of MACO. Cost-to-sales ratio, however, decreased from 41.6% to 39.0% primarily due to sales growth outpaced cost growth, improved operational efficiency and cost management especially in the Outdoor

that outpaced the industry, both in subscribers and revenue. The enterprise business continues its growth alongside the digital transformation needs to improve the quality and efficiency of their various

%, outpaced to the overall retail market which grew only 3%. Management Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 12 2. Net Marketing Margin was consistent with the

company to govern retail service station prices that best accommodate the finished product cost. While, in Q3/2018 crude oil price was on the rise, retail price adjustment was outpaced by the rapidly rising