may lower farm income and 4) on going high level of household debt limiting household consumptions. Meanwhile, in the auto industry, the total number of car sales for the first five months of 2019 still

partners, particularly China which may impose risks to exports growth 2) political uncertainties which may impact investments and consumptions 3) risks of drought which may lower farm income and 4) on going

to encourage listed companies and others whose buildings or offices are located on Vibhavadi-Rangsit Road to join the efforts in managing waste in their respective premises efficiently and set an

during the past 5 months since the Phuket boat incident partly due to the exemption of visa on arrival fee which started from November 15, 2018 resulting in the number of Chinese tourist arrivals to total

income. Public spending also increased from spending on goods and services and compensation expenses while capital spending declined from the high base effect of last year from the disbursement of

meeting on December19, 2018, the Monetary Policy Committee (MPC), voted 5 to 2 to raise the policy rate by 0.25% from 1.50% to 1.75%, the first policy rate increase in 7 years. The main factors that

slowdown which could weigh on global trade and investment (2) the Coronavirus outbreak and associated fears that would greatly impact Thai tourism income and related sectors (3) the severe drought that would

2017 Page 4 of 15 2015 2016 2017 Cash Profit Margin 13 (%) 133.95 106.56 119.70 Net Profit Margin 14 (%) 7.16 9.66 10.14 Return on Equity or ROE 15 (%) 13.15 16.26 15.24 Efficiency Ratio Return on Assets

measurement from November 2019. The Regulations and Notifications to make the Act operative is expected to be announced in the next few months. - The Government has also imposed Anti Dumping on Steel Pipes and

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2020 Page 1 of 14 Management Discussion and Analysis This interim MD&A report has been prepared based on the