from real estate sales, which was the main source of income for 2019. In this regard, the analysis of the operating results of the Company could be explained as follows: Rental and Service Income and

Page 1 of 7 Management Decision and Analysis Q3’18 Executive Summary The operating result of the third quarter of 2018 (Q3’18), Singha Estate Public Company Limited (“the Company” or “Singha Estate

. Domestic demand continued to expand from private consumption and public spending, while private investment contracted especially in real estate sector in line with decline in the supply of new real estate

has deployed measures to stimulate short-term spending. Private investment also slowed due to a decline in the real estate sector. Meanwhile, the need for machinery investment was subdued due to lower

Profit 850.96 817.65 (33.31) (3.91%) Gross Profit Margin 59.34% 62.41% Raw Water Distribution by Customer Group (Internal usage for tap water production is included) Industrial Estate 63.63% Industrial

Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

previously mentioned. Capital Structure Net interest-bearing debt to equity stood at 0.31x At the initial stage of Singha Estate and with the strategy to grow its business via M&A, short-term debts, i.e

Page 1 of 6 Performance Overview In 2017 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a consolidated net profit of Bt572mn, representing a growth of 236% YoY with

contract and VBB returned the advanced payment that had not been used to SPM. Later, TRITN former executives and their associates proceeded to have TRITN's subsidiary Splash Estate Co., Ltd.**  buy up all

. Development Public Co., Ltd. and subsidiary companies is categorized into two groups to diversify and expand the operation as follows: 1. Real Estate Development: develop residential condominiums, non