more revenue and gross profit than the previous year due to better expansion of customer base and trust from existing customers. During the year, NCL Singapore expanded LCL Shipment (Less than Container

capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

) mainly due to reduction in equipment rental, as in 2017 SAAM Group had additional expense for equipment rental arising from the delay in shipment of inverters for SAAM-SP1. SAAM Energy Development Public

NCL SINGAPORE ขยายส่วนงานขนส่งแบบ LCL Shipment (Less than Container Load ท าให้มีรายได้และก าไรในสว่นงานดงักลา่วเพิ่มขึน้ สง่ผลให้ NCL SINGAPORE ก าไรสทุธิที่ดีขึน้จากปีก่อน มากถึงร้อยละ 222.59 บริษัท

pay for a fuel shipment during the quarter. Also, an increase in long-term liabilities due to the 330mTHB term loan used to acquire Saraburi Quicklime impacted total liabilities. Shareholder equity

additional expense for equipment rental of THB 0.79 million arising from the delay in shipment of inverters for SAAM- SP1. However, a depreciation cost in 2017 decreased by THB 0.89 million due to change in

STRATEGIC UPDATE IN 2019 2019 was marked by notable strategic developments for MACO. The company has successfully laid the foundation for growth in Malaysia and Indonesia, as well as expanded its footprint in

afterward. The capital increase from Initial Public Offering would result in the marked decrease in Debt- to-Equity ratio and financial costs going forward. On November 14, 2019, the Company entered into the

is poised to continue in 2018. The Thai GDP expanded by 3.8% in the first 9 month of 2017, (following the growth of 3.3% in the first 9 month of 2016)1. The growth supported by a marked upturn in

in 2018. The Bank of Thailand forecasts an increase in GDP of 3.9% for 2018 driven by the marked uptick in infrastructure spending, tourism and continued recovery in private consumption. Consequently