36.91 million baht (14.13%) resulting in the increase of the Company’s gross profit of 11.26 million baht (21.96%), due to the turnovers of 5 subsidiaries increased from the same quarter of the previous

profit is consistent with the increase in the growth of revenue from expansion of business of the company. However, the Gross profit margin has slightly decreased due to cost of program right growth

driven by the continued growth in construction industry and further renovation/expansion of retail stores and new Shopping complexes despite revenue recognition delays from some turnkey projects to next

expansion of company’s internal activities. Nevertheless, the rate of increase is less than the growth rate of company’s revenue; therefore, SG&A/Sales decrease from 12.77% in Q3/2018 to 11.00% in Q3/2019. 3

showed in the corresponding period last year, or 25.21% increased, which is corresponding with sales growth and expansion of company’s internal activities. Nevertheless, the rate of increase is less than

industry. 2. Selling and Administrative Expenses Selling and Administrative Expenses increase in accordance with sales. In Q1/2018, the company’s selling and administrative expenses were Baht 116.11 Million

. 2. Selling and Administrative Expenses Selling and Administrative Expenses increase in accordance with sales. In Q2/2018, the company’s selling and administrative expenses were 124.45 million baht

network expansion led to increasing cost of service 3.9%YoY and 3.4%QoQ; however, SG&A was well-managed and dropped -12%YoY and -8.8%QoQ, resulted in stabilized EBITDA with -0.9%YoY and +1.6%QoQ. Net profit

customers, has been pressured by high household debt. Therefore, spending expenses are carefully controlled. Notwithstanding, the entrepreneurs in retail industry have to adjust themselves to increase the

at a slower rate than the same period last year. Supporting factors included an increase in private consumption from both the agricultural sector (driven by an increase in rice prices) and the non