14,376.4mn as of 31 December 2018. The decrease was primarily attributed to the reduction of cash and short-term investment for Management Discussion & Analysis ( - translation - ) For operating result of 1Q

THB 11 million (or -0.2%) from 31 December 2018 primarily from lower trade and other payable of THB 176 million which was offset by higher income tax payable of THB 160 million. As of 31 March 2019, the

); significantly decreased by 95% as compared to Q1 2018 of 147 million Baht. The significant decrease was primarily due to the transfer of The Ritz-Carlton Residences, Bangkok at MahaNakhon totaling of only 2

reasons: • Cash and cash equivalent decreased Baht (29.36) million. • Trade and other receivables decreased by Baht (83.81) million, primarily due to allowance for doubtful account from the delayed project

capacity (new Kiln 7 started in Hua Pha Way in Q1) and the full effect of Saraburi Quicklime. Similar to Q2 2018, the revenue was primarily from core business without significant contribution from

Company stood at THB 12,301.3mn, a decrease of THB 599.3mn, or 4.6% decreased from total assets of THB 12,900.6mn as of 31 December 2019. The decrease was primarily attributed to the decrease of THB 753.5mn

. Performance of the Company for Q2 2020 The Company reported a net loss of THB 179 million and THB 72 million for the 2nd Quarter 2020 and 2019, respectively. This is primarily due to: • Revenue from sales

primarily in the steel and construction segments. Combined with the ultra-weak sugar season that ended early in April, the burnt sales volumes were under significant pressure resulting an 8% lower sales

private investment increased in line with the economic recovery. Meanwhile, the government expenditures spending grew primarily through regular spending. However, government expenditures increased from the

expects the continuous growth from the catering services primarily to major international schools and the operation of a healthy food restaurant business opening in October 2019. In addition, Hotel business