or 6.9% and was mainly due to staff increases to support the future business expansion and higher accrued staff bonus. Finance Expenses For the 9 months ending 30 September 2017 and 2018, financial

renovations.  Selling expenses increased by Baht 33 million which is principally due to higher exhibition expenses, specific business tax and transfer fee offset by lower commission expense.  Administrative

resin, which is the main raw material, was higher than last year, but sell price adjustment was possible only for some customers. This resin cost impacted both Thailand and China‘s business performance

above. This transaction is also considered as business promotion with is reasonable and beneficial to the company. Anyhow, the Audit committee had no different opinion from the Board. Please be informed

established. As a result, revenue from the main event business increased by Baht 15.1 million or 9% when compared to last year. In addition, revenue from caravan services is increased 100% from last year from

(the “Company”) would like to notify the Stock Exchange of Thailand regarding the business operation for the 3rd Quarter of the year 2019 ended 30 September 2019 as follows; Total Revenue The Company has

company and subsidiaries had less advertisement and promoting expenses. Specific business tax and transfer fee were in accordance to revenue. 4.2 Administrative expenses In the first quarter 2019, the

% from last year mainly due to employee-related expenses, depreciation, development cost writeoff and Specific Business Tax. Share of profit from investments in associated companies For the first nine

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

of lower building repair expenses.  Selling expenses increased by Baht 46 million which is principally due to higher commission expense, specific business tax and transfer fee relating to property