the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

from the previous quarter which had sold 1 cargo. However, there was an impairment loss of Technical Goodwill on Gjøa Field. Moreover, during this quarter, gain from changes in investment interest in

% nized profit f gain of Baht 1 es companies unrealized ex decreased by s an adjustme reased by Ba 3.06 million ntures Baht 1, 46.14 million Japan project eased by Bah ts in Vietnam s the Co-Gener ognized

98.3% 72.82 16.98% Gain on foreign exchange - 0.0% 0.41 0.1% - 0.41 -100.00% Other income 3.73 0.7% 7.02 1.6% - 3.29 -46.88% Total revenues 505.33 100.0% 436.21 100.0% 69.12 15.85% Cost of sales and

share of net profit from investment by equity method and gain from currency exchange. The hotel business accounted for 86.5% of total revenue. Hotel management business accounted for 2.6%. Educational

up and improve the strategy in order to gain higher sales volume throughout the year, resulting in higher sales volume from Q2 onward. The outcome of strategy improvement and cost control made NCL

good. While for the gross profit margin, the Company gain a better result with 20.71% in Q1/2018 to 20.89% in Q1/2019. 2.2. Distribution costs for the first quarter of 2019 was in the amount of 1.82

busine m Japan proj increased by sued B/E an f Baht 2,362 s the Co-Gener ofit from inve aht 51.23 mil period of las past service from 300 to 4 d administrat change rate lo aht 33.30 mill used by WPS

design, work suspension or delay due to change in construction design Many projects are gradually completed. Concurrently, many new projects that have been signed into contract or about to be signed which

2018, the Company had gain on exchange rate of THB 18.58 million. Cost of Sales and Gross Profit The Company’s cost of sales is mainly consisted of raw material cost which is equal to approximately 85