decrease in net profit ratio (ROS) from 17.16% in the nine-month period of 2018 to 15.74% in the same period of 2019. The total expense to total revenue ratio increased from 13.55% in the nine-month period

constant. 3.3 Selling expenses and Distribution expense Selling expense and Distribution expense was increased from the year 2018 in an amounting of Baht 8.77 million or 29.18 percent. Mainly came from

start recognize revenue from large project in second Quarter of 2019 while the same period of current year the Company hasn’t get any large project. 3.3 Selling expenses and Distribution expense Selling

to increased sales of delivery (3) increased cost of branch staff, rental and utilities from branch expansion and (4) issuing discount promotions to draw traffic and create brand awareness. 4 Zen

absence of revenue from the property development business and increase in administrative expense as explained above. Summary of Financial Performance Analysis of the Operating Results Revenues For the

Thailand and Cambodia) under the order of the Ministry of Education to close schools nationwide. Healthy food business under "Kauai" brand under the operation of Dusit Real Foods Co., Ltd. temporarily ceased

business, featuring both house brand – separate by Apparel under brand Inco, Cheval, Sleep Mate, ETC brand, Non- Apparel under brand Cherish, Prim, Rollica, Cushy, etc., and other brand products. The Company

–4.2% in 2016, due to softened handset campaigns. Cost & Expense In 2017, cost of service (excluding IC) was Bt62,460mn increasing 19% YoY due to higher D&A and payments for the partnership with TOT

increase in sales revenue from the same-store sales growth and the increase in number of branches, as well as the decrease in overall expense from increased production volumes (economies of scale). • Gross

hotels under the (i) arcona brand, (ii) arcona Living brand, and (iii) Steigenberger brand as well as 2 new hotels which will operate in 2020 and 2022. 4 June 2019 VHG II paid the share purchase price in