significant rise of natural gas prices while the Ft rate did not increase correspondingly to reflect the higher cost, which impacted the gross profit of Rayong Central Utility Plants and IRPC-CP. Also, the

Cost of sales mainly consists of cost of raw materials, packages, supplies, salary of production unit’s staff, depreciations, kitchen utensils and space usage expense of production unit. Major part of

mainly from higher selling price of processed food for domestic market. GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2019 Page 4 of 13 Cost of Sales and Gross

1H 2019 Increase/(Decrease) THB mm THB mm THB mm % THB mm THB mm THB mm % Total Revenue/1 2,023.4 3,074.1 1,050.7 51.9% 5,470.5 6,877.1 1,406.6 25.7% Total Cost 859.8 881.0 21.2 2.5% 2,388.2 3,495.2

% 3,104.93 100.0% 3,339.04 100.0% 7.5% Cost of services (658.51) -79.1% (655.73) -78.7% (652.92) -79.7% -0.4% -0.9% (2,373.50) -76.4% (2,631.21) -78.8% 10.9% Gross profit 174.31 20.9% 176.09 21.2% 166.35 20.3

12,547 12,416 Gross profit margin (%) 22.84% 25.49% 26.48% Consolidated financial ratios 2018 2017 2016 Financial data and profitability ratios (continuous) Operating expense (include Research and

baht 10,474 12,123 12,547 Gross profit margin (%) 20.47% 22.84% 25.49% ratiosConsolidated financial 2019 2018 2017 Financial data and profitability ratios (continuous) Operating expense (including

short-term investment which the Company has invested since January 2017. Cost of Sales and Gross Profit Unit : THB mm Unless otherwise stated For the three-month period ended 30 June For the six-month

0.9% 1.85 0.2% -74.1% -21.3% Total revenue from core business (3 items) 842.14 100.0% 819.27 100.0% 798.65 100.0% -2.5% -5.2% Cost of services (658.33) -78.2% (652.92) -79.6% (629.36) -78.8% -3.6% -4.4

cost. - Motorcycle and Used Car Hire Purchase In the first quarter of 2018, motorcycle and used car hire purchase in Thailand and electrical appliances, mobile phone and etc. in oversea business, sharing