ethanol sales volume to increase by 171% YoY. Gross profit margin of molasses based ethanol business increased from lower raw material cost, while the gross profit margin for cassava based ethanol declined

in average selling price, whereas production cost increased, especially cassava price that rose significantly. Additionally, within this quarter the Bangchak Bioethanol (chachoengsao) Co., Ltd. has

higher level of cassava price. Natural Resources business Group Exploration and Production business recorded lower revenue, as sales volume was reduced to realize only Nido & Martinloc, after the company

, from decrease in quantity of sugar cane in the market 4. Average gross margin per unit of Ethanol product increased from the increment of average selling price of Ethanol product, as a result of cassava

% utilization rate. While material cost lowered, coinciding with cassava price direction; the main ingredient, from the constant rain. As a result, Ethanol Fuel Business EBITDA was recorded at THB 74 million (+81

of Denatured Ethanol increased at a slower pace than the price increment of its raw material cost, affecting gross profit per unit of cassava-based Denatured Ethanol to decline. Q1/2018 performance

its yearly maintenance. However, the gross margin was maintained at the similar level with the previous quarter, from the decreases in cassava price which is the main ingredient in the company’s

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3 Management Discussion and Analysis of Business Operation for Q2/2020 Bangchak Corporation Plc. | Ex...