, mainly due to higher cost per unit as a result of lower utilization rate; higher depreciation; as well as a non-cash one-time expense of setting higher allowance for inventories declining value of Baht 32

amount increases were mainly driven by the rise in personnel expenses, rental cost, utility cost, merchant fees, maintenance cost, and marketing expense. However, SG&A as a percentage of sales has

margin decreased 5% from Q1/2018, because of the growth rate of natural gas price and the rise in finance cost from interest payment and short-term loan financing fee related to the acquisition of GLOW

administrative expenses of the new power plants as well as an expense related to the remuneration scheme to encourage employees to commit the long- term service with the company and expenses related to IPO. COST

materials and factory supplies which was in accordance to an increase in sales revenue in this period. Moreover, cost of Disc material that was increasing from the changed in global steel market price since

& Device margin was negative at -1.2%, compared to +2.5% in 2Q20 due to decline in high margin devices sale from weak economy Cost & Expense In 3Q20, cost of service was Bt20,377mn, flat QoQ but decreasing

EBIT margin (%) = (Profit before income tax expense + Finance Cost) / Total revenues from sales EBITDA margin (%) = (Profit before income tax expense + Finance Cost + Depreciation and Amortization

due to higher network depreciation. SG&A stood at Bt19,327mn, rising 3.1% YoY mainly from higher staff cost and the one-time admin expense in 3Q18, offset by lower marketing expenses. As a result

limited for the rest of 2019. Income tax expense has decreased due to the lower net result. Net income was down significantly due to the reduced revenues and increased finance cost. 3.2. Assets, Liabilities

. SIM and device margin in 1Q19 remained -4.2%, compared to -1.1% in 1Q18 and -4.3% in 4Q18. Cost & Expense In 1Q19, cost of service was Bt19,817mn increasing 15% YoY due to higher D&A and cost of the