margin declined yoy due to the lower operating results of each business segment (except food business). Despite the lower interest coverage ratio in 1H19 compared to 1H18, the Company expects to see
and Real estate investment trust declined. 2. FUND MANAGEMENT BUSINESSS LH Financial Group Public Company Limited Management Discussion and Analysis for the Second Quarter ended 30 June 2019 Page 18/21
market falling, while REITs still provide attractive returns, meanwhile, equity fund, fixed income fund and balanced fund declined. Analysis of the Operating Results The operating results of Land and
estate investment trust declined, meanwhile mixed fund and fund of property fund increased in size. Analysis of the Operating Results The operating results of Land and Houses Fund Management Company
million at the end Q1/2020. Recently, inventories declined to Baht 1,773 million at the end of Q2/2020 which decreased by Baht 484 million from at the end of 2019 mainly due to the improved supply chain
10,274.3 million baht respectively, dropped by 43.9 percent and 24.0 percent from same period last year. The lower amount of expenses was mainly comprised of fuel cost that declined from less fuel
of property fund declined, meanwhile, property fund and REIT increased in size. Analysis of the Operating Results In the third quarter of 2020, the operating result showed net profits of Baht 31.8
and renewable energy. In recent years, solar, wind and gas generation increased drastically, while coal-fired generation declined because of the reduction in its average availability and displacement by