from the weakened household income especially in non-farm income together with the tightening of financial institutions credit approvals due to the deteriorations in asset quality. The non-durable goods

was expected to expand at a slower pace compared with the same period last year due to a contraction in merchandise exports and a slowdown in tourism growth resulting from uncertainty about the trade

. Earnings per share for this quarter was 0.24 baht. 4 ASIA’S BOUTIQUE AIRLINE Notable Events Notable events in 1Q2019: Airline Business 1. The Company has revised flight frequencies due to passenger seasonal

million baht, decreased from the first quarter of year 2018 by 208.5 million baht or 29.0 percent of which profit attributable to the equity holder of the Company was 504.3 million baht. Earnings per share

and increased by Baht 2,888 million or 117% from Q1/2019. This was mainly due to the following reasons: Executive Summary Comparing Q1/2020 vs Q4/2019 Comparing Q1/2020 vs Q1/2019 YoYQoQ The Proportion

due to lower outstanding debt and higher retained earnings. In 3Q17, finance costs amounted to THB 97 mn, a decrease of 37.3% YoY and 4.9% QoQ. A weighted average cost of debt in 3Q17 was 2.67% per

2,370 million or 44%. Increase in net loss due to increase in production cost both raw materials and cash conversion cost, Graphite Electrode’s price which is a part of conversion cost increase

3,175 million, increased by Baht 475 million or 18% from 2016. The increase is mainly due to the rise in sales of electricity and steam generated from the rise in demand of industrial users. Also, the COD

declined because of high employee benefit expenses and utility costs last year. In 2019, the high employee benefit expenses were due to an amendment of a labour protection law that employees were entitled to

Management’s Discussion and Analysis KEY FINANCIAL HIGHLIGHT Sales and Service Income • Sales and service income increased 9.4% y-on-y in Q1’2020 to THB 11,223 million primarily due to 1) full- period