Management and Risk Factors 8 2.1 Overall Risk Management 8 2.2 Risk Management 11  Credit Risk Management 11  Market Risk Management 15  Liquidity Risk Management 17  Operational Risk Management 18

business of GLOW decreased by THB 1,488 million mainly as a result of operational management of existing capacity to meet industrial customers' demands during GE Phase 5's downtime. Besides, sales volume of

1 Forth Smart Service Public Company Limited (FSMART) 3Q18 Management Discussion and Analysis Operational Summary 9M18 Operational Summary  Total revenue from core business was Bt2,523mn, increasing

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