difficult to sell. 2. The Company will be able to recognize profit from the sale of this asset in the amount of THB 309.45 million or a net profit from the sale after deduction of fees and expenses totaling

dividend income 31 31 0% 11 188% 99 39 155% Other income 97 77 26% 891 -89% 256 1,131 -77% Selling and administrative expenses (1,730) (1,897) -9% (1,782) -3% (5,348) (5,228) 2% Exploration and evaluation

% 128.84 69.46 59.38 85.49% Other income 0.72 3.09 (2.37) (76.70%) 3.36 9.21 (5.85) (63.52%) Selling expenses 10.40 8.34 2.06 24.70% 28.75 21.56 7.19 33.35% Administrative expenses 38.60 25.09 13.51 53.85

) (51.68%) 2.64 6.12 (3.48) (56.86%) Selling expenses (9.41) (7.06) 2.35 33.29% (18.35) (13.22) 5.13 38.80% Administrative expenses (63.03) (25.46) 37.57 147.56% (90.46) (50.42) 40.04 79.41% Net loss before

(4.72) Gross Profit 49,306 48,521 785 1.62 Reversal of allowance for doubtful accounts 6,167 4,687 1,480 31.58 Other income 1,266 5,417 (4,151) (76.63) Profit before Expenses 56,739 58,625 (1,886) (3.22

Profit 298.10 248.42 49.68 20.00% Other income 18.78 15.24 3.54 23.23% 4 Profit before expenses 316.88 263.66 53.22 20.19% Selling expenses (5.36) (22.79) (17.43) (76.48%) 5 Administrative expenses (191.15

profit 571 25.4% 732 23.6% 28.2% Service & Administrative expenses (199) -8.9% (270) -8.7% 35.7% Operating profit 372 16.6% 462 14.9% 24.2% Other income 133 5.9% 198 6.4% 48.9% Sales profit 4 0.2% 5 0.2

& administrative expenses 128 185 239 29.4% 86.6% EBITDA 120 115 116 0.8% -3.7% Net profit from operation 56 38 35 -7.4% -37.2% Net profit (exc. Minority Interest) 70 39 42 6.4% -40.0% Gross profit margin 42.2% 37.9

5.85 (3.42) (58.46%) 4 Profit before expenses 73.22 70.07 3.15 4.50% Selling expenses (1.19) (1.52) (0.33) (21.71%) 5 Administrative expenses (43.85) (64.70) (20.85) (32.22%) 6 Finance costs (5.80) (2.78

main driver in increasing the cost-to-sales ratio from 53.1% to 64.4% in this year. VGM’s cost structure is higher than MACO’s domestic business due to higher expenses from concession in Transit and