overall international business grew 14.4% at constant FX rate. 9M’19 Net sales grew 5.7% YoY, driven by core businesses in both domestic and international markets. Domestic beverage and personal care grew

beverages continued its growth momentum at 7.3% YoY, and domestic personal care showed 23.7% growth. Overall international business grew 8.7% at constant FX rate. YTD 1H’19, net sales grew 5.0%, contributed

functional drinks (+26.2 YoY). Domestic beverage continued showing strong growth at 4.6% YoY from both energy drinks and functional drinks. Speed-up health and hygiene innovations made a turnaround of domestic

& Calpis grew 2.7% YoY. Total Personal care continued its momentum with 11.5% growth YoY, with 42.8% growth in CLM markets. International business grew 1.5% at constant FX rate, driven by Myanmar growth

rate translation, revenue from sales grew by 6.7% YoY at constant FX. The growth drivers lie in our core businesses, both domestic beverages and personal care with the growth of 6.6% and 10.7

beverages grew 4.0% YoY. Total personal care continued to grow 6.4% YoY, of which CLMV markets grew 31.6%. Overall international business grew 8.6% at constant FX rate, driven by CLM. OEM-glass bottles sales

and, consequently, build a strong company culture. Further analysis validates the results, including propensity score matching (PSM), entropy balancing, an instrumental-variable analysis, Lewbel’s (2012

& Calpis grew 1.5% YoY and above market growth. C-Vitt became #1 brand in functional drink with market share of 23.3% in Q3’18 from 16.9% in Q2’18. Domestic Personal Care grew 9.1% YoY. At constant FX

MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2018 Commenting Mr Geza Perlaki, Golden Lime Managing Director said: “We continued the strong performance from the start of the year into Q2

result of the decline in desert café sales in Q1/2020 corresponding COVID-19 situation while fixed selling and administrative expenses in Q1/2020 remained constant (The result of cost-saving initiatives