lower financing costs. • Non-controlling interests decreased by THB 190 million mainly due to lower net profit of GHECO-One and HHPC. GPSC - Q3/2020 Management Discussion and Analysis (MD&A) 6 Economic

415 N/A Loss from impairment of assets (34) - N/A (15) N/A (34) (441) N/A Share of profit of associate and JV 52 38 36% 21 144% 404 254 59% Profit/(loss) before finance costs and income tax expense

% 352 233 51% Profit/(loss) before finance costs and income tax expense 1,001 1,121 -11% 3,143 -68% 2,928 6,853 -57% Finance costs (412) (421) -2% (401) 3% (1,276) (1,140) 12% Profit/(loss) before income

profit of associate and JV (8) 157 156 N/A -1% 115 314 174% Profit/(loss) before finance costs and income tax expense 1,753 806 1,121 -36% 39% 3,710 1,928 -48% Finance costs (374) (443) (421) 13% -5% (739

costs Net profit (loss) Earnings (loss) per share Debt-to-equity ratio (D/E) Return on assets (ROA) Return on equity (ROE) Industry specific ratio such as average occupancy ratio (for hotel business

(93.13) (172.38) (168.80) Profit before Finance Costs and Income Tax Expenses 108.45 88.00 87.04 Finance Costs (3.00) (2.45) (2.34) Tax Expenses (23.80) (22.71) (19.81) Net Profit (Loss) 81.65 62.84 64.89

and Administrative Expenses (93.13) (172.38) (168.80) Profit before Finance Costs and Income Tax Expenses 108.45 88.00 87.04 Finance Costs (3.00) (2.45) (2.34) Tax Expenses (23.80) (22.71) (19.81) Net

of Goods and Rendering of Services (295.26) (323.07) (380.98) Other Income 30.28 15.40 18.37 Selling and Administrative Expenses (93.13) (172.38) (168.80) Profit before Finance Costs and Income Tax

2018 Annual General Meeting of Shareholders to consider and approve the allocation of profit from the results of the Company’s business operation for the fiscal year ended March 31, 2018 and the dividend

evolving in all markets in which the Group operates), significant legal and other costs for dealing with the consequences of such data breaches, as well as the loss of trust from its clients. It is