lease receivable, in accordance with the Effective Interest Method. Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2017 Page 6 2.4 Cost of sale and rendering

sales compared to the same period of 2018 which has cost of sales 767.27 million baht or 88.70% of sales due to proper product management and effective resulting in reduced cost of sales. - Selling and

be Baht 446.70 million or an increase of 33.26 percent, due to expansion of distribution channels and effective cost management having resulted in maintaining profit margin at a good level. (2

increase by Baht 42.70 million or an increase of 11.57 percent from the same period of previous year, due to effective management of production cost and selling expenses. Details of the changes or impacts

% YoY mainly from acquisition funding. The average cost of borrowing was 2.9% in FY23. Income Tax was at Bt6,909mn, increasing 12% YoY, following the increase in profit before tax. The effective tax rate

distribution channels and use of business strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond Brand”, as well as effective cost management having resulted in Corporate Group achieving highest

percent, due to the fact that every distribution channel has expanded significantly, as well as effective cost management has resulted in maintaining gross profit margin at a good level. (2) Analysis of

proper product management and effective resulting in reduced cost of sales. Yours Sincerely, Mr. Perapol Suwannapasri Managing Director

29.40 million or an increase of 13.20 percent from the same period of previous year, due to effective management of production cost and selling expenses. (2) Analysis of Operating Results and

included in the net profit of previous year, the net profit would increase by Baht 29.07 million or an increase of 9.70 percent from the same period of previous year, due to effective management of