the Company received large-scale projects that delayed from previous auctions such as internet for village project or internet for public domain, which is a high value project but