million by the year-end 2017, or increased by Baht 83 million or 3.4% as there was reserved cash for promissory note due. Liabilities As of 31 March 2018, the company reported total Liabilities of Baht

million as a result of the company transferred Short-term Investment in order to maintain liquidity Other Current Financial Assets increased by THB 120 million due to the reclassification of the investment

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-002 Subject Management Discussion and Analysis for

due to the following reasons. 1. The Company and its subsidiaries had revenue from sales and services amounted of Baht 1,910.09 million compared with the same period of year 2016 Revenue from sales and

% due to overall slowdown of the market. The company recorded domestic sales of 540.74 million Baht which decreased from the same quarter last year totaling 55.60 million Baht or 6.00% (Domestic sales for

company and subsidiary for 2nd quarter of 2017 ended 30 June 2017. The company net profit of Baht 37.94 million when compared with the same period of year 2016 posted net profit of Baht 9.11 million due to

company recorded total revenue of 396.89 million Baht in the second quarter of 2017 which reduced from the same quarter last year totaling 40.70 million Baht or 9.30%. Due to adjustment in selling price to

The company recorded total revenue of 641.47 million Baht in the third quarter of 2017 which reduced from the same quarter last year totaling 19.82 million Baht or 3.00%. Due to adjustment in selling

The company recorded total revenue of 244.58 million Baht in the third quarter of 2017 which increased from the same quarter last year totaling 20.82 million Baht or 9.30%. Due to the reduction in sales

281.2 million Baht from the previous fiscal year or 14.0% due to benefit from raw material. 3. Selling and administrative expenses decreased by 13.6 million Baht or 2.5%, the company emphasize on the