represented gross profit margin of 29.7%, a decline from 34.4% in Q3/2016 as a result of higher cost per unit due to lower utilization. However, gross profit margin improved QoQ from 27.6% in Q2/2017 due to

EBITDA 612 1,062 Net Profit (Loss) (836) 990 HR C HRC Sales (k tons) 1,447 812 HRC Production Volume (k tons) 1,436 876 HRC Average Selling Price (THB./ton) 20,663 18,690 HRC Cash Margin (THB./Ton) 854

812 EBITDA 612 1,062 Net Profit (Loss) (836) 990 HR C HRC Sales (k tons) 1,447 812 HRC Production Volume (k tons) 1,436 876 HRC Average Selling Price (THB./ton) 20,663 18,690 HRC Cash Margin (THB./Ton

high profit margin and also from effective marketing policy. (2) Analysis of Operating Results and Profitability (2.1) Revenues from Sales and Services Description Year 2018 Year 2017 Increase

. 1Q2017 vs. 4Q2017 UNIT: million baht 1Q2018 1Q2017 % yoy 4Q2017 % qoq Sales Revenue 4,631 4,246 9% 5,219 -11% EBITDA 211 312 -32% 387 -45% EBITDA Margin (%) 4.6% 7.3% -2.7% 7.4% -2.8% Stock Gain/(Loss

comparing to the same period of the previous year. Mainly due to the higher sales from the economic recovery and the good gross margin remained of the metal products, especially the automotive exhaust pipes

comparing to the same period of the previous year. Mainly due to the good gross margin gained from the metal products, especially the automotive exhaust pipes. In this quarter, the company put more controls

Source of Funds The Company had net cash inflow of THB 916 million from • Net cash received from operation of THB 169 million consists of cash inflow from sales and services, offsetting with cash outflow

previous year have ended and the competition has intensified in the stainless pipe product. As a result, sales and gross margin declined in the current quarter. While administrative expenses have increased

32,109 25,462 33,691 (18,284) (56.9) Income tax expenses 2,715 6,390 5,037 6,745 (3,675) (57.5) Profit for the period 11,110 25,719 20,425 26,946 (14,609) (56.8) Gross profit margin 23.6% 25.7% 23.6% 23.3