MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 SG&A expense against only 1.5mTHB consolidated EBITDA contribution, since the acquisition was completed only at the very end of the quarter

. The impact is reduced somewhat when we compare EBITDA on a YTD basis (since Saraburi Quicklime is only consolidated from March 19th onwards) but it is still up 30%, and this without contribution from

THB 1,778.7 mm, which decreased by 13.1%, compared to the same period of last year. However, if only considering, normalized share of profit from investments in associates decreased by 4.6%, mainly due

and service increased only Baht 9 million. As a result, gross profit increased Baht 17 million. Moreover, other income increased Baht 1 million and administrative expense decreased Baht 2 million

rf or m an ce Revenues 2,752 3,928 Gross Profit (Loss) (83) 123 Net Profit (Loss) (179) (72) H R C HRC Sales (k tons) 184 197 HRC Production Volume (k tons) 170 204 HRC Average Selling Price (THB./ton

5,192 Group Gross Profit (Loss) (178) (75) Group Net Profit (Loss) (247) (223) HRC Sales (k tons) 316 260 HRC Production Volume (k tons) 290 306 HRC Average Selling Price (Bht/Ton) 14,922 19,938 Unit

-period ended June 30, 2020. As for the gross profit margin of the first 6 months of 2020, the Company and its subsidiary’s gross profit margin was at 24.03% while in 2019 was only 21.20%, main reason was

owner bolstering in online platform, at the proportion of 85% and 15% respectively. The Company believes that not only Woody C Lock shall curtail a certain growth amid more health concerned consumers and

unrealized loss. In additional, the Company’s normalized total revenue and share of profit, and normalized net profit stood at THB 1,399.5 mm and THB 196.5 mm, respectively. • Comparing to the normal business

0.17 2.84% Profit (loss) from exchange rate 1.81 0.66 1.15 175.88% 1.81 0.66 1.16 176.37% Total Revenue 406.40 327.64 78.75 24.04% 400.05 326.12 73.93 22.67% Sharing of gain (loss) from investment value