) of Baht 26 million in 2019 while the revenue from Combined Electricity and Power Company Limited (CHPP) had a slight fall in revenue corresponding to existing projects. PAGE 4 MANAGEMENT DISCUSSION

(Decreased) Percentage Remark Sales and Services Income 1,925.12 1,589.19 335.93 21.14% - LPG Trading 773.35 860.01 (86.66) (10.08%) 1 - Transportation 12.01 14.68 (2.67) (18.19% 2 - Conversion Kit

Remark Sales and Services Income 686.15 582.93 103.22 17.71% - LPG Trading 195.57 186.44 9.13 4.90% 1 - Transportation 4.18 4.00 0.18 4.50% - Conversion Kit Installation 0.37 0.68 (0.31) (45.59%) 2

. Meanwhile, tourist arrivals increased by 7.5 percent, softening from 9.4 percent growth in 2017. This was largely due to a fall in Chinese tourist arrivals during the second half of the year, notwithstanding

Board of Directors of the Company resolved to approve the entry into this transaction does not fall under any category of transactions under the Notifications on Acquisition or Disposal of Assets. As a

Worldwide Transportation Limited (“UWT”) จ านวน 80,000 หุน้ มูลค่าท่ีตราไวหุ้น้ละ 10 เหรียญดอลลาร์ฮ่องกง คิดเป็นร้อยละ 80 ของหุน้สามญัทั้งหมดของ UWT โดย UWT มี บริษทัยอ่ย คือ Guangzhou Universal Worldwide

raw material cost and fixed cost from new production line which haven’t operated at optimized capacity. Selling expenses on year 2018 increased 9.82 percent from year 2017, due to higher transportation

Materials and Machinery 15 Printing and Publishing 16 Property Development 27,945.00 14 17 Paper and Printing Materials 18 Fashion 19 Transportation and Logistics 18,000.00 1 20 Automotive 200.00 1 21

. Headline inflation was expected to fall below the lower limit of the inflation target. Therefore, the accommodative monetary policy will help meet the inflation target and support economic growth amidst

profit increased 6%. Distribution costs and administrative expense for the second quarter of 2017 were increased 20%, an increase of 38% compared with the last year, because of transportation and sales