-scale projects have relatively low gross profit margin due to the high competition. Those can be shown from the increased rate of cost of sales and services higher than the increased rate of revenue. In

traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic

previous year have ended and the competition has intensified in the stainless pipe product. As a result, sales and gross margin declined in the current quarter. While administrative expenses have increased

, rose by 86% compared to 1Q2019, resulting to EBITDA of THB 345 million, improved from prior year by 145% mainly from profitability improvement of methyl ester driven by lessen competition in product

previous quarter. It declined -2.6% YoY as a result of price competition that remained earlier in the quarter before market pricing alignment in March. However, the YoY ARPU reduction was lower compared to

from the rainy season in 3Q but continued to benefit from increasing tourism-related usage and efforts to uplift the ARPU. The competition stabilized since the beginning of the year while operators are

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

core company distributing mobile phone and its accessories was affected by competition from competitors in the industry. The sales in previous year were equivalent to 9,202 million baht. The number of

same period in the previous year. Drop in revenues mainly came from closed non-performance branches together with high competitive situation focusing on the pricing competition directly affecting to

profit of the large- scale project was very low because it was selling only hardware and the price competition is very high in the - 2 - project auction. As the result, the cost of sales and services was