. 3 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis Cost and Expenses 1) Cost of services in 2Q19 was Bt640.56mn, representing 79.7% of total revenues from

GJS บริษัท จี เจ สตีล จ ำกัด (มหำชน) G J Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 1/13 Management

previous year. Moreover, the company was able to efficiently manage raw material cost, improving gross profit from the previous year. As for the Ethanol Business, the quantity produced and sold increased

. During the last 4 months of 2017 (September to December), the Company had production not only full capacity during the off-peak period (the period where electricity cost is cheaper), but also extended some

rapid increase of the number of Internet users; and the growing recognition of these media as effective advertising and marketing tools. Within the OOH media landscape, the trend has shifted from the sole

1.6 percentage growth in airline business. However, during the period, the Company has implemented cost reduction plans including flight management strategy. That was a result of improving of passenger

rates during 1Q20. Interest expense totaled Baht 1,301 million, a decline of 6.1% yoy, with cost of funds declining to 2.0% for 1Q20 comparing to 2.3% for 1Q19 from effective cost management in line with

consumption for domestic flights. As of 30 June 2017, the Company has entered into a forward purchase contract (fuel hedging) at the average of 60.91 percent of fuel consumption. Cost of Passenger Services

in 2019 and THB 776.15 million in 2018), the amortization of rights had increased and accordingly, its cost of program rights increased compared to the same period of previous year. The Company earned

expenses and the remuneration of the executives of the Company (excluding financial cost) (meaning total expenses from the standalone financial statements net loss on sales of investment, and loss on sales