. 5. Net profit and net profit margin Although the Company encountered the low economic growth rate, the Company was able to maintain 2Q17 net profit of Baht 20.89 million, which was the same level as

by 1.7% or Baht 113 million from the fiscal year 2017. Although overall Thailand economic was still stagnant, the company performed better than market by new restaurant outlets expansion. Cost of Sales

Exchange of Thailand Fortune Parts Industry Public Company Limited (“FPI” or “The Company”) would like to submit the annual financial statements for the year ended 31 December 2018 which has been audited by

previous year. This was mainly due to the decreased in export sales to the Middle East and African zone as these zones are facing economic problems. Therefore, the Company delayed sales transaction to

revenue from sales. Comparing in terms of sales and gross profit, the company is still able to maintain a good market share as well as profit margin level during the economic slowdown since the previous

the main businesses, the business restructuring of MK Group since 2016 has helped to ease the impact of the economic slowdown. In addition, the Company has planned to launch the wellness business at the

accelerated spending in the first half of fiscal year. The situation is expected to benefit the company from economic recovery and private investment. In terms of total operating expenses, it usually varies

operations Overview of the retail industry in 2019, the growth rate was not very high at approximately 2.6 percent resulting from consumer buying power was slow due to economic conditions. In which the Company

-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

structure and operating which includes strategies to be consistence with economic resulting in recognized profit of company equal to 5.84 million baht which is more than recognized of loss attributable of