operations & Administrative expenses increased by Baht 97.94 million or 6.79 % due to the Medical personal expenses which was in line with the increased revenue,also increased because of the expanding capacity

wave of COVID-19, as well as expanding food delivery service points to have higher area coverage • Focusing on increasing pop-up stores instead of establishing new dessert café branch as it requires

2018 as the raising in raw water sales volume while costs of sales and services totally 2,003.08 million Baht, increased by 357.38 million Baht or 21.72% because of increasing of electricity cost. Net

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

landscape brought about by the change in people’s lifestyles and the way people consume media. The increasing popularity of mobile phones (or smartphones) as made content more accessible and ever-present

War trade crisis between USA and China which were heavy retaliate. China’s currency has weakened to lower than 7 Yuan per 1 USD that is the first time in 11 years after USA announce to increasing the

was Baht 142.58 million, increasing by Baht 45.52 million or 46.90 % when compared to that of Baht 97.06 million in the year 2017. The total revenue comprised:- - The revenue obtained from Telecom

subsidiary for the third quarter of the year 2018 was Baht 41.12 million, increasing by Baht 18.79 million or 84.15% when compared to that of Baht 22.33 million in the third quarter of the year 2017. The total

medicines, expanding various product types, increasing revenue and reducing costs Agenda 4 To consider and approve the issuance and offering of debentures in an amount not exceeding 300 million Baht. The

joint venture with MPIC will help expanding the scope of the Company's condominiums and hotels businesses in the Philippines and increasing business value of the company. This is in line with the