. (AIE) and its parent company, Asian Insulators Plc. (AI), to cooperate with the auditors in auditing their 2014 financial statements where the auditors were unable to express opinions due to limitation

million baht, an increase of 168.68 million baht or 105.06 percent from 160.55 million baht in the same period of last year. Company plans and grow from revenue recognition from Sun Express Logistics Pte

Australia to EGR Europe as delivery country. Gross profit margin decreased 4% duted to sold OEM project that high gross profit margin decrease, gross profit of Trading products decreased dued to Baht strength

strength as well as effort to maintain monetary return in the eyes of shareholders. Page 3 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 The Company has adopted

Trading products decreased dued to Baht strength. - 2 - Selling and Administrative Expenses In the three-month period ended 30 June 2017 and 2016, total selling and administrative expenses of the Company

compared to the same period last year by gaining from dividend received. The financial structure of the Company was in the strength level and cash flow could be managed effectively, hence, there was no

AI to rectify their 2014 financial statements as the auditors were unable to express opinions due to limitation on scope of audit imposed by the companies’ managements arising from lack of efficiency

decreased 15.49% dued to sold OEM project that high gross profit margin decrease, gross profit of Trading products decreased dued to Baht strength. Cost of sales and Services In 2017 and 2016, total cost of

is the Baht strength. Cost of sales and Services In the three-month period ended 31 March 2018 and 2017, total cost of sales and services of the Company increased from Baht 339 million to Baht 384

statements. Therefore, the auditor was unable to express his opinion on the aforementioned financial statements. Such information includes cash account, purchases and sales transactions in cash, executive