Reform Priorities in Asia: Taking Corporate Governance to a Higher Level Taking Corporate Governance to a Higher Level reform priorities in Asia 2011 REFORM PRIORITIES IN ASIA: TAKING CORPORATE

been mainly driven by improvements in tourism and industries related to the export sector. In contrast, provinces that rely on agriculture have not yet seen a clear pick-up, despite higher agricultural

50.50 101.00 202 404 2.00 5.00 10.00 25.00 50.00 100.00 200 400 1.99 4.98 9.95 24.90 49.75 99.50 199 398 1.98 4.96 9.90 24.80 49.50 99.00 198 396 Motivation • It is clear that trading activities are

to the electricity outage in July last year, and higher ECH volume from greater demand of China, Taiwan and two Indian key accounts. Analysis of Cost and Expenses 1. In Q3 2017, Cost of sales was 3,931

from China. The overall sales volumes increased as a result of higher Caustic Soda sales due to lower EDC purchase, and higher ECH sales from greater demand from Taiwan and two Indian key accounts

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

1.2% QoQ to stay at Bt610 despite elevated pricing competition. CSL was delisted and will help capture growth in enterprise. The acquisition of CSL has completed with AWN successfully bought 98.96% of

of earnings or larger subsequent earnings growth or both. To the extent that greater earnings persistence results in a string of earnings increases, we would expect a higher price to be associated with

from greater sales volume across all products because of major plant turnaround in Q2 2018. The overall selling price decreased, especially for Caustic Soda due to the fall of its market price trend and

allow the Company to produce a wider range of products with higher production efficiency and lower production cost. The greater production capability of the new machinery line will also create more