Lapin” Source of Fund Working Capital which will not impact on liquidity and cash   2 flow of the Company Expected Benefit 1. To expand Business Opportunity in retail business 2. To earn an investment

March 2016, the total revenue decline. The impact of the bankruptcy of Hanjin Shipping Containers Line made of many containers which was leased by Hanjin Shipping also cannot be brought back to the cargo

1 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has

%, mainly caused due to revenue from domestic transport by land has been transferred to be operated under the association company since March 2016, the total revenue is decreased. The impact of the bankruptcy

year 2016. The decreased sales revenue was mainly impact by the continued global economic downturn therefore overall reduced consumption in all as compared to previous year. 2. Cost of sales For the

near future. For the impact on Thailand, The Baht appreciation is greatly appreciated. Compared to other currencies, as a result, the competitiveness of Thailand on the world stage has decreased

termination of a contract with high revenue in mid-2017. Notwithstanding the lost, the impact on the gross margin is not significant as this contract has low margin. Cost and Gross margin Cost of sales and

the first half of year 2018 decreased from 5.85% to 4.02% as compared to the same period of last year. The decrease of gross profit margin was mainly due to differences in product mix and the impact

economy of scale, therefore, gross margin and net margin increased to 20.08% and 5.07% respectively.  There is no significantly impact on the company’s profit from the cost of raw materials factor

million baht or 1.61% YoY, which was the impact from the new Labor Protection Act and the Company’s Voluntary Retirement project as well. 4. This year, the company did not receive dividend from the