Guaranteed Supply Reasonable Price High-Quality Strong Partnership For more than three decades, Thai Rubber Latex Corporation has stably become one of the most recognized concentrated latex producer in Thailand and gained numerous reputations within rubber industry worldwide. We have been continuously improving our manufacturing process, logistics network, and material supply management to ensure that we are fully capable of delivering the finest product to our customers when they want. Our devotions to quality are aimed at providing real customer benefits, the benefits that last resulting in maximum customer satisfaction. Thai Rubber Latex Corporation is a leading manufacturer and exporter of latex concentrate, disposable rubber gloves, extruded rubber threads, and various rubber products. Our core competitiveness is derived from consistency of supply, high-quality products, spontaneous customer services. That is contributable to our success.

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  Management Discussion and Analysis Quarter 2 Ending 30 Jun 2017
November 24, 2011

December 26, 2011

Subject      Report on Quarter 2/2017 business operating result of
                    Thai Rubber Latex Corporation (Thailand) PLC.


To               The President of the Stock Exchange of Thailand


                    In the second quarter of 2017, the consolidated financial statement of Thai Rubber Latex Corporation (Thailand) PLC. (“TRUBB”) showed the company had loss before tax 29.18 million Baht and corporate tax income was 0.42 million Baht. As a result, the net loss for the period was 28.76 million Baht, the decrease in loss of 41.46 million Baht comparing to the result of the second quarter of 2016. For 6 month period of 2017, the company had net profit before tax 86.20 million Baht and tax expense 5.96 million Baht. Hence, net profit after tax was 80.24 million Baht, the increase in profit of 134.74 million Baht comparing to the same period result of 2016, which the amount of net loss was 54.50 million Baht.

                    Comparing the operation result of the first half of 2017 to 2016, Group Company had sales and service incomes 5,091.8 million Baht, an increase of 1,295.4 million Baht or 34%, because of the increase of rubber price since last December; meanwhile, cost of goods sold was 4,596.7 million Baht, an increase of 1,186.9 million Baht or 35% which was closely similar to the income. However, due to the increase of rubber demand, the company would produce more products and develop its production in order to low the cost of goods sold and increase the quality of products.

                    The company had its subsidiary companies and associated company with financial results as follows:
                    1. For 6-month period of 2017, Latex and pre-vulcanized latex group had profit before tax of 118 million Baht, the increase of 168 million Baht comparing to 2016, due to the increase in rubber price since last year.
The gross profit margin was mainly from the decrease of production cost and the increase in productivity that made
the gross profit rose from 8% to 10%. Plus, because the company invested in the new plants for producing and containing more products in the last year, it could contain more materials in order to produce more products. As a result, the company could gain more benefit from skim rubber, a by-product of concentrated latex, that was the
increase of 1,249 tons comparing to the same period of 2016.

                    2. For 6-month period of 2017, finished product group had 4 million Baht loss before tax, the decrease in profit of 47 million Bath due to the fact that the rubber price was unstable and continuously dropped causing the higher cost of thread-production. Plus, the mattress rubber business was in the process of adjusting machines and expanding a factory, which the new system had not worked steadily causing the decrease in the company’s profit. However, the profit will continually increase after the system perfectly works in the third-quarter of 2017 because it will produce more products causing the decrease of production cost.

                    3. For 6-month period of 2017, rubber plantation group had 30 million Baht loss before tax causing the decrease of the entire company’s profit. Due to the fact that the rubber price dropped, as a upstream company, it caused less profit, but had to bear the burden of cost.


                    However, the better result of the entire company was from Latex and pre-vulcanized latex group, which gained more profit comparing to the same period of 2016.


                    For 6-month period of 2017, cost of goods sold was 168 million Baht, the decrease of 13 million Baht or 7% compared to 2016, that was mainly from the decrease in administration expenses of the block rubber business, the amount of 18 million Bath, because the company has no longer sold STR20 rubber.


                    For 6-month period of 2017, administration expense was 160 million Baht, the decrease of 21 million Baht or 11% compared to 2016, due to the decrease of the withholding tax.


                    For 6-month period of 2017, corporate income tax was 5.9 million Baht, the decrease of 19.8 million Baht compared to 2016, due to the fact that the subsidiary company wrote off of the deferred tax asset as tax expenses in the period.

                    Please be informed accordingly.


Yours sincerely,


(Mr.Vorathep Wongsasuthikul)

                                                                           President and Chief Executive Officer