of work volume. Selling expenses amount 27 million Baht nearly same as last year. Administration expenses amount 91 million Baht, decreased by 13 million Baht (13%), which included administration

first quarter of 2018. Sales and Administration Cost The company recorded sales and administration cost of 48.59 million Baht in the first quarter of 2019, which increased from that of the same quarter

cut down the cost and expenses in the second quarter of 2019 resulted in gross profit of 12.92%, a decrease of 1.76% from gross profit of 14.68% in the second quarter of 2018. Sales and Administration

74.02% due to an increase in sales. This resulted in gross profit of 13.66%, decreasing by 1.58% from 15.24% in the first quarter of 2017. Sales and Administration Cost The company recorded sales and

quarter of 2017. Sales and Administration cost The company recorded sales and administration cost of 96.01 million Baht in the second quarter of 2018 which increased from the same quarter last year totaling

increased sales. This resulted in gross profit of 15.27%, decrease of 2.84% from gross profit of 18.11% in the third quarter of 2017. Sales and Administration cost The company recorded sales and

increased sales. This resulted in gross profit of 13.33%, decrease of 3.94% from gross profit of 17.27% in the third quarter of 2018. Sales and Administration cost The company recorded sales and

organizations under the newly introduced framework are public organization, provincial administration organization, municipality, Bangkok Metropolitan Administration, Pattaya City and juristic person established

paid-up shares of SGAH at the total value of USD 50.00 million or equivalent to approximately Baht 1,761.00 million and (2) grant of a synthetic convertible loan by the Company to SGAH at the amount of

881 Website: www.aapico.com Management Discussion and Analysis for the 2nd quarter of year 2017 3 Malaysia (AQI), interest income of Baht 22 million from a synthetic convertible loan to Sakthi Global