boost of the export activities, private consumption and tourism sector. However, the net profit margin was lowered from the increase in selling and administrative expenses while gross margin stay flat

1 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Operational Summary in 1Q19  Net profit was Bt150mn, increasing 3.1% YoY  Total revenue from core

profit attributable to equity holders of the parent company of 838.86 million Baht, decreased by 42.17 million Baht or 4.79%. Income statement (Million Baht) For the three-month period For the nine-month

water sales volume. However, the costs of sales and services were totally 2,706.44 million Baht, increased by 481.81 million Baht or 21.66% mainly because of an increasing electricity cost. Net profit

35.75 36.16 0.41 1.14% 138.80 134.63 (4.17) (3.00%) Construction cost under Concession Agreements(1) 47.54 83.31 35.77 75.25% 118.26 275.65 157.39 133.09% Gross profit 457.10 455.23 (1.87) (0.41

due to the raising in raw water sales volume and net profit attributable to equity holders of the parent company of 609.48 million Baht, increased by 28.85 million Baht or 4.97%. Income statement

private consumption and private investment. Private consumption grew notably in durable goods segment (especially in vehicles) while growth in non-durable and semi-durable goods contracted partly from the

expand largely from domestic demands contributed both from private consumption and private investment. Private consumption grew notably in durable goods segment (especially in vehicles) while growth in non

profit margin as a percentage of sales has increased from 25.51% in previous year to 26.45% due to change in product sales mix of both general merchandise and directly sourced private-label goods, product

is due to the decrease in gross profit between Q1 and Q3 compared to the same period of last year. This decrease was mainly due to lower overall private consumption resulted from the concerns over the