million in 3Q17 and 9M17, respectively. The main drivers were attributable to a decrease in room revenue due to three hotel renovations and an increase in administrative expenses to support business

effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

renovations.  Selling expenses increased by Baht 33 million which is principally due to higher exhibition expenses, specific business tax and transfer fee offset by lower commission expense.  Administrative

of a reduction in occupancy of Laguna Phuket hotels. The occupancy was adversely impacted by renovations and constructions within and around some of the Laguna Phuket hotels, the strong Thai Baht, and

common area charges for building renovations.  Selling expenses decreased by Baht 2 million as the decrease in hotel selling expenses were offset by the increase in selling expenses of property

area charges for building renovations. • Selling expenses increased by Baht 20 million mainly due to property sales commission. • Administrative expenses decreased by Baht 18 million mainly due to lower

period and also lower cost of sales of holiday club memberships. • Cost of office rental operations fell by Baht 7 million. This is largely attributed to lower common area charges for building renovations

reduction in dividend payout of the Company’s subsidiaries that were under expansions and renovations. In Q3/2019, total revenues increased from Q3/2018 by Baht 49.0 million from Baht 1,558.6 million to Baht

of 2017, the average occupancy rate for CPN’s retail properties stood at 92%, slightly lower from the previous quarter due to major renovations at both CentralWorld and CentralPlaza Rama 3. CPN

several hotels from a refurbishment program for performance uplift and the cease of operation of Dusit Thani Bangkok (which is the key revenue engine to the group) on 5 January 2019. Aiming to maintain