base compared to the same period of last year, Revenue from project work and services decreased. Because such income depends on value of fire fighting contractor projects each year. Gross Profit and

booking of revenue received in advance for new projects and recognition of various unearned revenue from consolidation of TigerSoft. The amount will be recognized progressively as revenue within a 12-month

to commissions fee from electrical engineering projects. However, in comparison with total operating revenue, SG&A per revenue decreased from 7.0% in 3/2018 to 6.2% in 3/2019 due to budgeting control

accordance with the Company’s target to consistently launch new service projects every year. However, due to the uncertainty of the merger situation of mobile operators during this period, as a result, each

Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

contribution is a drag of over 50mTHB annually in revenue. We do expect Golden Lime Engineering to contribute to top line growth as there are promising projects being negotiated and should materialize in the

14.5 percent due to repayments of loan during the year and temporarily prepayment of loan using unutilized proceed from IPO which pending to use as capital expenditures of power plant projects under

capacity expansion projects at Bangpakong, Chacheungsao province. For 1H/2017, financial expenses derived to THB 10 million, increased by THB 9 million from the corresponding period last year. This was due

from management service decreased by Baht 19.55 million because the Management decided to renew the contracts with the projects that have appropriate gross profit margin only. Moreover, reasons for an

drawdowns of loans from financial institutions in order to support our production capacity expansion projects at Bangpakong, Chacheungsao province. For 1H/2017, financial expenses derived to THB 10 million