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28 Feb 2019 21:42:00
Management Discussion and Analysis Yearly Ending 31 Dec 2018
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                Management Discussion and Analysis

Company name                             : AQ ESTATE PUBLIC COMPANY LIMITED
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
SET. 004/2019
                         28 February 2019

Subject: Clarification of operating result for the year 2019
To:    Directors and the Manager
                The Stock Exchange of Thailand
C.C.      Secretary of Securities and Exchange Commission

    The meeting resolution of AQ Estate Public Company Limited No. 2/2019 on 28 
February 2019 at 16.00 p.m. has provide a list of information for the Board of
Director consideration and notify to the Securities and Exchange Commission of
Thailand with approval of financial statements for the year 2018 ended 31
December 2018 which has already been audited by certified public accountant.
AQ Estate Public Company Limited hereby reports its operating results for the 
year 2018 with total comprehensive net profit of 74.89 million baht and net loss
totaled 164.71 million baht in the same period of 2017. The profit increased
from the year 2017 in amount of 239.60 million baht with over 20% changes due to
 the following reasons:
                        Unit: Million Baht
     2018    2017    Increase (Decrease)    % Increase (Decrease)
Revenues from Sales and Services            521.05             638.67        
(117.62)    (18.42)
Cost of Sales and Services            445.32             596.77          (151.45)    (25.38)
Gross Profits              75.73               41.90               33.83     80.74
Other Incomes            303.38             127.12             176.26     138.66
Total Expenses            304.29             309.11            (4.82)    (1.56)
Profit (Loss) Comprehensive 74.89     (164.71)             239.60     (145.47)

1.    Revenue from sales and services of company and its subsidiaries amounted to 
521.05 million baht in 2018 which compared to the year 2017 with a total of
638.67 million baht, a decreased to 117.62 million baht or 18.42%. In reference
to revenue from sales of property total amount of 399.82 million baht in 2018
and amounted to 538.91 million baht in 2017, a decrease of 139.09 million baht
or 28.81%. The main reason is to sell condominiums and houses have decreased.
2.    Revenues from hotel businesses and services of company and its subsidiaries 
in 2018 amounted to 121.23 million baht, an increase of 21.47 million baht or
21.52 % from 2017 because hotels in Chiang Mai have performance better and the
subsidiary company opened hotel service of Alix, Soi Soonwijai during month of
September 2018, this cause and increase in revenue.
3.    Other income of company and subsidiaries for the year 2018 amounted to 303.38
million baht, an increase of 176.26 million baht from 2017 due to reversal
income of allowance for impairment of goods in amount of 94.81 million baht in
2018 and interest income increased in amount of 59.02 million baht from the year
4.    Cost of sales and services for the year 2018 amounted to 445.32 million baht,
compared with the year 2017, amounting to 596.77 million baht, a decrease of
151.45 million baht, representing 25.38% because of company and its subsidiaries
 have decreased for sales of property in 2018.
5.    Gross profit of company and its subsidiaries amounted to 75.73 million baht 
for the year 2018, compared to 2017, with amount of 41.90 million baht, an
increase of 33.83 million baht, representing 80.74% due to company can design
and construction cost control has improved for sales of property therefore
increasing gross profit. Total expenses amounted to 304.29 million baht in 2018,
amounting to 309.11 million baht in 2017, a decrease of 4.82 million baht or

From reasons as mentioned above, the company and its subsidiaries had 
comprehensive income in amount of 74.89 million baht for the year 2018.

Please be aware and please spread further.
Yours Sincerely,

(Mr. Suthad Chankingthong)         (Ms. Ranchana Rajatanavin)
                       Director                                   Director
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