profit margin as a percentage of sales has increased from 25.49% in the previous year to 25.90% due to change in product sales mix of general merchandise and the enhancement of directly sourced private

Company Limited Q4’18 and FY18 Management Discussion & Analysis 27 February 2019 Q4’18 and 2018 Management Discussion & Analysis Page 4/7 cost improvement after commissioning of new glass plant at The Siam

. In order to maintain overall financial results, the Company has initiated strategies focused on improvements in operational efficiency and expense control, such as adapting to the ‘new normal’ of

% in previous year to 26.43% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods’ profit margin, as well as the continuous efficiency

great emphasis on effective revenue generation from new malls, asset enhancement, coupled with efficient operating costs management. Currently, CPN manages 30 shopping malls with the net leasable area

transportation costs, the gross profit margin as a percentage of sales has increased from 26.49% in the previous year to 27.10% due to change in product sales mix of general merchandise and the enhancement of

December 2017. CPN continues to emphasize on effective revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping

margin as a percentage of sales has increased from 25.89% in previous year to 26.17% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods

Baht 1,314.1 million to Baht 1,386.0 million. The increase of Baht 71.9 million, mainly derived from sales of biomass power plant which increased by Baht 24.5 million as the result from the enhancement

revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping malls with the net leasable area (NLA) of approximately