because an increase of export and private consumption, as well as an expansion of government investment. In addition, the domestic tourism sector also improved due to the government continued relaxing
of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run
2020, credit demand from the business sector improved from the previous quarter, due to loan demand from large corporates and small and medium sized enterprises (SMEs) for working capital and refinancing
improved forecasting, and purchasing practices. Selling and administrative expenses In Q2 2018, the Company had total selling and administrative expenses of 1,146 million Baht (20% of total revenues
1, 2019. Management Discussion and Analysis For the Year Ended December 31, 2019 Page 11 3.2 Analysis of liabilities and equity As at December 31, 2019, the total liabilities and equity were THB
decrease in prepaid customers resulted from subscribers moving into postpaid. Blended ARPU increased 3.6% YoY with improved pricing; and remained flat QoQ. The subscribers for FBB business grew 38% YoY, and
investment picked up in line with the improved economic outlook, and with additional support from the government investment project even in this quarter its growth was lower than the assessment as the delayed
quarter of 2018, credit demand improved from the previous quarter, due to SMEs’ requirements for working capital and inventory build-up purposes, especially in the agricultural sector. Demand for loans from