customers, has been pressured by high household debt. Therefore, spending expenses are carefully controlled. Notwithstanding, the entrepreneurs in retail industry have to adjust themselves to increase the

%) (1.3 %) Gross Margin 431.5 29.5 % 481.0 31.5 % (10.3 %) Selling Expenses (297.0) (20.3 %) (204.5) (13.4 %) 45.2 % Administrative Expenses (101.9) (7.0 %) (61.5) (4.0 %) 65.8 % Net Profit before Tax 35.4

expenses (20.87) (19.40) (16.81) -19.45% -13.35% (37.22) (36.21) -2.71% Administrative expenses (29.27) (34.27) (37.87) 29.38% 10.50% (54.93) (72.14) 31.33% Operating profit 29.16 15.77 18.72 -35.80% 18.71

investments in subsidiaries - - 58.8 1.8 58.8 100.0 Other income 50.5 1.2 171.7 5.1 121.2 239.9 Total Revenues 4,183.6 100.0 3,336.5 100.0 (847.1) (20.2) Expenses Cost of real estate sales 2,139.3 51.1 1,613.7

gross profit margin than average. Selling Expenses Selling expenses mainly consist of salary for the café’s staff, space and equipment rental expenses at each After You dessert café and Maygori, utility

35.11 81.96% Selling expenses 9.20 4.08 5.12 125.49% Administrative expenses 14.60 15.81 (1.21) (7.65%) Finance cost 1.02 0.88 0.14 15.91% Profit before income tax expenses 111.79 33.39 78.40 234.80

channel such as big retail stores/hypermarkets and dealer shops all over the country and Sharing of gain (loss) from investment value of the associates decreased from the last year since the expenses of

577,164 55,930 9.69 3,039,595 1,762,247 1,277,348 72.48 Total revenues 755,838 702,991 52,847 7.52 3,402,701 2,062,058 1,340,643 65.01 Total expenses 746,891 662,055 84,836 12.81 3,213,297 1,964,416

of 16% from 9-month/2018 which results from the reallocation of certain SG&A expenses (e.g. electricity, rental expenses, etc) in the previous year into the COGS categories resulting in less gross

cost competitive position. 3 Selling, general and administrative (SG&A) expenses Total selling and administrative expenses were THB 765 million, an increase of THB 42 million or 5.9%, representing 17.0