earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher

capacity utilization following a steady contraction in export value. Meanwhile, public investment expanded as a result of an acceleration in disbursements by the government. Headline inflation in the second

aspirations Indorama Ventures 2nd Quarter 2018 MD&A 4 Portfolio Development We continue to upgrade our portfolio through organic growth, operational excellence initiatives, value accretive acquisitions and

(loss) THB THB Garment Business (20,216,391.48) (90,540,939.22) Real Estate Development (1,120,997.37) 3,489,990.37 Other businesses (9,966.90) 315.17 Total (21,347,355.75) (87,050,633.68) Garment

Gain (loss) THB THB Garment Business 9,009,526.08 23,340,946.58 Real Estate Development (1,416,107.45) (218,223.21) Other businesses (10,800.00) (10,400.00) Total 7,582,618.63 23,112,323.37 Garment

follows: Year 2018 Year 2017 Net Gain (loss) / THB Net Gain (loss) THB Garment Business 9,741,633.94 (92,962,678.28) Real Estate Development (14,403,001.55) (4,305,171.15) Other businesses (2,069,049.43

Estate Development (7,596,616.13) (5,023,051.54) Total (15,057,738.14) 7,926, 042.00 Garment Business: Total sales in garment business in Q2/2019 were 357,240,124.17 Baht, compared to 401,838,049.00 Baht

: Q1/ 2018 Q1/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business (37,838,702.24) (28,558,991.63) Real Estate Development (2,836,460.81) (2,979,998.04) Other businesses (16,000.00) (11,000.00

follows: Q2/ 2018 Q2/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business 12,949,093.54 (20,216,391.48) Real Estate Development (4,795,646.18) (1,120,997.37) Other businesses (227,405.36) (9,966.90

Development (1,968,095.47) (1,416,107.45) Other businesses (766,755.92) (10,800.00) Total 42,222,680.87 7,582,618.63 Garment business: Total sales in garment business in Q3/2018 were 593,153,096.49 Baht