), to offset the impact of the tightened liquidity. Overall, loans of Thai commercial banks, both corporate and retail loans, were hit hard by the COVID-19 pandemic. In response to this, the Bank of

business registered a lower EBITDA in 4Q19, as a sharp decline in margins offset an increase in volumes. The margin decline was driven by the unwinding of accumulated inventories in China during the quarter

decreased from lower sales volume of processed food which decreased by 24.07% which partially offset by 16.94% higher selling price comparing to 3Q2016. GFPT Public Company Limited Interim Management

%, with organic growth contributing 9%, demonstrating the strong market demand for PET as IVL being the global leader in this space. However, volume increase was offset by a decline in EBITDA/t which was

across all segments;  Carbonated soft drinks (where lower availability of fountain due to lockdown & due to shortage of Aluminum cans has resulted PET as preferred packaging material for converters offset

higher demand from large format packaging, however, is partly offset by lower bico PET demand which goes into non- food & beverage applications. Integrated Oxides and Derivatives Our integrated oxides and

helped offset the impact from cancellation of fees for funds transfer via digital channels. Most commercial banks remained cautious in setting aside allowance for impairment loss on loans as loan quality

and helped offset the still lingered at a low level of private investment and contracted in public spending. As the momentum from the above mentions, the Thai economy was expected to improve further

expand with the doubling of PTA (recently completed). Although the high IPA margins will gradually normalize but we expected them to be more than offset by the dou- bling of IPA production starting 1H18

households. These drivers combined to support growth momentum and helped offset the still lingered at a low level of private investment and contracted in public spending. As the momentum from the above