% 34% IC (Jiaxing, China) 5% 4% 4% 6% 5% HTI (Ohio, USA) 5% 4% 5% 5% 4% 100% 100% 100% 100% 100% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 1

% HMT (Ohio, USA) 4% 4% 5% 4% 5% 100% 100% 100% 100% 100% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 1 percentage points lower at 14% in Q218

Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 6 percentage points lower at 12% in Q319 down from Q318 at 18% due to reduced economies of scale from lower

% 4% 100% 100% 100% 100% 100% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 7 percentage points higher at 15% in Q120 up from Q119 at 8% due to

increase of number of Thai and foreign tourists. As a result, the service sector and private consumption have expanded. Private investment has improved while Public expenditure shrink from regular government

-year. Significant cost of sales consisted of cost of goods, imported freight, packaging cost and other import related expenses. Cost of sales is accounted for approximately 36.82 % of sales revenue with

from the same period of last year at 16.83% due to the declining in sales but the Company still had fixed cost. Moreover, the depreciation was higher from machine acquisition and plant and equipment

4.22% up from 2Q2016. The Consolidated SG&A expenses increased since higher freight cost from higher export volume and increasing of transportation cost comparing to 2Q2016. The consolidated SG&A

supporting factors were the return-to-expansion of export goods and private final consumption expenditure. In addition, the relaxation of the COVID-19 restrictions resulting in the number of foreign tourist

the first time. The economics of scale has already improved and the synergetic effect between both companies will increase throughout 2019 particularly on the fixed cost side. EBITDA in Q1 2018 improved