0.22 Interim Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working

0.33 Interim Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working

Yearly Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working capital

0.17 Interim Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working

0.46 Interim Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working

0.43 Interim Management Discussion and Analysis Analysis of Overall Performance The distribution business of the plastic resins, plastic, and petrochemical related products needs relatively high working

through agents, transportation cost for distribution in both domestic and international market, sales promotion expense for exhibition ln Philippine. All cost of selling is incurred to increase the new

DISCUSSION AND ANALYSIS FOR Q2/2017 3 Raw Water Volume (Million Cu.M) 1H/2016 1H/2017 Increased (Decreased) % Total distribution volume 148.70 136.99 (11.71) (7.87%) Internal usage for tap water 15.40 15.94

- - 0.22 0.25 0.22 100.00 Profit before expenses, finance cost and taxes 23.55 22.65 20.21 23.07 (3.34) (14.18) Distribution costs 1.58 1.52 2.04 2.33 0.46 29.11 Administrative expenses 9.79 9.41 10.47 11.95

the management to cost of distribution and administrative expenses decreased from the change of strategy of the distribution channels in order to decrease cost and expenses from the past that the