) (0.53%) 10,339.00 91.78% 9,454.98 91.43% (884.02) (8.55%) Gross Profit 297.93 8.30% 314.63 8.77% 16.70 5.61% 920.16 8.17% 881.51 8.52% (38.65) (4.20%) Other income 3.60 0.10% 1.19 0.03% (2.40) (66.81

99.97%   14,388.23 99.95% 82.41 0.58% Cost of sales and services   12,914.68 90.25%   13,159.06 91.41% 244.37 1.89% Gross Profit      1,391.14 9.72%      1,229.18 8.54% (161.97) (11.64%) Other income

income surged significantly, especially the 19% increase in bad debt recovery. However, this year the Company will focus on fee-based income expansion. Revenues Structure Profit and Loss Statement Unit

748,801 1,231,252 Profit (loss) before finace cost and income tax expense 230,622 223,434 24,562 (859,392) Finance costs (45,628) (27,150) (41,169) (82,690) Income tax (expense) benefit (29,557) 62,830

348.47 Costs of sales 184.91 217.85 263.12 Selling expenses 12.95 23.48 25.56 Administrative expenses 21.95 28.80 27.60 Finance costs 19.62 20.32 17.36 Profit before income tax 12.82 51.01 14.83 Income tax

) (15,635.58) (92.28) (15,850.04) (92.50) Participating Profit in Associated Companies 272.02 1.58 71.13 0.42 255.90 1.49 Profit before Financial Costs and Income Taxes 2,051.61 11.90 1,379.42 8.14 1,540.24 8.99

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

Table 6 IVL Consolidated Statement of Income ($ Million) 13 Table 7 Calculation of Core EBITDA ($ Million) 14 Table 8 Calculation of Core net profit ($ Million) 14 Table 9 IVL Consolidated Statement of

load factor from 67.8 percent to 68.8 percent. Passenger yield was 4.55 baht per RPK, increased by 0.9 percent from the same period of 2017. The Company reported net profit before income tax amounting to

be comparable to similarly titled measures used by other companies. Operating Profit and Net Income The operating revenue of the Company for year 2018 and year 2019 were 26,810.5 million baht and