, the operating result of the Company and its subsidiaries in the first 9 month of 2019 showing net loss Baht 144.20 million resulting in a decrease in shareholders’ equity. Page 4 of 4 Yours sincerely

December 31, 2019, plunging by Baht 28 .35 million or 3 2 .04 % from Baht 88 .48 million as at December 31, 2018 mainly as a result of a decrease in trade accounts payable of Baht 30 million, a decrease in

fees. Aviation Refueling Services 81% Fuel Pipeline Transportation Services 19% Services Income structure in 2019 Page 4 of 6 As a result, in 2019, the Group had expenses for cost of services and

3 million as at December 31, 2019, plunging by Baht 28 .35 million or 3 2 .04 % from Baht 88 .48 million as at December 31, 2018 mainly as a result of a decrease in trade accounts payable of Baht 30

at December 31, 2018 mainly as a result of a decrease in trade accounts payable of Baht 30 million, a decrease in short-term loans from related persons and companies of Baht 8.40 million, an increase

2019 and Annual Report of the Board of Directors in relation to the Company operating result in respect of the year 2019, which is subject to the approval of the Annual General Meeting of Shareholders No

financing cost was 30.66 Million Baht, which increased by 25.25 Million Baht, or up by 466.73% from the previous year. The result was mainly due to more ready-to-move-in projects in the company which causing

1,248.59 million Baht, which is 249.17 million Baht or 24.93 % increased from December 31, 2016. This is the result from that the Company has decreased short-term loan from the financial institute for the

Company's income from education business was THB 75.8 million, decreased by THB 5.9 million, or 7.3% yoy. This is mainly due to a decrease in revenue from educational management as a result of the

staffing policy that requires new employees to have a bachelor degree. As a result, the cost of staff increased. Administrative expenses 12.0 10.3 (13.5%) Because in 2016, the Company recorded allowance for