According to the Bank of Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the second quarter of 2018 expanded by 4.6%, decreased from 4.8% in the previous

business is generally lower margin than MACO’s core business, net profit margin slightly decreased to 14.4% from 22.9% in 3Q 2017. Nevertheless, we believe that MACO will benefit from economies of scale

: Sales Expenses by Type of Expenses for the nine Months Period Ended 30 September Selling expenses Consolidated financial statements Change Increased/(Decreased) For the nine months period ended September

Public Company Limited 7 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2018 3.3. Cash Flow Analysis Cash and cash equivalents in 3Q 2018 decreased to 33mTHB, down by 31mTHB from the

domestic business due to higher expenses from concession in Transit and Airport Media, while Trans.Ad Group’s cost is mainly from hardware and software. As a result, overall gross profit margin was decreased

ventures The share of profit from an associate and joint ventures was decreased by THB 66.4 million from the six months ended June 30 , 2018 to THB (50.2) million for the six months ended June 30 , 2019

an associate and joint ventures The share of profit from an associate and joint ventures was THB ( 1. 6) million, which decreased 75.5% compared to the period of the nine months September 30, 2018. The

purchasing power of mid-to-low labor segment. Furthermore, the drought season also decreases incomes of agriculture workforces, and as a result, FSMART (or the “Company”)'s total usage amount decreased

the Financial Reporting Standard No.16: Leases, whereas the interest expense has decreased from the bond repayment in the fourth quarter of 2019. 6. Income tax expenses were Bath 285.60 million, a

effective interest rate (EIR) method. These factors saw the net interest margin stand at 2.52 percent. Net fees and service income decreased by 22.4 percent predominantly due to lower fees from loan-related