research and development – R&D) in Q1’20 keep close to Q4’19 and Q1’19 contribute from the squeezed of Admin and Selling expenses together with the boost up of R&D workforce especially in Europe in order to

household purchasing power remained weak. Despite improvements of both farm and nonfarm income, households’ purchasing power is compressed by the high debt burden and the waning confidence regarding

. IVL continues to be sole producer of NDC and continues to serve its demand. IPA margins remain very weak in this quarter as supplies exceed demand and further being squeezed by higher feedstock (mixed