, as well as the outstanding credit card balances, despite an increase in credit card spending. Nonetheless, macroeconomic factors and government stimulus measures remain influential, particularly the

year which is essentially due to lower loan balances and interest rate in the current year. Income tax expenses increased by Baht 57 million as compared to the prior year and this is largely because the

same period last year due to lower interest rate but partially offset by higher loan balances in the current period. Income tax was Baht 7 million higher as compared to the same period last year mainly

compared to the same period last year due to lower loan balances but partially offset by higher interest rate in the current period. Income tax was Baht 14 million higher as compared to the same period last

. (the Company started to take equity from January 2017). Finance cost decreased by Baht 13 million as compared to last year which is essentially due to lower loan balances and interest rate in the current

equity from October 2017) and the lower gain from Thai Wah Plc. Finance cost decreased by Baht 3 million as compared to the same period last year as interest rate and the loan balances were lower in the

and Equity of the Company. - Sale of Assets under construction to Free Zone in order to alleviate payment of import duty, VAT, Customs Duty & Penalty. This resulted in Loss from sale of fixed assets

Price (Bht./Ton) 18,529 16,348 HRC Cash Margin (Bht./Ton) 1,848 2,427 Unit: million Baht 2017 2016 Gr ou p Total Assets 32,437 32,615 Total Liabilities 20,059 21,747 Total Equity 1,364 10,868 Average

1,336 HRC Average Selling Price (Bht./Ton) 18,529 16,348 HRC Cash Margin (Bht./Ton) 1,848 2,427 Unit: million Baht 2017 2016 Gr ou p Total Assets 32,172 32,615 Total Liabilities 19,781 21,747 Total Equity

Baht 30-Sep-19 31-Dec-18 Total Assets 28,635 30,632 Total Liabilities 19,001 20,532 Total Equity (911) 172 Minority 10,545 9,928 Gr ou p HR C Gr ou p Management Discussion and Analysis Quarter 3 Ending