Quarter 3-2019 Company and its subsidiaries had loss from gross profit margin from sales of products and project work in the amount of 30.48 Million Baht or 6.25 percent decreased when compared to the same

this regard, such decreased revenue was caused by main factor that project value was not so much. However, when compared with numbers of project in the current year. The core projects in 2017 comprised

reduce the production costs of the Company’s energy drinks in bottle formats. 2 Gross profits and gross profits margin Gross profits were THB 5,810 million, increased by THB 1,202 million or 26.1

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

related company of 2.37 million baht and others of 0.49 million baht 1.2 Cost and Expenses In Quarter 2-2017, the company and its subsidiaries had gross margin 6.62 percent and net loss (9.49) percent of

economic benefits and to be in line with Group policy. The Company's gross profit was THB 230.0 million, increased by THB 3.4 million, or 1.5% yoy. This year gross profit margin at 23.1% of revenues from

baht 1.2 Cost and Expenses In Quarter 2-2018, the company and its subsidiaries had gross margin 4.90 percent and net loss (9.37) percent of total revenues when compare to the same period in 2017 was

in accordance to a decrease in sales revenue in this period. However, the Company has a better performance in gross profit margin from 27.34% to 27.83% in this period. Mainly came from the fact that

2,477.7 2,424.7 Gross margin, % 18.17% 23.99% 18.98% SG & A 322.1 429.9 415.5 Operating Profit 129.7** 347.1* -62.6% 210.6*** -38.4% Net Profit per F/S 71.3 424.8 -83.2% 159.0 -55.1% 3.35% 13.03% 5.31

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