expense includes damages from advance payment default) decreased from the same period of last year was 37.30 million Baht or 37.30% due to the company has reduced expenses. Doubtful accounts (Reversal) For

the first quarter of the year 2020 of Baht 23.32 million increased from Baht 5.54 million from the first quarter of the year 2019 of Baht 17.78 million or 320.94% as a result mainly of the reversal of

expenses of Baht 41.44 million and Baht 60.51 million respectively. The main reason is increased from personnel expense and reversal of expected credit loss amounting Baht 22.44 million. The Company and

third quarter of 2017, buoyed largely by tourism and exports. Nonetheless, the economic recovery was not broad-based, as evidenced by sluggish private consumption. While certain businesses were still

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

2017/18 (ended 31 December 2017) 7 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017/18 12 FEB 2018 MANAGEMENT OUTLOOK Thailand’s economic recovery remained on track and is poised to continue

recovery. Accordingly, the Corporate Group has already prepared product inventory in order to deliver to the modern retail building material stores. Nonetheless, the recovery of project housing customer

, respectively. However, customers spending has not yet resumed to usual due to the concern about the continued pandemic in overseas, the low expectation of economic recovery, business cutting down expenses and

trend. Amid the trade rift which may make the global economic recovery vulnerable, however, many central banks are likely to adopt a cautious stance in their monetary policy while also placing their focus

curfew measures, the Company had to adjust the closing time to 8.30 PM and 7.30 PM. As a result, this has highly impacted the peak hours of the after-dinner period. The Company expects to see recovery in