1.58 57.04% 4 Profit before expenses 69.58 61.27 8.31 13.56% Selling expenses (1.52) (4.98) (3.46) (69.48%) 5 Administrative expenses (64.20) (38.77) 25.43 65.59% 6 Finance costs (2.78) (3.07) (0.29

Company’s Statement of Income (Unit: Thousand THB) Dec 31, 2017 Dec 31, 2018 Total Revenue 179,704.12 138,594.13 Cost of Sales 141,814.49 108,039.77 Selling Expenses 10,594.75 ,. Administrative Expenses

% Other income 1.40 4.25 (2.85) (67.06%) 4 Profit before expenses 81.66 60.77 20.89 34.38% Selling expenses (1.38) (4.49) (3.11) (69.27%) 5 Administrative expenses (39.93) (37.82) 2.11 5.58% Finance costs

6.69 (3.92) (58.59%) 6 Profit before expenses 61.27 40.31 21.59 53.56% Selling expenses (4.98) (4.07) (0.91) 22.36% Administrative expenses (38.77) (28.41) (10.36) 36.47% 7 Finance costs (3.07) (3.82

% Other income 4.25 3.28 0.97 29.57% 6 Profit before expenses 60.77 47.66 13.11 27.51% Selling expenses (4.49) (4.60) (0.11) (2.39%) Administrative expenses (37.82) (31.69) 6.13 19.34% 7 Finance costs (3.16

profit from main income (milion THB) 737.45 601.27 22.65% 539.04 432.14 24.74% (%) 32.19 25.62 6.57% 29.19 23.21 5.98% 6. Expenses on sales (milion THB) 149.85 126.32 18.63% 133.40 105.61 26.31% (%) 6.54

41.07% Other income 2.96 3.89 (0.93) (23.91%) Profit before expenses 64.66 47.62 17.04 35.78% Selling expenses (6.83) (5.18) 1.65 31.85% 6 Administrative expenses (36.98) (32.96) 4.02 12.20% 7 Finance

(311.70) (258.46) 53.24 20.60 Gross profit 33.17 17.48 15.69 89.76 Other income 0.75 0.90 (0.15) (16.67) Profit before expense 33.92 18.38 15.54 84.55 Administrative expenses (16.76) (15.49) 1.27 8.20

value of GLAND’s investment properties at that time. As a result, the depreciation and amortization expenses from those investment properties, which represents most of GLAND’s operating cost, is higher

various cost reduction initiatives. Reductions in operating costs and general administrative expenses, such as utility cost, certain outsourced services and excessive administrative costs at both business