to sales volume growth that was supported by an increase in capacity from the investment in Phase 3 at the new plant, but mainly offset by the appreciation of the Baht. Cost of Sales and Gross Profit

increased from THB 39.0 Mn in 9M17 to THB 49.3 Mn in 9M18, an increase of THB 10.3 Mn or 26.5%. This increase was mainly due to (1) the increased number of franchise branches (2) adjustment increasing the

income increased from THB 39.0 Mn in 2017 to THB 49.3 Mn in 2018, an increase of THB 10.3 Mn or 26.5%. This increase was mainly due to the (1) the increased number of franchise branches and (2) adjustment

allowance for sales staff, offset however by a decrease of Baht 6.40 million in advertisement media and advertisement materials. 4. Administrative expenses Administrative expenses amounted to Baht 35.21

THB 169mn (see further details in trade and other receivable section) and 3) an increase in float from Rabbit cardholders of THB 38mn. However, the increase was partially offset by 4) a decrease in

offset by a decrease in deferred revenue of THB 48mn. Total equity was THB 3,052mn rose by THB 306mn or 11.1%. This was attributed to an increase in premium on shares of THB 308mn which was from the rights

THB 27mn. However, the increase was partially offset by 5) a decrease in current portion of long-term loans of THB 77mn. Total non-current assets stood at THB 5,911mn, an increase of 10.0% or THB 539mn

amounted to around Bt800mn in 1H18. Cost of service (Bt36,483mn) increased 11% YoY due to payment of partnership with TOT and higher D&A, offset by lower regulatory fee. Excluding payment to TOT, network

and equipment from MACO’s subsidiary of THB 50mn, 2) an increase in long-term loans to associated company of THB 51mn. However, the increase was partially offset by a decrease in 3) advance payments to

year before. This was partially offset by a drop in the sale of holiday club memberships. At the time of this report, there is a total of Baht 3,098 million in property sales revenue which will be