completed in the previous year and sold with higher gross profit margin. Moreover, as a result of the expansion of rental and service business, the income from rental fee and service and management fee

previous year in the amount of THB 296 million or equivalent to a decrease of 3.9 percent as a result of the operating results of Domestic restaurant and bakery business and overseas restaurant business that

margins. As a result, the increase in total operating expenses in Q2-2017 was higher than the increase in total revenue. The profit of Q2-2017 was significantly lower than those in Q1-2017 due to the

projects submitted was not that very different. However, the projects delivered in the Q3-2017 are projects with relatively high margins. As a result, the increase in total operating expenses in Q3-2017 was

Thailand Overview of the operating result for the second quarter of 2019 ▪ The company’s total net income was Baht 192.49 million, representing an increase of 76.9% over the same period last year and revenue

19.76 0.36 39.59 32.30 22.56 2 Key financial ratio related with operating result (%) 2Q19 2Q18 %YoY 1Q19 %QoQ 1H19 1H18 %YoY Gross profit margin (%) 44.00% 41.28% 2.72 41.47% 2.54% 42.82% 41.63% 1.18

if the revenue was decreased. As a result, the profit in Q3–2018 decreased significantly compared to Q3–2017. Operating Results and Capabilities to make Profit Performance from revenues, costs and

the Company had reduced the registered capital by decreasing the registered capital of the other joint venture. As a result, the joint venture agreement is terminated and the company is a major

quarter of 2020 was 71.4 million baht due to the income from the insurance business of JP Insurance Company Limited, a subsidiary company. As a result of the increased insurance portfolio in the first

(Translation) NEP-AC 002/2563 14 May 2020 Subject: Management Discussion and Analysis for Q1 end of 31 March 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and