result of loan repayment by net proceed received from SPRIME. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will ultimately reduce debt

ratio from 1.35x to 1.39x was mainly due to dividend paid to shareholders in May 2019. Nevertheless, the Company determines to maintain an optimal capital structure by lowering leverage level which will

part of the 3E project (Efficiency, Energy, and Environmental Project), lowering the cost of producing electricity and steam 9 | Management Discussion and Analysis of Business Operation for the year 2017

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

on to the seller’s remaining land. This resulted in shortage of rooms. Moreover, the four other buildings were 19 years old, which had never been renovated. The utility systems were outdated and run

. This resulted in shortage of rooms. Moreover, the four other buildings were 19 years old, which had never been renovated. The utility systems were outdated and run-down. It was then necessary to renovate

supplies after various refineries have finished their turnaround maintenance period, and lowering demand from the Chinese fishing sector after entering the fishing ban season in the South and East China seas

war between the US and China, lowering oil demand. With average Gasoil and Dubai crack spread (GO/DB) lowering 1.02 $/BBL while the average Kerosene and Dubai crack spread ( IK/DB) lowered by 1.80 $/BBL

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

, thus lowering its average cost of debt. Table 2: Consolidated Results Summary Revenue from rent and services 6,323 6,518 6,422 (1%) 2% 18,755 19,470 4% Retail 6,213 6,345 6,249 (2%) 1% 18,256 18,953 4