company and subsidiary for 2nd quarter of 2020 with a net profit of Baht 15.38 million when compared with the same period of year 2019 with a net profit of Baht 34.66 million due to the following reasons. 1

Management Discussion & Analysis (MD&A) Q3/2018 Executive Summary Executive Summary For Q3/2018, Global Power Synergy Public Company Limited (GPSC) (“the company”) earned a net profit of Baht 899 million

. • Purchase, development, allocation and distribution of commercial land to the company and the general both inside and outside the industrial estate. • Industrial and commercial projects for sale include

discouraged by economics. Lose sales opportunities in relation to a low level of stocks due to a limited warehouse space. Other income 2.8 6.1 117.9% A gain and profit in exchange rate comparing to the same

14.1% 4.0 2.4% -18.0 -81.9% Profit Before Expenses 45.2 28.9% 60.9 36.9% 15.6 34.6% Selling and distribution expenses 14.5 9.3% 14.7 8.9% 0.2 1.2% Administrative Expenses 13.5 8.7% 12.4 7.5% -1.1 -8.2

(income) 8.37 11.42 (26.71) Profit (loss) before income tax income (expenses) 33.55 (0.59) (5,786.44) Income tax income (expenses) (4.91) 1.31 (474.81) Profit for the period 28.64 0.72 3,877.78

in cost of sales and services in Q3–2020 and Q3–2019, it found that gross profit margin of the delivered projects in Q3–2020 is slightly higher than those in Q3–2019. Selling and distribution expenses

& Analysis Management Discussion & Analysis (MD&A) Q4/2018 and FY2018 Executive Summary Executive Summary For 2018, Global Power Synergy Public Company Limited (GPSC) (“the company”) earned a net profit of

305.8 (158.5) (34.1%) Gross Profit 318.7 174.8 (143.9) (45.2%) Gross Profit Margin 68.6% 57.2% GPM before adjustment with PPA 69.7% 57.6% Rental and service income from warehouses, distribution centers

percent, due to the fact that every distribution channel has expanded significantly, as well as effective cost management has resulted in maintaining gross profit margin at a good level. (2) Analysis of