and we are seeing some volumes repatriated on the Thai market increasing domestic competition. Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2019 3

% down from 1Q2017. The revenue from feed business continued declining due to intense competition of animal feed and aquatic feed in Thailand reflecting falling in revenue from animal feed and fish feed

intense competition in Thailand reflecting falling in revenue from fish feed about 27.52% from lower sales volume of fish feed. However, revenue from shrimp feed rose by 18.41% from 2Q2017 mainly from

3Q2017. The revenue from feed business continued declining due to intense competition in Thailand reflecting falling in revenue from fish feed about 18.42% from lower sales volume of fish feed. However

front, the lower employment rate and high household debt causing most of the financial institutions to offload their NPLs and NPAs for asset management companies (AMCs) to manage further. The competition

growth of the same store sales of the overseas restaurants are decreased by 21.0 percent respectively caused by a higher competition in a restaurant business and an economic slowdown in Singapore. Revenues

sales of restaurants in Cambodia, China , UK and Switzerland declined by 11. 7 percent due to a higher competition in a restaurant business and a continuous economic slowdown in China and UK countries. In

by 4.1 percent due to a higher competition in a restaurant business and a continuous economic slowdown in Singapore, China and UK counties. In 3Q 2018, the Company generated revenues from the food and

competition in the market became less intense because of higher demand and sales volume of agrochemicals. Cost of sales increased at a lower rate of increase than that of the sales volume resulting in the

–2021 and Q2– 2020 due to relatively high competition, economic recession and the epidemic situation of COVID–19. In addition, -3- some operated projects have higher actual costs than the estimates; as