in quarter 2/2017 as the company was able to increase sales to some customers in spite of the decline in market demand from the lower biodiesel mandate being B5 and B7 in this quarter compared to the

of 31% YoY. This represented gross profit margin of 27.6%, a decline from 31.6% in Q2/2016 as a result of higher cost per unit due to lower utilization as well as lower sales proportion in Branded

, private consumption and tourism. Both private and public investments remain largely at stable levels whilst consumer spending is constrained due to high household debt levels, decline in agricultural

exports which rose by 5.3% YoY as well as continued recovery in private consumption which expanding by 3.1% YoY. Nevertheless, Thailand's advertising industry reported a decline of 6.0% YoY to THB 101,445mn

behavior shifts OOH and online, so too will advertiser spending allocation. Hence, it is expected that advertising expenditures in the TV sector and traditional media to continue to decline and be surpassed

financial position remains strong with low debt-to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 3 10% 90% 1Q2019 41% 59% 1Q2018 444 8

-18 and continued investments in network, D&A rose 9.1% YoY. In conclusion, reported net profit was Bt15,340mn decreasing 4.4% YoY whereas normalized net profit was Bt15,848mn, a decline of 1.2% YoY

Customers” which become effective for fiscal years beginning on or after 1 January 2019. The Group chooses retrospectively adjustment in the period of initial application. For statements of financial position

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports