increased 14.3% QoQ helped by peak summer vacation traffic during the quarter in July and August, operating expenses rose from higher maintenance cost and utility cost, the latter attributed to the increase

is the main customer of the company resulted in non-achievable to the sale target. Other incomes for 2019 are 2.86 million baht with no significantly transaction changes. 2. Cost of sales , Profit

Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation

support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of

is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of HRC price and demand comparing with Q2/17. Up to August, average HRC price in Q3 is higher than average HRC price in Q2