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

cost following the widened average DTD/DB spread. Further, crude oil price significantly drop during the year end, led to the refinery business to record Inventory Loss of THB 1,489 million Management

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

sales volumes plus greater main raw material costs from higher crude oil price and tight market supply. However, the overall spread margin was improved and bring 23.9% gross profit margin comparing to

comparing to 2018 or 11.9% mostly due to soften Ethylene and Glycerin price from ample supply and lower crude oil price. Summary of Performance For Q1 2019, the Company and its subsidiaries recorded net

despite of the drastically decline in Ethylene and Glycerin price from ample supply plus lower crude oil price. 2. In Q2 2019, Selling and Administrative Expenses was 338 MTHB, increased by 59 MTHB or 21.1

profit margin was slightly brought down by 0.9% of gross profit margin due to turnaround costs and the rise of main raw material prices from tight supply plus greater crude oil prices. 2. In Q2 2018

2018, Cost of sales was 4,160 MTHB, increased by 231 MTHB comparing to 2017 or 5.9% as a result of greater Ethylene and Glycerin price from higher crude oil price and their limited supply. 2. In Q3 2018

or 17.2% due the drastic decline in Ethylene and Glycerin price from ample supply plus lower crude oil price. 2. In Q3 2019, Selling and Administrative Expenses was 361 MTHB, increased by 42 MTHB or