development operations which comprise of property sales and the sale of holiday club memberships decreased by Baht 97 million. The difference is largely attributed to the lower revenue recognition of holiday

of holiday club memberships increased by Baht 780 million. The revenue recognition of the property sales projects (Banyan Tree Deluxe Double Pool Villas, Banyan Tree Grand Residences, Cassia Phuket

holiday club memberships increased by Baht 863 million. The revenue recognition of the property sales projects, as a result of Banyan Tree Villas and Cassia Residence Phuket, was higher when compared to the

Banyan Tree Bangkok offset by the lower performances of Laguna Phuket hotels. • Revenue from property development operations which comprise of property sales and the sale of holiday club memberships is

club memberships decreased by Baht 379 million. The revenue recognition of the property sales projects (Dusit Villa, Banyan Tree Grand Residences, Banyan Tree Spa Pool Villas and Cassia Phuket) and the

of holiday club memberships decreased by Baht 246 million. The difference is largely attributed to the revenue recognition of property sales projects namely Cassia Phuket and Laguna Residences which

and the sale of holiday club memberships increased by Baht 255 million. The difference is largely attributed to the revenue recognition of property sales projects namely Cassia Phuket, Laguna Residences

comprise of property sales and the sale of holiday club memberships decreased by Baht 172 million. The difference is largely attributed to the revenue recognition of property sales projects namely Laguna

property sales and the sale of holiday club memberships decreased by Baht 200 million. The difference is largely attributed to the revenue recognition of two property sales projects namely Cassia Phuket and

and the sale of holiday club memberships increased by Baht 167 million. The difference is largely attributed to the revenue recognition of property sales projects namely Cassia Phuket which were higher