Q1-2017 (THB 18,695/ton) due to the decrease in HRC market price worldwide and a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. Management’s Discussion

due to higher network depreciation. SG&A stood at Bt19,327mn, rising 3.1% YoY mainly from higher staff cost and the one-time admin expense in 3Q18, offset by lower marketing expenses. As a result

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

and lower operating rates in several fiber manufacturing units. As all of these set of issues are now behind us, improved earnings from the EMEA region will have a further positive earnings impact for

have managed to drive productivity and delivered our services with better efficiency in the use of resources. Gross Profit As a combined result of improved revenue and reduced cost of services, we booked

accounting for 14.4 percent of total revenue. This was due to the improved efficiency in debt collection and the management of non-performing debt of the Company has been trusted by financial institutions. The

and Q1- 2016, which was Baht 199.5 million and Baht 16.5 million, respectively, due to the first quarter of 2017. The overall economic expansion has improved direction, with the main driving force from

. Gross Margin : Lower margin mainly from seaweed price and utilization rate The company’s third-quarter gross margin was 4 3 9 .4 million Baht or 3 1.3 percent of revenue from sales, Decreased by 4.2

from THB -206.4 Mn in 2017 to THB -121.2 Mn in 2018, an increase of THB 85.2 Mn. This was mainly due to (1) purchase of intangible assets relating to the Japanese brand “Sushi Cyu” in 2017 and (2) lower

three months ending 31 March 2018 to THB -11.8 Mn in the same period of 2019, an increase of THB 11.5 Mn. This was mainly due to lower purchase of fixed assets in 2019 compared to 2018. Net Cash from