No. TorChor. 72/2558”), calculated from the weighted average market price per share of the Company’s ordinary shares traded in the SET for retroactively 7 business days but not more than 15 consecutive

30 SEPTEMBER 2018 LH Financial Group Public Company Limited Management Discussion and Analysis for the Third Quarter ended 30 September 2018 Page 2/21 Overview of Business Operation LH Financial Group

SEPTEMBER 2018 LH Financial Group Public Company Limited Management Discussion and Analysis for the Third Quarter ended 30 September 2018 Page 2/21 Overview of Business Operation LH Financial Group Public

increased from business expansion. For the 9M/2018, the net profit improved by Baht 420 million or 17% from 9M/2017. The gain was primarily due to start-up of IRPC-CP Phase 2 and ISP1 in Q4/2017 and the

capacity (new Kiln 7 started in Hua Pha Way in Q1) and the full effect of Saraburi Quicklime. Similar to Q2 2018, the revenue was primarily from core business without significant contribution from

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of tape and weaving process following the new business model to reduce the cost the purchasing of plastic resin through banking (TR) has been canceled too results in the financial cost also reduced. 7

require 237 million baht in investment in: ownership of land, long term land rental (for the source of untreated water), infrastructure and machines required to carry out the business. To engage in long

from Yemen and Afghanistan. Export sales to CLMV countries, an existing and large international business base for the Company, increased by THB 526 million or 36.4% mainly due to higher demand from

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been