, performance of this business was still a growth, mainly from a steady rental increase at Suntowers. While performance was strong and stable, Suntowers underwent various value enhancement projects, including

gradual rebound of consumer purchasing power alongside the effort to restructure the pricing plans and the recovery of tourist- related usages in tourist sims and international roaming calls. This growth

restructuring, gradual debt repayment and capital increase which will help raise its BIS ratio to 30 percent, adequate for business undertaking and higher than the minimum legal requirement of 8 percent, the CMSB

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

higher margins with production remaining steady  Strong improvement in the North American business with Core EBITDA per ton of $145 vs $121 in 1Q LTM 2017 and the EMEA business with 1Q 2018 LTM Core

. 3) Gradual expansion of private consumption as consumer confidence continues to improve and 4) Other supporting factors, namely public and private investments and proposed stimulus schemes, such as

stimulate government and state-owned enterprises’ spending. Overall, the Thai economy is on course for a steady year of growth, according to the Bank of Thailand, with its GDP growth in 2018 revised up to 4.4

surged in sectors with high capacity utilization rates, such as the automotive and petrochemical sectors. On the other hand, progress in public infrastructure project construction remained gradual

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher

of Heavy crude oil, after production limitation were put in place since the past January, accompanied by gradual closure of Japanese refineries according to the measure to increase Cracking to CDU