, public spending and tourism sector still expanded which resulted from low base in the previous year. (Source: BOT Press Release No.64/2019 on the Economic and Monetary Conditions for September and the

Company usually rises the input cost to the price of the products. Anyway, the economic recession threatens to the price structure that the Company cannot specify the price change with the corresponding

maximize market opportunities in 2018.” 2. Outlook General economic conditions are favorable: there is growing expectation that Q4 2017 GDP growth in Thailand will have accelerated to 4.5% y/y (versus 4.3

ease this pressure, and with the upward trend in prices, we will continue to expect healthy margins.” 2. Outlook Overall Thai economic activity in the first quarter of 2018 beat expectations with an

volatility from time to time amid the uncertainties of US-China trade policies and the eventual relationship between the UK and the EU, turbulence in emerging markets, and concerns over the US economic outlook

in capital expenditure. However, external demand softened as the value of merchandise exports grew at a slower pace. (Source: BOT Press Release No.3/2020 on the Economic and Monetary Conditions for

previous year were as highlighted below; Separate financial statements (Unit : Million Baht) Q2/2019 Q2/2018 % Change 6 Month 2019 6 Month 2018 % Change Sales and Service Income 516 467 10 1,001 934 7 Cost

sales revenue [-2%], stronger THB/USD exchange rate [-2%], change in product mix [-1%] and higher labour and salaries expenses [-1%] . Page 1 of 3 Operating Profit Analysis Year-on-year operating profits

maintained its growth momentum. Similarly, Thailand’s major economic indicators continued to exhibit growth, as evidenced by brighter exports, government spending and private spending on certain items of

third quarter of 2017, buoyed largely by tourism and exports. Nonetheless, the economic recovery was not broad-based, as evidenced by sluggish private consumption. While certain businesses were still