' equity 5,552 57.6% 5,354 59.3% 3.7% Dusit Thani PCL Management Discussion and Analysis For 3Q17 and 9M17 P a g e | 6 Outlook The last quarter is normally the high season for tourism industry. The tourism

and distribution of biodiesel from CPO industry, which is the inherent risk that significantly impact on the Company's performance that is the risk of fluctuation in CPO price; mostly caused by the

from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down-cycle of electronic products. In the tourism sector, the number of tourist

recording NRV in the past few quarters, affecting the profitability of the Company. This situation affects all entrepreneurs in the palm oil industry as a whole. At present, the Company uses a strategy to set

was still in contraction. Tourism sector essentially got greatest hit from border restriction and faced 100% drop in foreign tourist numbers. Bank of Thailand, then, slashed its forecast for Thai

sector contracted sharply due to international travel restrictions. Therefore, the Thai economic recovery would take time to return to pre-pandemic levels. The first nine months was a challenging period

Baht or 49.83%. Overall, the Company’s biodiesel sales volume has decreased, when compared to those in the 3rd quarter of 2020. This is due to the demand for diesel in logistic sector has been dropped

. The Company’s net profit has decreased by 58.27 million Baht or 11.73%. This is due to the demand for diesel in logistic sector has been dropped, which affected by the COVID-19 pandemic (Delta variant

spending, higher investment, and the rebound of the tourism industry after a higher vaccination rate. Aside from opening normal branches, the company plans to open small branches similar to Cloud Kitchen to

awards we received in this quarter. B Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of 2019 1 1.2 Banking Industry and