million in 2017 which did not reoccur in 2018. The decline in gain on sales of investment was partially offset by an increase in gain on change in fair value of investment property amounting to Baht 45

as income from property rental dropped 12% or 4.1 mil. baht to 30.7 mil. baht due to the decline in occupancy rate. Income from Chemical Distribution business increased marginally from 226.3 mil. baht

million baht to 10.9 million baht. Meanwhile, income from property rental dropped 17% from 97.7 million baht to 81.3 million baht due to the decrease in warehouse rental. Dividend from investment dropped

results from the decrease in sales from dessert café and OEM sales following the pandemic situation. • Net profit margin in Q1/2020 was 5.9% which decreased by 14.9% from Q1/2019 due to the decline in

tourism in Thailand that led to a continuous decrease in number of tourists especially from China which is our target customers. The Company was responsive of the situation and formulated new strategies and

9M19, 43% drop from 9M18 and THB 41m in 3Q19, 65% declined from 3Q18, due mainly to the decrease in revenue from business management service. Page 6 of 8 Singha Estate Public Company Limited Management

2Q20, the Company reported selling expenses amounted to THB 174m, a drop of 40% YoY and in 1H20, selling expenses was THB 452m, a decline of 24% YoY. This decrease was primarily because of a drop in tax

the end of 2017 equal to 86.6 million baht or 3.6 percent due to property development cost decrease due to the divest of land for development. Liabilities & Shareholder’s Equity As for the period ending

14.15%. The drop in net profit margin was derived from the decline in sales revenue especially from overseas, Proportion of cost of goods sold that shot up a little from the adjustment in production plan

decrease from the same period of 2017 of 11.1%. Total revenues were 518.3 million baht decline from the same period last year at 5.5%. However, this year the Company has more income from food and beverage