investment in CPNREIT, and lower finance cost. Income tax expense, meanwhile, rose as a result of no tax waiver for dividends received from CPNREIT. Table 2: Summary of Profit & Loss Statement 2Q 1Q 2Q YoY QoQ

2016 and 2017 respectively. An increasing in cost-of-sale was derived from the rise of average steel-coil price, which the average steel-coil price is in the upward trend since 2016. Selling and

from sales & service 810.47 744.99 65.48 8.8% Other income 6.47 7.06 -0.59 -8.4% Total revenue 816.94 752.05 64.89 8.6% Cost of goods sold & service 700.82 646.00 54.82 8.5% Selling expenses 14.83 19.87

weaken. Although the government has policies to help the cost of living of people at the grass-roots level, it focuses on spending of the essential consumer products only. In addition, there was a factor

) 2Q 2016 1Q 2017 2Q 2017 QoQ (%) YoY (%) Operating Revenue 181 190 199 4.9% 9.6% Cost of sales 79 89 87 -1.7% 10.4% Gross profit 102 101 112 10.8% 9.1% Selling, General & Administrative Expense 53 66 64

operations THB mm 34 279 (88%) Cost from hotel operations THB mm 79 193 (59%) Gross profit from hotel operations THB mm (46) 86 (153%) Gross profit margin from hotel operations % (136%) 30% (166%) For the

213,102 512,053 (298,951) (58.38) Gross profit margin (%) 33.25 28.50 4.75 16.66 Total revenue 666,277 1,819,624 (1,153,347) (63.38) Total Cost & Expense 719,232 1,685,730 (966,498) (57.33) Selling & Admin

price revision to tenants. The Company focuses to select the proper tenants that satisfy customers’ need in order to draw customers’ attention. 2. Cost of goods sold and gross profit 1Q19 gross profits

capital. The key success factors of this business depend on the inventory management, the logistic systems that meet the clients’ needs in time, cost of capital, receivables management and sales revenue

Operational/Extraordinary income/(expense) (0) 52 (6) - 99% Acquisition cost and pre-operative expense (8) (3) (5) (151)% (74)% Gain on Bargain Purchases and impairments (Net)1 (1) 62 (0) - (1566)% Other