decreased 84.62 million baht, or equivalent to 6.22% from the same period of previous year due to the economy that was slow down. Expenditure and government investment were insufficient for driven economy

decreased 9.79 million Baht, or 2.91% from the same period of previous year due to the slowing of the economy. Investment and government expenditure were not enough to drive the economy. While the private

, on account of electricity sales by subsidiary company. 3. In the second quarter of 2018, the company bore the Expenditure on Operation and Administration amounted Baht 45.04 Million an increase of

% (0%) Consolidated Earnings (THB mn) 4Q16 3Q17 4Q17 FY2016 FY2017 Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) 10 / 12 Capital Structure In 2017, weighted average

slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

+11% Total Liabilities 2,587 2,061 +26% Authorized share capital 140 140 +0% Issued and fully paid-up share capital 140 140 +0% Share premium 6 6 -0% Retained earnings 1,242 1,229 +1% Other components

324.92 285.34 (39.57) (12.18%) 1,060.36 991.54 (68.82) (6.49%) Earnings per share (EPS) 0.20 0.17 (0.02) (12.18%) 0.64 0.60 (0.04) (6.49%) Note: 1) Revenue and Cost that were recognized when there is

, during the year 2019, HPC had adopted accounting policies for derivatives and hedge accounting, relating to Expenditure Hedging, resulting in decrease of foreign exchange effect. In addition, HPC generated

% growth in the previous quarter, as a result of private consumption and public investment showed contraction while export of goods, private investment and government expenditure expansion. In addition, the

SUBSIDIES SEC Classification : ใชภ้ายใน (Internal) ANALYST FOLLOWING • He & Tian (2013): Analysts make a firm forego valuable long-term investments to meet short-term targets. • Lee & Mo (2020): Earnings