recorded 2,579.1 Million Baht, increasing by 45.4% as compared to Q2 2016 of 1,773.3 Million Baht. This was mainly due to the increasing revenue from property business, specifically The Ritz-Carlton

% utilization rate. While material cost lowered, coinciding with cassava price direction; the main ingredient, from the constant rain. As a result, Ethanol Fuel Business EBITDA was recorded at THB 74 million (+81

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

. 66 2 654 3323 Baht to King Power MahaNakhon Co., Ltd. (“KPM”). On the same day, the Company and KPM entered into a Business Procurement Agreement, and KPM committed to pay operating costs of the

of 270 million Baht or 9% as compared to 2017. This comprises of (1) gross profit from property business of 1,461 million Baht (24% of total revenue from property business), a decrease 12 million Baht

1st quarter of 2021, as follows: Business Overview The Thai economy in the first quarter of 2021 was pressured by the domestic COVID-19 situation that impacted the country’s economic recovery momentum

distributor of ready-to-drink milk, drinks 700,749 507,484 193,265 38 Immovable property business 18,775 13,771 5,004 36 Agriculture and dairy farm 63,526 43,445 20,081 46 Total 783,050 564,700 218,350 38

2021 2020 Increase (decrease) % Producer and distributor of ready-to-drink milk, drinks 506.76 503.55 3.21 0.64 Immovable property business 3.04 2.95 0.09 3.05 Agriculture and dairy farm 15.72 17.10

2020 2019 Increase (decrease) % Producer and distributor of ready-to-drink milk, drinks 503.55 200.54 303.01 151.10 Immovable property business 2.95 4.72 (1.77) (37.50) Agriculture and dairy farm 17.10

distributor of ready-to-drink milk, drinks 700.75 507.48 193.27 38 Immovable property business 18.77 13.77 5.00 36 Agriculture and dairy farm 63.53 43.45 20.08 46 Total 783.05 564.70 218.35 38 Contract