revenue from sales of goods and rendering of services for full year 2018 was recorded at Baht 2,923 million, higher 14% Y-O-Y. The revenue increased in most channels as follows: - Project sales up 17% Y-O-Y

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

interest. Income tax (expense) revenue For the year 2018, the Company has deferred tax expense at Baht 7.33 million which increased compared to the year 2017 by Baht 2.44 million or equivalent to 49.88

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

revenue from sales of goods and rendering of services for full year 2019 was recorded at Baht 2,709 million, lower Baht 214 million or 7% from a year earlier, driven by slower-than-expected of Thailand

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

in capital expenditure. However, external demand softened as the value of merchandise exports grew at a slower pace. (Source: BOT Press Release No.3/2020 on the Economic and Monetary Conditions for

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