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

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

SMEs located nationwide, this type of business is key to economic growth. Our mission is to facilitate fundraising through the capital market for SMEs such as issuance of bond and bill. Like the ?Pride

investment through a number of branches nationwide. Moreover, the commercial banks can also take another important role to support securities companies and asset management companies in their groups to seek