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Including marketing commission income, guarantee fee income, interest, and others 2 Backlog include only sale with sales and purchase agreements Management Discussion & Analysis ( - translation - ) For

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integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

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of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating

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