2017 while gross profit margin contributed of 14.32% in 2018, decreased from 16.41% in 2017. GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 4 of 14 Other Income The

Distribution cost 24.33 5.15 22.31 5.69 2.01 9.03 Administrative expenses 47.46 10.05 44.71 11.41 2.74 6.14 Financial cost 0.69 0.15 0.93 0.24 -0.24 -25.66 Profit (loss) before income tax expenses -31.11 -6.59

the cost of infrastructure service in 2018 than those of infrastructure service income comes from the road maintenance expense and the new sanitary landfill expense. ▪ In 2018, the company recognizes

have been lowered only 18% or Baht 21.0 million Y-O-Y, which can be summarized as follows : 1. Gross Profit including Other Income down Baht 22.0 million Y-O-Y , caused by lower sales revenue due

year 2019. The MD&A would enable the investors to better understand the Company and its subsidiary’s 2019 audited financial statements. An Analysis of Performance * Analysis of Income The Company and its

period last year. Revenue from sale of goods declined by 8.6% from THB 994.2 million to THB 908.5 million. Other income decreased by 30.6% from THB 28.5 million to THB 19.7 million. Whilst revenue from

the company’s strategy of relying more on subcontractors and strategic partner, by reducing the Administrative expenses in the “Separated” Statement of Comprehensive Income from 74.44 million baht in

December and the fourth quarter of 2019) Performance Analysis Unit : MB Y2019 Y2018 Change MB % Net sales 1,001.58 1,057.38 (55.80) (5.28) Other income 41.40 47.74 (6.34) (13.28) Total revenues 1,042.98

million Baht, up by 74% from a year earlier was a result of the gross profit plus other income increased by 0.4 million Baht or grew by 0.2%, despite total sales had decreased by 19% due to the improved

perform the Com The Co baht, wh profit m 2017 sh percent Compan expense follows: Rental a Rental a higher t the 6 m of 2016 income Cost of The Co million b Service et Managemen 0/013 : Man Pres The nt to