initiating a share repurchase project. However, at the time, the total proceeds from the capital fundraising through the private placement had already been fully utilized. Furthermore, STARK lacked retained

Financial Reporting Standards No. 16 since the beginning of this year. Causing the subsidiary companies to record the rental decreased. Management Discussion and Analysis, Q1/2020 Page 3/ 7 Jaymart Public

share of THB 0. 001, comparing to a net profit of THB 34. 81 million or earnings per share of THB 0. 035 during the third quarter last year, a decrease of THB 33.42 million or 96.01%. Net profit for the

11,638.0 (198.0) (1.7%) Normalized Net Profit/3 2,864.7 2,917.9 53.2 1.9% /1 Including other income and share of profit from investments in associates and JVs /2 Gross profit including share of profit from

) higher excise tax as well as sugar tax following the Excise Act, B.E. 2560, effective since 16 September 2017; 5) higher R&D expenses which had quite an impact at the beginning of the projects; and 6

) (2.65) 0.21 7.87 Administrative Expenses (3.55) (3.55) (3.04) 0.51 16.68 Total Expenses (36.89) (36.31) (30.19) 6.12 20.28 Profit before share profit from investment in joint venture, financial costs and

7.87 Administrative Expenses (3.55) (3.04) 0.51 16.68 (3.55) (3.04) 0.51 16.68 Total Expenses (36.89) (30.19) 6.70 22.18 (36.31) (30.19) 6.12 20.28 Profit before share profit from investment in joint

financial statements as described above and consolidated financial statements of the subsidiaries and the share of income from associates following. 1. NCL Inter Logistics (S) Pte., Ltd. loss of 2.39 million

) (120.67) (27.57) 22.84 Profit before share loss from investment in joint venture and income tax 21.82 13.33 8.49 63.80 22.21 13.49 8.72 64.65 Share of loss from investment in joint venture (0.86) (4.13

, Federation of Accounting Professions. The Standard is applicable to the financial statements beginning on or after January 1, 2011.