turn affect demand for loans – especially business loans – which would likely put pressure on asset quality. Moreover, commercial banks may focus on customer base expansion and income earned from

business continued the growth momentum with revenue of Bt2,710mn, growing 11% YoY and 4.3% QoQ from a subscriber base growing above the industry average. AIS maintained superior service quality and

farm and non-farm income. Public spending also increased from spending on goods and services and compensation expenses while capital spending declined from the high base effect of last year from the

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

period last year due to a slowdown in sales in China since the end of last year. Nevertheless, the Company managed to expand its business to the Philippines to extend the customer base and diversify its

objective of operating a telecommunications business. By having the first type of internet service license (Providing internet services without its own network) from the National Broadcasting and

the previous year. For the subsidiaries, Mega Home business has a stable sale, while the operating performance of the HomePro business in Malaysia was affected by the high-base impact of Goods and

Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

decline is also partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the

partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the key driver with