particularly the tourism sector, Q1 outlook is optimistic for Golden Lime as the new dolime product gains traction and with the positive impact from the sugar season. The delayed 3.2 trillion baht budget is

positive market sentiment in Thailand and on the export markets.” Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 2. Outlook Overall Thai economic

with this political risk potentially denting consumer and business sentiment as well as investment activity. Aside from these risks the industrial trends impacting the lime business are positive. Fixed

and regulatory control variables. We also find the year after volatility in the stock market increases, gambling markets performance is positive and significant, revealing these gambling investors

trend development was more than offset by the continued positive growth sentiment of advertising spending in November and December 2017, driven by the economic rebound in exports, tourism and automotive

decline in revenue from dessert café, which was attributed to the lower traffics in shopping malls and weaker consumption sentiment following COVID-19 concerns together with the closure of shopping malls

to maintain the positive trend we saw since 2018 and despite the competitive pressure. Depreciation was in line with the same period last year and given that are no major investments this will be

moderated, while business and consumer sentiment worsened. As in Q2 also in Q3 the main lime consuming sectors of the industry were impacted by the macro economy. However, market feedback has given us

of positive feedback trading, buy (sell) trades are more expensive to execute (i.e., incur higher total price impact) than sell (buy) trades on bullish (bearish) markets. • “Price impact asymmetry is

retraction of economic activities and consumer spending. The consumer sentiment remains fragile as the country waits for vaccination against the new variant. Despite of such economic weakness, we delivered