reduction of raw materials. Selling Expenses Selling expenses of Q3’2018 was Baht 390 million, decreased by Baht 24 million or 5.8% from Q3’2017, mainly from increased efficiency of advertising and

Baht 1,998 million, decreased by 4.6% or Baht 97 million, from Baht 2,095 million in the fiscal year 2017, mainly from increased efficiency to control expenses. Fire incident impact In the fiscal year

corporate directorship roles, leading to a higher proportion of women in board composition which contributes to a more diverse perspectives and increased efficiency in board performance, but also promote

increased sales. Efficiency improvement to cut down the cost and expenses in the second quarter of 2018 resulted in gross profit of 14.68%, an increase of 0.86% from gross profit of 13.82% in the second

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

) higher revenues from franchise fees (3) increased efficiency in support functions Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 due to

income (3) increased efficiency in support functions which resulted in limited increase in administrative expenses. Analysis of Financial Position Assets As of 31 December 2017, and 31 December 2018, the

19.80% respectively from the same period of the previous year because of a lower ownership transfer volume and increased efficiency of expenses management and operational costs control. During the last 9

last year, driven by the Company was able to control key raw materials price and also increased the operation’s efficiency continuously. Selling Expenses Selling expenses was Baht 1,497 million decreased

recognized revenue according to the success of the project to increase production efficiency. - Cost of sales increased from 182.73 million Baht in the second quarter of 2018 to 235.63 million Baht for the