compared to same period of previous year as amount of 725.38 Million Bhat by fluctuate from projects deliver to customers.  Administration expenses of 240.33 Million Baht as decreased of 37.34 Million Baht

118.93% 1,640.08 108.45% 1,465.28 96.89% -20.76% Cost of good sold For the Year 2019 (Million Baht) + (-)2018 4 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Selling and Administration Expenses Selling

Administration Expenses 2019 % of Sale Restated % of Sale Original % of Sale % Cost of steel tower manufacturing 822.15 127.54% 1,138.08 110.86% 963.28 93.83% 16.68% Cost of sale of industrial equipment 6.68 80.53

represents decreasing of 6 Million Baht (122%) from Q3/2017. The main cause for the lower net profit are occurred from increasing of selling and administration expenses, and loss on foreign exchange rates

155.70 million baht, an increase of 7.71 million baht or 5.2% from last year. The gross profit margin increased from 15.69% in 2018 to 17.54% in 2019. Sales and administration cost The company recorded

selling and general administration expensed for this quarter Please be informed accordingly. Yours sincerely Mr. Panya Boonyapiwat Chairman

bargain purchase 0.00 0.00 33.64 33.64 100.00 33.64 100.00 Profit before Selling and Administration expenses 12.61 58.17 81.06 22.89 39.35 68.45 543.05 Selling expense 3.36 26.92 8.54 -18.38 -68.27 5.18

113.09 Gain from bargain purchase 0.00 0.00 33.64 33.64 100.00 33.64 100.00 Profit before Selling and Administration expenses 12.61 58.17 81.06 22.89 39.35 68.45 543.05 Selling expense 3.36 26.92 8.54

have to buy the high material cost which we had bought in advan cost is used up almost all in 2 nd and 3 Administration and selling expenses is decreased from last year due to the budget controlling

quarter of 2016. Sales and Administration cost The company recorded sales and administration cost of 175.80 million Baht for the year ended December 31, 2017 which decreased from the same quarter last year