138.23 5.7% Cost of goods sold & service 674.63 736.71 -62.08 -8.4% 2,178.16 2,097.84 80.32 3.8% Selling expenses 15.98 15.30 0.68 4.4% 47.65 51.67 -4.02 -7.8% Administrative expenses 25.39 26.03 -0.64

previous year have ended and the competition has intensified in the stainless pipe product. As a result, sales and gross margin declined in the current quarter. While administrative expenses have increased

719.3 565.0 154.3 27.3 Plus: Finance Cost 471.2 449.8 21.4 4.8 Income tax expenses 180.3 159.7 20.6 12.9 Less: Interest received 27.2 33.7 (6.5) (19.4) Gain on foreign exchange - 35.4 (35.4) (100.0) Non

Cost 471.2 449.8 21.4 4.8 Income tax expenses 180.3 159.7 20.6 12.9 Less: Interest received 27.2 33.7 (6.5) (19.4) Gain on foreign exchange - 35.4 (35.4) (100.0) Non-operating revenues (1) (1.5) 0.3 (1.8

MB. As the company has complied with efficiency management plan that help company reduce costs of sales and selling expenses. Please be informed. Yours Sincerely, Mr. Panya Boonyapiwat Chairman

year 2018 was Baht 422.85 million, which increased from the previous year by 2.73 percent, due to effective management of production cost and selling expenses. (2) Analysis of Operating Results and

percent or 165.0 million baht, from reducing production cost of print media and magazines to comply with sales changes. Consolidated selling expenses for the year ended 31 December 2018 was 154.0 million

% Other Income 115 77 38 49% 88 104 - 16 -15% Distribution costs 359 311 48 15% 276 266 10 4% Administrative expenses 594 650 - 56 -9% 441 509 - 68 -13% Finance cost - Interest expenses 49 41 8 20% 34 28 6

. Administration expenses increased 2,455,302 baht compared to the same period of the last year mainly from expenses related to IPO of the Company’s new shares and legal advisory fee. 5. Corporate tax decreased

3.30 million baht. 3. The company had selling and administrative expenses decreased by 61.99 million- baht or 25.75 percent due to the reason is 3 . 1) Selling and service expenses decreased by 2.69