manage production of the Company, the Company can generate cash margin by Baht 1,223 per ton for the 3rd quarter in 2017. Management’s Discussion and Analysis (MD&A) For Q3/2017 2 In this quarter, the

prepared the production of B100 to follow the new standard of Monoglyceride content not exceeding 0.4%. Together with ability to efficiently manage raw material cost, gross profit was improved from the

in 2016. This was due to the termination of the programmed co-production agreement before the due date at the beginning of 2016 but no revenue recognition from other business, which was in the

selling price of hot-rolled coil for the year in 2017 increase around 18.54% comparing with last year together with the well manage production of the Company, the Company can generate cash margin by Baht

in 2016. This was due to the termination of the programmed co-production agreement before the due date at the beginning of 2016 but no revenue recognition from other business, which was in the

12,391 10,868 Average selling price of hot-rolled coil for the year in 2017 increase around 18.54% comparing with last year together with the well manage production of the Company, the Company can generate

acquired on 4 September 2018 to lease and manage two hotels in Munich, Germany, (ii) a share of profit of THB 11mn from Absolute Hotel Services (AHS), (iii) MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019

and Leasehold REIT (DREIT) (property sales profit recorded in 3Q19), and the recognition of gain on reclassification of investments in 4Q19, and recognition of gain on sales of investments in associated

and Leasehold REIT (DREIT) (property sales profit recorded in 3Q19), and the recognition of gain on reclassification of investments in 4Q19, and recognition of gain on sales of investments in associated

and Leasehold REIT (DREIT) (property sales profit recorded in 3Q19), and the recognition of gain on reclassification of investments in 4Q19, and recognition of gain on sales of investments in associated