Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.16 31.12.17 31.03.18 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,228 1,119 1,202 Total Assets 1,361 1,242 1,322 Current Liabilities 914 784

came mainly from crude oil price rebound in 2018. And even with lower pressure on Glycerin price from growing market supply in the second half of 2018, full year average Glycerin price remained high

climbed up to 20 cent/lb then dropped sharply to 14 cent/lb during last quarter of the year due to funds speculation and global sugar supply forecasted to be surplus in 2018. As a result, the Company

to the same period of the previous year. The main reasons was the weaken sales due to the impact of trade wars that have the broad impact on global supply chain and through Thailand's exports. As such

funds speculation and global sugar supply forecasted to be surplus in 2018. As a result, the Company recorded average export price increase from 16,557 THB/ton to 14,792 THB/ton or decreased by 11

net loss of Baht 12.54 million on Baht 55.25 million revenues over the same period in 2017. In 2018 the Company recorded lower revenues from sales, due to the raw material supply problem, and recorded

will open up new market opportunities and enhance value to our customer by further enabling them to leverage IVL’s existing manufacturing capabilities and supply chain. The value of the above acquisition

cent/lb at the beginning of 2018 due to global sugar supply is surplus in 2018 with the additional of domestic price decrease from the new sugar regime that domestic price will float along with global

competitiveness and increase alternative investment vehicles. According to the regulations, an infrastructure fund may invest directly in the assets of infrastructure businesses or hold more than 75 percent of the

2,978 million, 9.0% went up from the same quarter of last year due to the demand and supply in electronic commodity market came back to normal situation in Q1’2019 and 5.3% down from last quarter mainly