% 34% IC (Jiaxing, China) 5% 4% 4% 6% 5% HTI (Ohio, USA) 5% 4% 5% 5% 4% 100% 100% 100% 100% 100% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 1

economic recession threatens to the price structure that the Company can not specify the price change with the corresponding changes of cost. Consequently, it affected the profit margin. The Company still

% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 5 percentage points lower at 11% in Q118 down from Q117 at 16% due to stronger THB/USD exchange rate

Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 6 percentage points lower at 12% in Q319 down from Q318 at 18% due to reduced economies of scale from lower

% 4% 100% 100% 100% 100% 100% Gross Profit / Cost of Sales Analysis and Sales and Administration Analysis The Gross Profit margin was 7 percentage points higher at 15% in Q120 up from Q119 at 8% due to

currency on the importation of seaweed approximately of 38.6 million. However, Net Profit margin for the year 2018 could be improved from 1) New cost structure including seaweed price and utilization rate 2

profit THB 200.5 mn represents an increase of net profit margin 25.7% when compared to the previous quarter and increase of 33.1% when compared to the same period of last year regarding the change of cost

from THB 89.6 Mn in 2016 to THB 81.8 Mn in 2017 with profit margin decreasing from 4.1% to 3.3% and this was a decrease of THB 7.8 Mn or 8.7%. The main reasons for the decrease were the increase in

Mn respectively with profit margin increasing from 2.7% to 4.9% and this was an increase of THB 59.5 Mn or 121.0%. The main reasons for the increase were (1) higher revenue from sales and service (2

in all, the gross profit amounted to 134.18 million baht, translating to a gross profit margin of 27.50%, up from 23.36% in 2017. SG&A and other expenses and financial cost In 2018, the company booked