reduced expectations of a Federal Reserve policy rate increase and positive factors domestically, in particular, seasonality and Thailand’s ongoing current account surplus. Nonetheless, the Baht

cost saving measures to minimize the negative impact of the COVID-19 pandemic on the Company’s future operations and is hopeful that appropriate measures will also be taken by the Government to support

increase was mainly due to (1) increased number of branches, (2) the positive same-store-sales growth during 2017 and (3) the increased sales of raw material to franchisees. Revenue from franchise fees

of THB 375.9 Mn or 21.3% and was mainly due to (1) increased number of branches, (2) the positive same-store-sales growth and (3) the increased sales of raw material to franchisees. Franchise fees

ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2017 3.1. Analysis of Q3 2017 and YTD 2017 results The key drivers of the Q3 2017 performance on the positive side were higher volumes which led to an 10.3% increase in

– 2,400mn with our recent acquisitions. Net profit margins will however, decline from double-digit to single-digits. Despite challenges in the overseas market, we are optimistic of long-term growth and we

of the year. However, the gross margin in the middle of 2019 will receive a positive effect from seaweed price and exchange rate; thereby the costs of main raw materials will be reducing by more than

importance for Golden Lime: the limestone quarry operated by TMC has already been one of the raw material suppliers in the past, but Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR

support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of

Company’s working capital is indirectly subsidized via trade creditor in form of loan and via business partners in form of raw material supported for production (under Collateral Management Agreement – CMA