total revenue of THB 1,621 million, a decrease of 9.5% from 4Q17, contributed by decrease in revenues from the absence of Dusit Princess Korat Hotel and Other income. Earnings before Interest, Taxes

increased by 23.4% to THB 273mn from THB 221mn last year. Net profit margin decreased to 15.6% from 23.6% in 2017. In the future, we expect MACO will benefit from economies of scale synthesised from Trans.Ad

% Interest expenses 6 23 25 9.1% 288.6% Tax 51 55 83 52.6% 62.7% Net profit2 194 175 202 15.4% 4.1% Adjusted net profit3 207 192 228 19.0% 10.3% Gross profit margin 58.9% 58.2% 60.4% EBITDA margin 40.4% 41.4

guidance of low single-digit decline YoY, with a margin of 45.4% increased by 50bps compare to 9M19. Net profit (Pre-TFRS 16) decreased by -13%YoY from network investment, spectrum acquisition as well as

tons) 139 382 HRC Average Selling Price (Bht/Ton) 19,160 20,939 HRC Cash Margin (Bht/Ton) (58) 1,927 Unit : million Baht 31-Mar-19 31-Dec-18 Total Assets 28,560 30,632 Total Liabilities 19,262 20,532

at a higher rate than the decreased rate in revenue. Mostly because the projects’ gross margin in 2022 is slightly higher than in 2021. In addition, in 2022, the situation of the COVID- 19 epidemic

differences on translation 0.03 0.04 -5.98% (0.50) 0.18 -383.97% (92.37) (91.12) 1.36% (570.13) (160.91) 254.33% (91.10) (69.47) 31.13% (558.09) (130.49) 327.68% Gross Profit Margin -13.76% 6.02% -19.79% -32.90

Profit 4.4% 4.9% EBITDA (MB) 70.6 83.9 -15.8% EBITDA (%) 8.9% 9.6% Earnings per share (Baht) 0.07 0.08 -12.5% Remark : EBITDA = Profit before finance costs, income tax, Depreciation and Amortization

889m with the gross margin being 11% in 2019 down 3 percentage points from 14% in 2018, due to lower sales revenue and stronger THB/USD exchange rate. Operating Profit Analysis The Operating profit

previous year or 30.2 percent, which was an increase in personnel expenses, commission for debt collection, litigation cost and costs related to the insurance business. As for the gross profit margin in the