THB 79.46 million or 19.75%. This was due to the Government stimulus measures causing selling expenses in 2016 lower than usual. In addition, the Company made investment in developing new construction

that the operating results will improve in early 2021. As of now, the company is open for business as per usual, no direct operational impact from the COVID-19 outbreak situation. 2. Operating Results

business, the number slows down as per usual with the decent direction of property rental. Existing clients remain unchanged. The company has a plan prepared since the end of 2019 as the real estate business

extent the issuer has a continuing relationship with such entities; (b) the sponsor for listing or issue manager to the offer; (c) the underwriter to the offer, if any; and (d) the legal advisers to the

efficiency of the new stores launched in the year 2017 to benefit from economies of scale. In the first quarter 2018, the Company had total revenue of 15,900.33 million Baht, an increase of 627.77 million Baht

franchise fees (3) increased efficiency in support functions due to economy of scale that resulted in staff expense increasing slower than the company revenue growth. Zen Corporation Group Public Company

economy of scale that resulted in staff expense increasing slower than the company revenue growth. Analysis of Financial Position Assets As of 31 December 2017, and 30 September 2018, the Group had total

2018 gross profit margin was mainly driven by the adoption of economies of scale and efficient control of production cost. 2. Selling expenses In year 2018, the Company incurred selling expenses of Baht

8.30 percent to 17.88 percent. The increased gross profit rate from trading business of telecommunication towers , which resulted in economies of scale lead to lower costs. 3. Sales and administration

การเพิม่ขึน้ของยอดขาย อนัเป็นผลสว่นใหญ่มาจากราคาวตัถุดบิ และ การใชก้ าลงัการผลติในกลุ่มผลติภณัฑบ์รรจุภณัฑพ์ลาสตกิทีล่ดลงต ่ากว่าก าลงัการผลติขนาด ประหยดั (Economy of Scale) 3. คา่ใชจ้่ายในการขายและบร