, combined with crude oil price declining during the quarter leading to retail price at service stations remain optimal relative to the finished product cost. Power Plant Business, increased in total

referenced crude oil price of every products; stemming from a state of excess supplies of finished products in the market, and declining demand from the 4 Management Discussion and Analysis of Business

palm oil price continuously declining, the business recorded an Inventory Loss of THB 80 million. Further, the Selling, General and Administrative expense increased from the same period of the previous

million, with the following factors affecting performance as follow: 1. The refinery’s average production rate declined by 4% from Q4/2018, due to the declining of finished product and reference crude price

margin was declined from the higher raw material price. The Denatured Ethanol Business saw performance improved from last year following the amalgamation, however gross profit was affected by the declining

% q-on-q declining gas price (despite a 1.0% y-on-y increase) and 3) new industrial-user (IUs) clients. EBITDA margin also improved to new-high level of 28.3%, thanks to contributions from Vietnam solar

-to-declining Industry margin environment, particularly in a key feedstock, PTA and in PET, which contributes to the Company’s largest production vol- ume. As is evident in the graphs, the Company has

level of 1.25 percent while projecting the Thai economy would expand at a lower rate than previously forecast and further below its potential due to declining exports which have affected domestic demand

% down from 1Q2017. The revenue from feed business continued declining due to intense competition of animal feed and aquatic feed in Thailand reflecting falling in revenue from animal feed and fish feed

of sales is due to the higher weight of the products sold, while the sales are affected by the declining sales price. For nine months ended 31st Dec 2018, the Company and its subsidiaries had cost of