, the average price of raw materials increased. As a result, gross margins narrowed 4.0%. The average capacity utilization rate for Q2/2019 was 69.90%. Decreased 0.63% comparing to the same period of 2018

business, restaurants and etc. such products as pies, cookies and bakeries. The Company has a subsidiary, Aurum and Aurum Company Limited (together with the Company, the “Group”) which operates raw material

cost in Q1/2017 and Q1/2018 amounting THB 3.0 MB and THB 2.9 MB respectively. The company has increased a little of finance cost from liabilities under trust receipts for purchase of raw material. Net

same period of the previous year. This decrease stemmed from a decrease in raw material prices and reversal of losses on inventories devaluation. Gross Profit Margin Gross profit margin is equal to 37.45

2.8 MB respectively. The company has decreased a little of finance cost from liabilities under trust receipts for purchase of raw material. Net Profit The Company earned net profit in Q2/2017 and Q2

purchasing of raw material. Net Profit The Company earned net profit in Q3/2017 and Q3/2018 amounting to THB 38.4 MB and THB 11.9 MB respectively. Net profit of the company equal to 14.9% and 6.7% of total

19.43 million respectively, due to more delivery of raw milk to the customers compared to those of the same periods last year both in the three-month period and the nine-month period. The increases were

Company and subsidiaries established the cost efficiency projects to optimize the production cost, waste management and tighter control of purchasing raw material to in- line with reduction in sales and

DISCUSSION AND ANALYSIS FOR Q1-2020 • Inventories decreased from THB 238.24 million as at December 31, 2019 to THB 212.99 million as at Q1-2020 due to usage of raw material in stock and impairment of raw

was mainly from the Company managing to reduce raw material costs due to cheaper sources of raw materials imported and the reduced energy. For the three-month period ended 30 September 2019, the selling