(46%) (33%) 3,175 3,359 6% Gross profit margin* (%) 27% 24% 22% (2%) (5%) 24% 26% 2% Net profit margin (%) 15% 13% 8% (5%) (7%) 16% 14% (2%) * Exclude costs of depreciation and amortization 1 Operation

business to record a lower market gross refinery margin (GRM) compared to Q2/2018. However, market GRM (Restate) 7/ Management Discussion and Analysis of Business Operation for Q2/2019 Bangchak Corporation

million or 10.3%(y-o-y) , representing Net profit margin of 26.9% and 27.5% respectively. Thus have earnings per share of Bt0.40 and Bt1.22. In Q3/2019 and the nine months of 2019, the Group has been

across Thailand. Gross Profit and Gross Profit Margin 2017 2016 Increase (decrease) Million Baht % Million Baht % Million Baht % EMS business 446 19% 354 21% 92 26% Telecommunication business 133 28% 101

/2018 and of the nine months of 2018 were of Bt304.6 million and Bt869.5 million which increasing by Bt32.8 million or 12.1%(y-o-y) and Bt60.9 million or 7.5%(y-o-y), representing Net profit margin of

71.69 Basic Loss Per Share (Baht) -0.03 -0.12 Gross Margin 3.18% 24.25% Net Profit Margin -61.51% -177.93% Total Expenses The 6 Months Operating Result as ended 30 June 2020 Financial Performance of 2nd

305.8 (158.5) (34.1%) Gross Profit 318.7 174.8 (143.9) (45.2%) Gross Profit Margin 68.6% 57.2% GPM before adjustment with PPA 69.7% 57.6% Rental and service income from warehouses, distribution centers

Gross Profit Margin Q3-2019 Q2-2020 Q3-2020 9M-2019 9M-2020 Change THB Mn THB Mn THB Mn %QoQ %YoY THB Mn THB Mn %YoY Biomass Power Plant 250.1 263.6 291.4 10.5% 16.5% 679.2 798.6 17.6% Natural Gas Power

-performing loan (NPL) to total loans was 2.9 percent, nearly the same level as at the end of 2017. The Bank of Thailand’s Senior Loan Officer Survey indicated that in the second quarter of 2018, credit demand

that in the third quarter of 2017, credit demand from the business sector increased from the previous quarter, mostly due to SMEs’ requirements for working capital and inventory production. Demand for