from property development operations THB mm 144 22 557% Gross profit margin from property development operations % 32% 24% 8% Management Discussion & Analysis Q2/2020 For the three-month period ended 30

gross profit margin from hotel operations close to the same period of last year. Revenue and gross profit from property development operations Revenue from property development operations For the three

property development operations THB mm 91 39 129.7 Gross profit margin from property development operations % 38.1 34.3 3.8 For the three-month period ended 31 March 2020 , cost of property development

654 3344 Fax. 66 2 654 3323 Gross Profit Margin Gross profit margin of the property development business decreased from the previous year from 23.9% to 10.4 from sale promotion of the condominium units

compared to Q1 2018 of 64 million Baht. The total gross profits margin for Q1 2019 was 33%; decreased by 38% as compared to Q1 2018 of 38%, comprising of: (1) gross profit margin from property business of 14

profit margin of 44.24 percent. Gross profit margins from the Company’s sale of immovable property for the nine-month period of 2016 and the nine-month period of 2015 were at 14.88 percent and 15.63

million baht in gross margin. 3. In the first nine months of 2018, the Company sold a property in USA at selling price of 4,544.13 million baht and recorded the profit before tax in an amount of 1,332.51

at the end of business day; (3) The loss in derivatives position and the balance amount of the margin of customer marked to market; (4) The amount and type of property to be deposited following a

) (5.20) Rental and other services Revenue 252,137 195,894 56,243 28.71 Gross Profit 136,320 107,139 29,180 27.24 Gross profit margin (%) 54.07 54.69 (0.63) (1.15) Golf Services & Property Management

of 1,141.23 million baht or decreased by 14.86%. 2. In the second quarter of 2019, the Company recorded gross profit margin of 31.94%, while the same period last year the Company recorded gross profit