as last year. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues represented 39% in the first quarter of 2019. - Bad debt and

% 14.8 1.0% Total Revenue 1,469.3 100.0% 1,495.7 100.0% Remark: (1) Percentage of Total Revenue 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02

same period of year 2016 is shown in table 1 below. Table provides an overview of performance. For the three-months ended 30 June Items Increased (Decreased) 2019 2018 Amount Percentage 1 Revenue from

. For the three-months ended 30 June Items Increased (Decreased) 2019 2018 Amount Percentage 1 Revenue from steel tower manufacturing 147.39 242.37 (94.98) (39.19) 2 Revenue from sale of industrial

administrative expenses as a percentage of revenues represented 38% in the first quarter of 2018, decreasing from last year. - Bad debt and Doubtful accounts In the first quarter of 2018, the Company posted bad

. Similar trends are reflected in H1 2018 performance where the increased volumes led to an 9% rise in revenue. On the costs SG&A while higher year on year in absolute terms was lower as a percentage of

from an increase in administrative expenses and oversea business expansion. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues

Group can divided as follows; o Revenue from construction contracts which are defined output is promised, is recognised using the percentage of completion method. The stage of completion is generally

10.8% 5,591 10.4% 288 5.2% Normalized EBITDA 4,045 7.5% 5,597 10.4% (1,552) (27.7%) Normalized profit for the period 1,104 2.0% 2,439 4.5% (1,335) (54.7%) (1) Percentage margin is calculated by dividing

percentage of sales has increased from 24.97% in the previous year to 25.71% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods, as well as