expenses, and other selling expenses such as marketing and promotional expenses, and depreciation of asset in each branch. In Quarter 1/ 2019 and Quarter 1/2018, the Company incurred selling expense totaling

% Administrative expenses (26.21) (39.92) (13.71) 52.31% Share of profit of investments in associate 0.09 0.13 0.04 46.78% Finance costs (0.26) (0.34) (0.07) 28.01% Profit before income tax expense 86.37 113.36

) 13.82% Administrative expenses (11.29) (7.77) 3.51 -31.13% Share of gain of investments in associate 0.03 0.03 0.00 0.25% Finance costs (0.08) (0.06) 0.02 -22.49% Profit before income tax expense 30.31

& Distribution Expenses per net sales 6.4% 6.7% (0.3%) 6.0% 6.2% (0.2%) Administrative Expense per net sales 11.1% 10.9% 0.1% 8.3% 8.2% 0.1% Net profit margin 5.1% 5.5% (0.4%) 6.9% 6.7% 0.2% - Basic earnings per

shopping mall (certain parts) and Hilton Pattaya to CPNREIT for 20 years, ending 31 August 2037, with the net asset price of THB 11,908 mn. 3. The establishment of CPN REIT Management Company Limited, CPN’s

and combined them into one line below corporate tax expense called “Profit for the period from discontinued operation, net of tax” (See Note 7 to our interim financial statements for the three-month and

, increasing by 40.0% YoY to THB 93mn. The revenue growth in the first quarter was mainly from a higher utilisation rate as well as price increases. In addition, the Company also recognised revenue from new

& Distribution Expenses per net sales 6.4% 6.7% (0.3%) 6.0% 6.2% (0.2%) Administrative Expense per net sales 11.1% 10.9% 0.2% 8.3% 8.2% 0.1% Net profit margin 5.1% 5.5% (0.4%) 6.9% 6.7% 0.2% - Basic earnings per

Lifestyle Center in Chaiyaphum, Chonburi and Ladkrabang and the decrease in selling expense proportion to total revenue. Financial Summary for the three-month period ended December 31, 2019 and 2018 Three

increased by Baht 37 million or 2% due to higher electricity and steam sales price, which was in line with the increase in natural gas prices. However, the rise in natural gas prices with constant Ft rate