selling and administrative expenses 114,629 96,763 17,866 18.5 113,022 94,348 18,674 19.8 Selling and distribution expenses 27,060 25,061 1,999 8.0 24,468 22,708 1,760 7.8 Administrative expenses 44,206

cooperated with the Faculty of Medicine Siriraj Hospital  Program to view and collect information of Electrocardiogram and automatic linkage with Hospital Information System (HIS)  Program to send

and installation of the pipeline 239.05 248.60 (3.84) Income from water production and distribution 31.25 24.31 28.55 Income from installation and distribution of water production systems 3.40 25.03

) (70.9 %) 2.7 % Gross Margin 364.5 28.0 % 374.4 29.1 % (2.6 %) Distribution Costs (197.2) (15.1 %) (148.8) (11.6 %) 32.5 % Administrative Expenses (63.2) (4.9 %) (57.9) (4.5 %) 9.0 % Profit before Income

Constructions (2) Registration of 100 drugs formulas (54 formulas for human medicine and 46 formulas for animals) owned by the seller (3) Registration of special drug formulas, consisting of 12 formulas including

40 11 28% 30 50 -20 -40% Distribution costs -90 -70 -20 29% -62 -59 -3 5% Administrative expenses -108 -181 73 -40% -75 -150 75 -50% Finance cost - Interest expenses -11 -11 - - -8 -7 -1 14% Corporate

) (73.0 %) (1,030.4) (70.8 %) (10.1 %) Gross Margin 341.7 27.0 % 424.0 29.2 % (19.4 %) Distribution Costs (196.1) (15.5 %) (182.5) (12.5 %) 7.4 % Administrative Expenses (72.5) (5.7 %) (91.6) (6.3 %) (20.9

products increased 16.2%.  Revenues from rendering of services decreased 63.91% due to less margins from publishing, distribution and other service from foreign publications. Thus, the company will no

higher revenue per visit of non-social security category but also from the efficient cost control of medicine and supplies as well as staff. Administrative Expenses Administrative expenses decreased by 13

IPD which generated highest margin comparing to other categories. Moreover, the efficient cost management such as medicine & medical supplies as well as the benefit from economy of scale in term of