of property fund declined, meanwhile, property fund and REIT increased in size. Analysis of the Operating Results In the third quarter of 2020, the operating result showed net profits of Baht 31.8

estate investment trust declined, meanwhile mixed fund and fund of property fund increased in size. Analysis of the Operating Results The operating results of Land and Houses Fund Management Company

and renewable energy. In recent years, solar, wind and gas generation increased drastically, while coal-fired generation declined because of the reduction in its average availability and displacement by

financing to repay and reduce interest expenses and as a result, the debt-to- equity ratio declined from 0.17 times to 0.13 times (based on the Company's financial statements ending June 30, 2017). 6.3 The

debt-to- equity ratio declined from 0.17 times to 0.13 times (based on the Company's financial statements ending June 30, 2017). 6.3 The capital increase used in the flexible packaging business Phase 2

though the steam sales volume of Rayong Central Utility Plants (CUP) and IRPC-CP have declined as explained previously. Total revenue of Small Power Producer (SPP) of the company increased mainly due to

the previous quarter, the banking performance fared better, supported by increased dividend income due to seasonal factors. Nonetheless, net interest margin (NIM) declined in the second quarter of 2019

and foreign exchange transactions enjoyed steady growth. Meanwhile, our impairment loss on loans and debt securities grew at a decelerating rate in line with NPLs to total loans which declined slightly

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended June 30, 2018 The Thai economy in the second quarter of 2018 gained further traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see strong across-the-board growth. The business sector remained challenged by new modes of competition...

to the increased in sales volume despite the declined in natural gas prices. • Very Small Power Producer (VSPP) and other: The gross profit decreased by Baht 24 million mainly due to the seasonal