genuine gross margin in 2017 was at 57.5% for the warehouse rental and service business which decreased from 69.0% last year, mainly due to change in product mix between Built-to-Suit and Ready-built

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted

Management Discussion and Analysis for the Year 2019 1. Operating Results (Company and Subsidiaries) Consolidated revenue for year ended 2019 of both treatment of industrial waste business division

, Clause 38, Clause 43(3), and Clause 44 of the Notification of the Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems and

negative growth for over the past 2 years according to Nielsen Thailand, but also play a vital role in expanding current domestic business of the Group and in the future in relation to the growing demand and

million in 2017 which did not reoccur in 2018. The decline in gain on sales of investment was partially offset by an increase in gain on change in fair value of investment property amounting to Baht 45

Management Discussion and Analysis Year Ending 31 December 2019 G J Steel Public Company Limited Page 2/14 2. Business Outlook Total Hot Rolled Steel consumption for 2019 at 6.66 MT decreased by 8% compared to

349 SJ Infinite I Business Complex, Unit 1507, 15th Floor, Vibhavadi-Rangsit Road, Chompol, Chatuchak, Bangkok, 10900 Tel. 02 075 5667-8 Fax. 02 075 5669 Website: www.eicasia.net Ref. EIC-AD005/2018

considered low especially the government project as the public is still waiting for the national election on 24 March 19. As such, the Company do not foresee 2. Business Outlook on Q1/2019 3 G J Steel Public

this quarter is considered low especially the government project as the public is still waiting for the national election on 24 March 19. As such, the Company do not foresee 2. Business Outlook on Q1