which increased from 94.50% in year 2017, and the gross margin decreased from 5.50% in 2017 to 4.74% in 2018. The decreased of gross profit margin was mainly due to differences in product mix and the

sales mix of lower gross margin products sold through online channels. The Company has implemented measures to control its operational costs such as overtime compensation, associate’s sales incentive

study on asset allocation for retirement savings in a group of working age investors. The allocation was made among common stocks, bonds, bank deposit and gold in appropriate mix adjustable through life

companies where a critical mass of the board is preferred to be independent. There should be a sufficient mix of individuals with relevant knowledge, independence, competence, industry experience and

/USD 32.31 in 2018 which was 5% stronger than the THB/USD 33.93 in 2017. Exceptional Items There were no Exceptional Items in 2019, 2018 or 2017. Subsequent Event None reviewQ419.xlsx MD&A 2019 24/02

34.25 in 2015. Exceptional Items There were no Exceptional Items in 2017, 2016 or 2015. Subsequent Event None

the ongoing management of the product mix and improved assortment planning for all product range. This includes product development under the private brand to enhance the gross margin. In March, the

sweeteners and sold since in 2nd Quarter 2018, therefore resulting in gross profit in 2019, with a higher gross profit than 2018. In addition, (b) increase in portion sale of high margin products mix Selling

differences in product mix and the gain from currencies appreciation as compared to same period of previous year. 3. Selling and Administrative Expenses For the second quarter of year 2017, the Company’s SG&A

year 2019 increased from 4.02% to 5.30% as compared to the same period of last year. The increase of gross profit margin was mainly due to differences in product mix and the impact derived from adoption