% -32.2% Cost of sales 482 453 466 2.8% -3.3% Gross profit 265 58 41 -30.1% -84.6% SG&A 242 208 211 1.5% -12.9% Share of profit (loss) from JVs & associates (5) (92) (53) -42.4% 908.7% EBITDA 113 (60) (44

% -33% Revenue from sales of goods 30 3% 50 2% 67% Revenue 954 100% 2,355 100% 147% Gross profit 319 33% 985 42% 209% Other income 882 92% 98 4% -89% Selling expense -129 -14% -287 -12% 122

% since there are no new projects completed in this quarter. However, the gross profit from sale increases 1.60%. At the same time, the income from rental property business and service and management

ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2019 3. Financial highlights (based on Thai FRS) Q3 2019 Financial Position Summary as of 30 September 2019 compared to Q3 2018: Note: Gross profit = Sales and service

from sales of goods 63.07 100.00 61.38 100.00 (1.69) (2.68) Cost of sales of goods 45.52 72.17 46.37 75.55 0.85 1.87 Gross profit 17.55 27.83 15.01 24.45 (2.54) (14.47) Other income 1.56 2.47 1.99 3.24

). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading

comparing to the same period of the previous year. Mainly due to the higher sales from the economic recovery and the good gross margin remained of the metal products, especially the automotive exhaust pipes

, in order to prepare for an increased level of production in the future. Q3/2017 Gross Profit The Company and its subsidiaries recorded gross profit of Baht 446 million, a decrease of 26% YoY. This

material cost from tolling. Consolidated gross loss amounting to Baht 120 million, gross loss increase by Baht 53 million QoQ and comparing with same period of last year which has gross profit Baht 146

million or 44.95% comparing to the 2nd quarter of 2017, which the realized net loss of THB 6.47 million. Gross Profit (Loss) The Company has a gross profit from sales of goods and services for the 2nd