-tax earnings compared to the same period in 2017. As a combined effect of higher depreciation, financing costs, and taxation, the EBITDA increase did not translate fully into net result in the same

’ equity as mentioned above. For the financial risk perspective, despite the higher debt ratio comparing to previous year, the ratio was nonetheless at relatively low level. Interest coverage ratio (EBITDA

gained from Phase 3 of the new plant that supported volume growth helped lessen the effect of the above on profit margin. The Company was capable to maintain a satisfactory level of profitability that

881 www.aapico.com Management Discussion and Analysis for the 2nd quarter of year 2019 2 Total revenue grew by 11.1% year-on-year, driven by higher sales from the automotive parts segment. Interest

every business segment.  In Q4/2018, the Company and its subsidiaries recorded loss of Baht 143 million, including 2 one-time expenses which were non-cash items, totaling Baht 51 million including higher

% -2% 31% 30% 1% Administrative expenses 41.56 39.07 6% 140.90 112.68 25% Earnings before interest, taxes and depreciation 116.15 114.01 2% 302.68 270.02 12% % Earnings before interest, taxes and

quarter, net interest income advanced over-quarter and over-year. Likewise, net interest margin (NIM) was stable from the previous quarter. This reflected commercial banks’ attempts to manage funding cost

strategic integration. Our diversified portfolio provides an earnings mix that combines the higher-volume Necessities (80% of 2Q 2018 LTM volume), now with improving margins, and stable-margins HVA business

; grow its market share and its earnings-per-ton by expanding the higher-value component of its fibers portfolio through ongoing innovation, collaborations with key customers and cost rationalization. Over

immediately, and some investments are not fully utilized or have not reached an optimal level yet. Therefore, cost per unit was higher at this point, which should continue to impact the Company’s performance