the same quarter of 2017 due to the fact that Mana Patanakarn Co.,Ltd., the Company’s subsidiary company which do real estate development business, has transferred the ownership of houses and

associated with the Project include liquidity risk of contractor business and sales would not go ahead as planned due to community opposition in the area nearby Wat Lengnoeiyi, causing delay of the Project

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

growth of the business since 2018 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in net profit ratio (ROS) from 20.41

efficiency, control costs as well as to reduce wastes as parts of DTC’s sustainable business. NRIP will manufacture while Dusit Gourmet will create the food retail brand, market and distribute domestically and

subsidiaries offsetting while the Company recognized THB 123 million revenue from new business. Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) reported THB 222 million decrease 52.3

back office salary expenses from business expansion. • Admin expenses to total revenue in 1H/2019 was 13.6% which improved by 4% from 1H/2018 due to better control on the back- office expenses while

segment while maintaining an effective risk management and credit monitoring and control. For Private Banking, the goal is to grow the business by capitalizing on capital market group’s expertise in the

. Overall Business Operations The consolidated net profit of the Bank and subsidiaries for the year 2019 totaled Baht 5,988 million, a decrease of 0.9% from Baht 6,042 million in 2018. The consolidated

client segment while maintaining an effective risk management and credit monitoring and control. For Private Banking, the goal is to grow the business by capitalizing on capital market group’s expertise in