rental cost to be significantly reduced compared to the normal period. Causing the main expenses of JAS Asset to be reduced according to the situation of revenue Management Discussion and Analysis, Q1/2020

crude oil price significantly declined during August to early September, pressured by the worries on the trade war Management Discussion and Analysis of Business Operation for Q3/2019 Bangchak Corporation

in the world market declined until in the 1st quarter of 2020. Since, the COVID-19 pandemic situation the demand for Refined Glycerine has significantly increased. The market price of Refined Glycerine

Glycerine has significantly increased. The market price of Refined Glycerine is doubled its price since March 2020. Consequently, in the 2nd quarter of 2020, the Company has recorded the reversing of the

Finance costs 107.1 25.1 27.8 10.8% (74.0%) 325.7 79.2 (75.7%) Change Finance costs significantly decrease 74.0% YoY from Baht 107.1 million to Baht 27.8 million. Decrease 75.7% 9M YoY from Baht 325.7

were the increasing rate of change in the same direction and the similar rate. This is because the overall gross profit margin of the project which delivered in each quarter was not significantly

biodiesel has increased significantly in accordance to the price of crude palm oil as the main raw material. Due to heavy rains and flooding in many areas in early Q4 2020, together with the government

in a greater proportion than the reduction in sales and administrative expenses, especially the significantly decrease of sales in Q2/2020. Management Discussion & Analysis Q4/2020 1 In Q3/2020, the

1st quarter of 2020 by 0.18%. Although, the quantity sold has decreased with a stable CPO price during December 2020 to February 2021 before CPO price was significantly decreased in the end of March

is under the expectation after the announcement of biodiesel blending mandatory changed from B7 to B10. However, the average biodiesel selling price is significantly increased, which tracked the Crude