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

himself and by juristic persons under section 258 resulting in his aggregate number of shares held by other persons exceeded trigger point at 25 percent of the total voting rights of NOBLE. Later, Mr. Kris

New City Public Company Limited (“BTNC”) shares held by itself, and person under section 258 resulting in SIRATARN aggregate number of shares held by other persons exceeded trigger point at 50 percent

Boutique New City Public Company Limited (“BTNC”) shares held by herself, and person under section 258 resulting in her aggregate number of shares held by other person exceeded trigger point at 25 percent of

(Thailand) Public Company Limited (“SANKO”) shares held by itself, and person under section 258 resulting in TIP aggregate number of shares held by other persons exceeded trigger point at 25 percent of the

has not been surpassed, provided that the prohibited characteristics involved with any of the following cases: (a) Performing duty dishonestly or dishonest, deceitful, or fraudulent act relating to

and traditional media have peaked and they will be surpassed by OOH media (Outdoor, Transit and In-store media) and digital/online spending in a near term. To capture the key components of industry