represented gross profit margin of 29.7%, a decline from 34.4% in Q3/2016 as a result of higher cost per unit due to lower utilization. However, gross profit margin improved QoQ from 27.6% in Q2/2017 due to

exports which rose by 5.3% YoY as well as continued recovery in private consumption which expanding by 3.1% YoY. Nevertheless, Thailand's advertising industry reported a decline of 6.0% YoY to THB 101,445mn

behavior shifts OOH and online, so too will advertiser spending allocation. Hence, it is expected that advertising expenditures in the TV sector and traditional media to continue to decline and be surpassed

palm oil price and glycerine price in 1Q2109 was significantly decreased, attributed to a decline in by-product’s revenue. Furthermore, the company had impact from a decrease in crude palm oil price

the decline. Exports, in particular, shrank in line with signs of global economic weakness and anxiety surrounding the trade spat between the US and its major trade partners. Moreover, private

-18 and continued investments in network, D&A rose 9.1% YoY. In conclusion, reported net profit was Bt15,340mn decreasing 4.4% YoY whereas normalized net profit was Bt15,848mn, a decline of 1.2% YoY

and Olé Mini Sugar Free. However, the growth was partly offset by the decline in OEM-personal care. 1H’19 the Company’s gross margin improved to 35.0%, +330bps YoY. Gross profit increased by THB 614

decline in consumption of Construction Sectors, as well as Steel Sectors. However, the Company still maintains the operation at 15 hours per day in order to keep production capacity at high level and, at

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

the TV sector and traditional media have been in decline and is expected to be surpassed by OOH media (Outdoor, Transit and In- store media) and digital/online spending in the near future. Master Ad