due to economic slowdown, which results in a decline in advertising expenditure in print and advertising. Consolidated print and advertising revenue for the year-ended 31 December 2019 was 588.6 million

Profit / Cost of Sales Analysis and Sales and Administration Analysis Gross Profit increased by THB 339 million with the gross margin being 15% in 2017 up 1 percentage point from 14% in 2016, due to higher

% Revenue from social security 197.53 164.68 20% Revenue from Hospital Operations 445.88 382.92 16% Cost of hospital operations 285.42 257.36 11% Gross margin 160.45 125.57 28% % Gross margin 36% 33% 3

% Cost of hospital operations before adj. 294.32 274.71 7% 579.74 532.07 9% Adj. staff benefit 8.15 - 8.15 - Gross margin 120.29 108.76 11% 280.74 234.33 20% % Gross margin 28% 28% 0% 32% 31% 2% % Gross

from the same period of last year at 16.83% due to the declining in sales but the Company still had fixed cost. Moreover, the depreciation was higher from machine acquisition and plant and equipment

Baht 102.11 million or 30.06% from the same period of previous year. The increase in cost of sales was not in line with the increase in revenue from sales due to the fixed cost of expenditure on factory

] [1Q18VS 1Q17] Sales Revenue 3,440.2 3,391.6 +1.4% 3,536.4 -2.7% [ Sales Revenue, USD $109.1 $103.6 +5.3% $101.3 +7.7% ] Cost of Sales 2,551.4 2,433.4 2,452.5 Gross margin, (%) 25.84% 28.25% 30.65% SG & A

] [2Q17 VS. 2Q16] Sales Revenue 3,663.5 3,536.4 + 3.6 % 3,578.6 + 2.4 % Cost of Sales 2,528.2 2,452.5 2,308.6 Gross margin, (percentage) 30.99% 30.65% 35.49% Selling & Administration 484.6 443.5 454.4 Net

. 2Q17] [3Q17 VS. 3Q16] Sales Revenue 3,602.0 3,663.5 - 1.7 % 3,515.2 + 2.5 % Cost of Sales 2,519.0 2,528.2 2,251.0 Gross margin, (percentage) 30.07% 30.99% 35.96% Selling & Administration 485.1 484.6

, resulting in the increase of selling expenses comparing to 1H18 in which we did not have these expenditure. In addition, there are also expenses of sales promotion, booth exhibition, cost of samples, and