growth of the business since 2018 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in net profit ratio (ROS) from 20.41

Financial position 31 December 2018 31 March 2019 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Total shareholders’ equity as at 31 March

% YoY with a YoY drop in net earnings of 213%, reflecting non-operating items incurred in 3Q16 and 3Q17 performance. For comparative purpose, without non-operating items, such as gain (loss) on exchange

compared to last year which was in accordance to an increase in revenue from sales of good. However, the Company has a slightly drop in gross profit margin from 23.51% to 22.50% in this year. Mainly came

performance and franchise model concept, it affects with significant drop of the business valuation of the subsidiary company due to the recoverable amount is lower than the carrying amount. In 2019, the

proportion of approximately 37:63, respectively. The overseas sales of branded products by own manufacture grew by 30.0% offsetting the drop of 1.0% in the domestics. According to the Nielsen’s final sales

alcohols business recorded sales revenue of THB 827 million in 3Q/2019, a decrease of 38% from 3Q/2018 mainly due to natural fatty alcohols price drop following crude palm kernel oil price softness, and the

record 2018. Disruption in the steel industry has caused volumes to drop year on year at key customers however, these issues are being resolved and with expected fixed asset investment and a new product

of margins calculation prescribed by the derivatives exchange; (2) call for its clients to deposit additional margins when their margins drop below the rate or value of the maintenance margins

exchange or the value calculated under the method of margins calculation prescribed by the derivatives exchange; (2) call for its clients to deposit additional margins when their margins drop below the rate