project in e he Compan in season d services – consumption ess. Further d has a pos ies, the Co nd other cha f subsidiarie oan and IT a 017 As of 30 MB 9,83 4,32 ptember 20 d of 2016 1 umers and uity ptember

capacity and took advantage of our increased capacity to maximize production in anticipation of a strong sugar season. The fourth quarter was even stronger than forecasted with volumes up over 30% in

market was strong as the sugar season was prolonged and infrastructure projects supported our key markets of steel and construction. The Thai economy continues to outperform expectations and while we

remain externally with the continued US-China trade relationship a risk. After a record sugar season which exceeded expectations both in size and length the 2018/19 season is again expected to be strong

planting season has shifted to this quarter and the raining season has started so the water situation was getting better even though a severe drought is still causing extensive damage in some areas. Moreover

and Malaysia in the second quarter. In addition, the third quarter is typically considered as the low season for retail businesses as it coincides with the rainy season. The Company’s gross margin

primarily in the steel and construction segments. Combined with the ultra-weak sugar season that ended early in April, the burnt sales volumes were under significant pressure resulting an 8% lower sales

in the course of replacing one of its distributors, which affected sales in the second half of the year, which normally is the high season period, although there remained such markets with continued

same quarter of the previous year (increased by 3.6 percent from Q3/2019), mainly due to the increased proportion of new season seaweed which accounted for decreasing costs, and the growing utilization

levels of air pollution and the long hot season. However, there was a slowdown in sales during the second half of 2019 as a result of the negative economic factors discussed above. Nonetheless , the