Equity Ratio (Times) 0.38 0.51 Interest Coverage Ratio (Times) 141.76 72.99 Debt Service Coverage Ratio (Times) 85.39 56.23 (3) Asset Management Capability (3.1) Debtor Quality, Accounts Receivable Aging

Unit: million Baht 31 March 2019 31 December 2018 Fin an cia l St at us Total Liabilities 4,359 5,607 Total Asset 17,144 18,824 Total Equity 12,785 13,218 The Company’s Operating results during the

./Ton) 1,378 897 Unit: million Baht 30 June 2019 31 December 2018 Fin an cia l St at us Total Liabilities 2,854 5,607 Total Asset 16,997 18,824 Total Equity 14,143 13,218 The Company continued to stride

, mainly due to increase in asset size of REITs.  Other income comprised interest income, gain from sale of short-term investments and other income totaling THB 177.1 mm, and THB 223.2 mm for 3 months and 6

. Cost of Rail business consisted of costs of farebox, O&M cost, maintenance cost and amortization of intangible asset under the MRT Blue Line Project. For the second quarter of the year 2019, the cost was

Asset (ROA) reached 5.78% compared to the same period of the year 2018, the increasing in net profit. For the liquidity analysis, current ratio improved to 0.47 times. Debt to equity ratio was at 0.84

reason was from loan to related parties in AUD currency. As AUD currency depreciated in relative to USD currency, the asset value in AUD currency decreased. Management Discussion and Analysis For the Three

promotional expenses, and depreciation of asset in each branch. • For the first half (1H) of 2019, selling expenses was THB 160 million, increased by THB 26 million or 19% from 1H/2018, due to the increase in

were the main products of Company and its old subsidiaries. 1.2 Other income Other income consists of interest income, gain from asset sales and revenue from scrap sales. For the period of three months

from other international sales revenue. In addition, the Company and its subsidiaries will continually focus on the performance recovery by strict cost control and cost reduction, ramping up asset