slowdown, 4/11 which result in a decline in ad spending on print media. However, the Company has adjusted strategic and business model to cope with such effects. The Company views that Bangna assets are no

. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

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

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

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

total revenue in Q4/ 2016. The slight decline in gross margin incurred due to the recognition of project with lower gross margin in this quarter. Lastly, net profit is equivalent to 21.94 million THB or

palm oil price and glycerine price in 1Q2109 was significantly decreased, attributed to a decline in by-product’s revenue. Furthermore, the company had impact from a decrease in crude palm oil price

and Olé Mini Sugar Free. However, the growth was partly offset by the decline in OEM-personal care. 1H’19 the Company’s gross margin improved to 35.0%, +330bps YoY. Gross profit increased by THB 614