(035) 350 880 Fax (035) 350 881 Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2017 2 Cost of sales and services Despite higher sales, cost of sales and services

increased corporate tax liability, despite a lower finance cost. This resulted in basic earnings per share of Bt1.15 for the second quarter of 2017 and Bt2.28 for the first six-month period of 2017. Total

reached 1,371.42MB, an increase of 78.15MB or 6% from 1,293.27MB in Q2 2016. This mainly resulted from a significant increase in USD zinc price and continued advantageous market premium, despite a decrease

. For the Company’s main business, sale of real estate business increased by THB 63.83 million despite the slowdown of real estate sector in Thailand and none of the Government stimulus measures. In

exchange rates, despite a lower finance cost. This resulted in basic earnings per share of Bt1.04 for the third quarter of 2017 and Bt3.32 for the nine-month period of 2017. Total Asset Total assets as of

loan and the impact of the THB appreciation to foreign currency translation of financial statements despite higher interest rates. Earnings before interest, tax, depreciation and amortization (EBITDA

1.2% QoQ to stay at Bt610 despite elevated pricing competition. CSL was delisted and will help capture growth in enterprise. The acquisition of CSL has completed with AWN successfully bought 98.96% of

margin of 5.54 percent despite the increase in selling and administrative expenses of 6.67 percent. The Corporate Group’s net earnings per share was Baht 0.08 per share, which was equivalent to the same

, decreased by 1.1 MB or 11.6% y-o-y due to the subsidiary has decreased in loan principle with a bank. Net Profit/(Loss) for the period Loss was 146.7 MB, decreased by 6.6 MB or 4.3% y-o-y, due to despite the

sales of existing outlets, despite economic stagnant Cost of Sales Total cost of sales and services of the Company was Baht 8,816 million, increased by Baht 706 million or 8.7% from last year which was