Education Business was THB 78 million, a decrease of 4.9% yoy, mainly from - a decrease of THB 8 million on profit sharing from Le Cordon Bleu Dusit due to additional expense in relocating to the new location

, driving higher yield loss; and cost from relocating some product from the old production line to the new one. However, production cost of the new machine has been gradually improving every month. Q2/2018

was THB 118 million, a decrease of 3.3% yoy, mainly from a decrease in revenue sharing from Le Cordon Bleu Dusit due to additional expense in relocating to the new location as well as for business

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

implementing a response plan and is continuing to monitor the situation closely in order to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of

to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of 57 hotels in our portfolio temporarily closed since the second half of March

travel will return driven by millennial travellers hungry for new experiences. The massive populations of China and India – both with bourgeoning middle classes – will continue to be huge source markets

the scarcity issue on the professional personnel, especially in the partner position, which cause the EQCRs to endure the massive responsibility and lack the adequate time to involve in some of the

considering advantage of receiving financial assistance from Mahachai Group at the period of time and situation that the Company faces with massive losses and unable to receive financial assistance from any

and mortgage-backed securities will be allowed to roll off gradually without reinvestment, in order to reduce its massive balance sheet. Meanwhile, the Eurozone, Japan and several other Asian countries