margin of 15.3% from the third quarter of 2018. Overall increase of gross profit margin was mainly driven by the increase in house brand revenue contribution that grew in conjunction with the company’s

HomePro Fair at Hat Yai and Khon Kaen. Overall sales are satisfactory. The HomePro business in Malaysia is focused on increasing same store sales, while the company continues to work on improving the

year increased by Baht 622 million as compared to last year and this was mainly due to the following:  The overall revenue from hotel operations which comprise of hotel, golf and retail operations

Baht 1,275.1 million, decreased by 9.4% from slower sales and unfavorable currency impact. Overall domestic sales portion stood at 23.2% and export sales at 76.8%. The Company reported gain from foreign

recognized in the future barring any cancellations.  The overall revenue from hotel operations which comprise of hotel, golf and retail operations decreased by Baht 216 million over the prior year as a result

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

addition, revenue from rent and service increased by THB 39.58 million. Overall gross margin improved by THB 37.70 million. The Company was able to maintain the gross margin to be the same level of previous

increase in proportion as much as the revenue. Overall, it resulted in the improvement of net profit margin for the group as mentioned. Please be informed accordingly. Sincerely Yours, (Mr. Pete Rimchala

Company’s Net Tangible Assets, thus it will not have significant impact to the Company’s overall financial status and the cashflow of the Company. However, as one of the creditors of GSTEL, the Company will

over wholesale sales to cautiously control the overall sales credit in this channel. As a result, sales for the current period decreased slightly by 5.4%. Despite the gradual economic growth and the