the gross profit margin of the delivered projects in Q1–2020 is higher than those in Q4–2019 while the total revenue in Q4–2019 is -2- much higher than Q1–2020, therefore its total revenue can cover

area is different from the area specified in the agreement, the amount of payment increase/decrease The purchase agreement contains a condition allowing that, in case of a difference between the actual

difference between the actual area of the property and the area stated in the agreement, the increase/decrease price of the property will be calculated at the price of 18,125 Baht per sq. w. The increase

). (258.97) (2.42) 1.84 (2.15) (261.70) The difference of rates revenue by segment (%) (42.33) (15.13) 15.54 (50.35) (40.64) Sales cost variance (million baht) (304.32) (3.92) (2.76) 0.00 (311.00) The rate of

Baht). 13.20 (11.91) (12.86) (11.57) 11.94 0.37 The difference of rates revenue by segment (%) 3.66 (99.58) (94.35) (3.00) 522.86 0.09 Sales cost variance (million Baht) 61.65 (8.51) (8.35) 44.79 0.00

service Other income Total revenues Segment revenue variance (million Baht) 3,407.47 (7.01) 139.66 (6.71) 3,533.41 (11.57) 3,521.84 The difference of rates revenue (%) 174.20 (100.00) 13,175.47 (40.69

) The difference of rates revenue (%) (20.79) (100.00) (21.00) (40.00) (21.01) Sales cost variance (million Baht) (349.52) (10.35) (359.87) 0.00 (359.87) The rate of sales cost variance as (%) (20.99

channel has expanded significantly, as well as effective cost management has resulted in maintaining profit margin at a good level. (2) Analysis of Operating Results and Profitability (2.1) Revenues from

revenue despite lower EBITDA margin.  EBITDA margin was lower to 27.0% in 6M’2018 because EGAT tariff increase with less proportion than an increase in gas cost resulting from lower capacity payment due to

be Baht 446.70 million or an increase of 33.26 percent, due to expansion of distribution channels and effective cost management having resulted in maintaining profit margin at a good level. (2