THB respectively with the gross margin 15.55% and 13.27%. In the first half of 2017, the Company reports the decrease of gross margin at 13.27% resulting from lower margin in some supply orders awarded

local and international customers. • Utilities income decreased by 4.5%, standing at THB 534.0 mm, mainly from lower excessive charge. However, if excluding the revenue from excessive charge, utilities

market price worldwide and a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. Management’s Discussion and Analysis (MD&A) For Q2/2017 GSteel 2 - HRC cash

attributable to the equity holders of the Company decreased by 30.2% from THB 53mn to THB 37mn with a decline of Net profit margin of 5.4% from 19.1% in 1Q 2018. The lower-than-expected net profit’s performance

lower occupancy in Street Furniture and Digital segment, resulting in a lower-than-expected growth in the Domestic Advertising front. In this quarter, the Company also started to break down revenue from

health and esthetics. 2. Overview of operating results for the year 2019. Thai’s economic has trend to growing lower continuously, Not only exporting business but Travelling business also have trend to

expected due to declining global trade volumes and the slower economic growth of major trading partners, which were affected by trade tensions between the US and China. Export growth has been negatively

Service Income and Other Income Rental and Service income for the first quarter in 2019 was 155.5 million Baht lower than the first quarter of 2018 at 5.0%. A declining in rental and service income was

to lower orders from existing customers. 1. Cost of sales and gross profit The Company’s cost of sales in Q1/2019 amounted to Baht 47.20 million, decreasing year-on-year by Baht 30.75 million or 39.45

1H18, Company reported revenue growth of 38% y-y or THB 247 million, driven primarily by business combination. Excluding TBSP, Company’s core revenues dropped by 4%, primarily by lower Warehouse