investments in power associates increased by 6.2%. However, if excluding the FX impact and one-time loss items, normalized share of profit from associates and joint ventures in power business increased by 52.5
the first quarter of 2020 remained high at 53.4% inclusive of PPA impact, while the genuine gross margin was 54.3%, increasing from 42.4%, comparing to the same period of last year. Utilities & Power
investment properties increased by 45%, compared to the same period of last year. Because, on 6 November 2015, the Company sold assets to WHA Business Complex Freehold and Leasehold Real Estate Investment
Hemaraj Leasehold Real Estate Investment Trust (HREIT) and increase in normalized share of profit from investments in power associates. Such impact from FX losses was only accounting implication and did not
associates increased by 24.8%, mainly from increase in revenue from sale of investment properties resulting from the asset monetization to Hemaraj Leasehold Real Estate Investment Trust (HREIT) and increase in
investment properties resulting from the asset monetization to Hemaraj Leasehold Real Estate Investment Trust (HREIT) and increase in normalized share of profit from investments in power associates. Such
standards under WHA level. However, the genuine gross margin in first quarter of 2018 was at 63.8%. Utilities & Power Business Q1 2017 Q1 2018 Increase/(Decrease) THB mm THB mm THB mm % Revenue 554.3 515.0
HIGHLIGHTS Total revenue increased by 81.8%, mainly from significantly increase in income from sale of real estate due to increase in land transfer this quarter, compared to the same period of pervious year
last year. KEY HIGHLIGHTS • Total revenue increased by 12.6%, mainly from increase in income from sale of real estate and other income. • Share of profit from associates and joint ventures increased by
accounting standards under WHA level. However, the genuine gross margin was 55.3%. Utilities & Power Business 2018 2019 Increase/ (Decrease) THB mm THB mm % Revenue 2,095.1 2,258.7 7.8% Gross Profit 895.2