strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

Provinces Project has elevated Thai capital market?s role in the country development as it provides more opportunity and access for business to long-term fund source. By participating in the Project, the

, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public

, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public

quarter of 2018 continued to improve. Export performance remained strong, with 12.3 percent year-on-year expansion. Tourism also continued to perform well despite the end of the high season, as tourist

Baht 1,524.65 million of which hospital and service revenues totally raised by 7.48% which was mainly driven by the increasing hospital visits via growing healthcare spending (though during the operating

, the air freight cost raised. As a result, there was the net profit amount 9,741,633.94 Baht in year 2018. Compared to year 2017, there was the net loss amount 92,962,678.28 Baht. The net profit

operation raised by the business operators, resulting in the proposed revision of the rules, such as:(1) To allow the business operator failing to maintain NC as required due to an increase in the

allocation along with the service matching investment objective of each investor. Additionally, the SEC has recently raised the bar by requiring that the said advice and service must be provided by an approved