in electricity unit production as the lower shutdown hours to improve the power plants machinery’s efficiency. Cost of sales and service decrease 4.8% YoY from Baht 5,044.3 million to Baht 4,800.4

food production. In term of business tourism continuously expanded in all region from both Thai and foreign tourists. Costs slightly rose due to wage hike and increasing in commodity prices, however

business. Similarly, private investment sector was slowdown regarding to the concern about uncertain government spending except in the electronics group that moved production base from abroad and the

Analysis | 2 Executive Summary In 1Q2018, Domestic palm oil production has increased as well as in other countries after the drought occurred in FY2016, consequence to lower Crude Palm Oil(CPO) prices and

1Q2020, overall palm oil production in both domestic and international market declined due to the significant impact of drought on agriculture. According to Department of Internal Trade, local crude palm

is expected to pick up again after the pandemic ends and positive influence from Chinese investments. Production cost are expected to increase from last year, especially agricultural raw materials

-56% Total revenues 229.15 268.08 -38.93 -15% Cost of sales and services 180.27 187.61 -7.34 -4% Gross profit 48.37 79.30 -30.93 -39% Gross profit margin 21% 30% SG&A 49.48 49.34 0.14 0% EBITDA 30.38

production. Moreover, our main customer also lowered their production plan for the Combined Harvester which inline to a decline in sales of our screw flight and also lessen production of tractor in small model

competitive landscape remains challenging. We saw particular weakness in the steel sector as uncertainty led to reduced production and after a record sugar season in 2018 this sector has been behind our

affected by decreasing in total revenue from sales. The consolidated gross profit margin contributed of 14.76% in 2Q2018, decreased from 16.32% in 2Q2017. The participating loss from associates was THB 22.19