Q1-2017 (THB 18,695/ton) due to the decrease in HRC market price worldwide and a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. Management’s Discussion

average selling price of wheat flour and wheat bran decreased by 3.5% and 18.5%. Because in the past the market has increased the price competition. In addition, customers negotiate the price by referring

price of HRC in year 2017 was THB 18,690/ton, increased by 15.6% as compared with last year (THB 16,163/ton) according to HRC market price worldwide trend. - HRC cash margin (excluding depreciation) in

price: the average selling price of HRC in year 2017 was THB 18,690/ton, increased by 15.6% as compared with last year (THB 16,163/ton) according to HRC market price worldwide trend. - HRC cash margin

Profit Margin (%) -0.51 5.07 12.65 7.58 -14.92 13.16 1,289.93 • Net revenue of Q4/2018 is decreased for 27.17 million baht comparing with Q3/2018 because of the recession of the market and the price war

in Q4/2018 is lower than Q3/2018 because of less in revenue and the price competition in the market. But, comparing with Q4/2017, our gross profit margin is higher from 5.61% to 18.04% due to the

. 12 million or 2. 90% comparing with December 31, 2018 due to the Company was adjusting in investment in available- for- sales securities to market price which decreased by Baht 256. 93 million from

due to unrealized loss from mark to market price of investment in listed securities and sale of investment in Thanh Cong Securities Joint Stock Company (“Thanh Cong”). However, the company had already

many new products have started commercial sales. Moreover, oil packaging market significantly slacked during the same quarter of last year. 2. The consolidated gross profit margin was 8.12%, decreased

and return on financial instruments increased by Baht 12.19 million mainly due to unrealized gain from mark to market price of investment in listed securities and increase in interest income from