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 3 Ending 30 Sep 2017
November 10th, 2017

November 10th, 2017

Subject      Report on Quarter 3/2017 business operating result of
                    Thai Rubber Latex Corporation (Thailand) PLC.


To               The President of the Stock Exchange of Thailand


                    In the third quarter of 2017, the consolidated financial statement of Thai Rubber Latex Corporation (Thailand) PLC. ("TRUBB") showed the company had profit before tax 42.4 million Baht and corporate tax expense was 5.4 million Baht. As a result, the net profit for the period was 37 million Baht. Comparing to the result of the same period of 2016, which was 57.5 million Baht loss, TRUBB, therefore, gained the increase in net profit 94.5 million Baht. For 9-month period of 2017, the company had net profit before tax 128.6 million Baht and tax expense 11.4 million Baht. Hence, net profit after tax was 117.2 million Baht, the increase in profit of 229.2 million Baht comparing to the third period result of 2016, which the amount of net loss was 112 million Baht.

                    Comparing the operation result of the 9-month period of 2017 to 2016, Group Company had sales and service incomes 7,349 million Baht, an increase of 1,773 million Baht or 32%, because of the increase of rubber price since last December. However, Group Company has not operated block rubber product in 2017, which had income, 312 million Baht in 2016. In term of expenses, cost of goods sold was 6,633 million Baht, an increase of 1,547 million Baht or 30% 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 lower 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:
For 9-month period of 2017, Latex and pre-vulcanized latex group had profit before tax 137 million Baht, the increase of 212 million Baht comparing to 2016 due to the increase in rubber price since last year. The increase of 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 Group Company invested in the new plants for producing and containing more products since the last year, it could contain more materials in order to produce
more products for demand in the future. As a result, the company could gain more benefit from skim rubber, a by-product of concentrated latex, that was the increase of 1,385 tons comparing to the same period of 2016.

                    2. For 9-month period of 2017, finished product group had 32 million Baht profit before tax, the increase of 3 million Bath comparing to the same period of 2016 due to the modified of new machines and expansion a factory, which the new system has started working since the third quarter of 2017 resulting the increase of the number of goods sold.

                    3. For 9-month period of 2017, rubber plantation group had 42 million Baht loss before tax, the decrease in loss of 20 million Baht, because the rubber price was higher than last year, which causing the increase of the entire company's profit.


                    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 9-month period of 2017, cost of goods sold was 248 million Baht, the increase of 6 million Baht or 2% compared to 2016, that was mainly from the increase of production in latex and pre-vulcanized latex group causing the higher expenses including transportation cost, expenses for export and welfare fund fee.


                    For 9-month period of 2017, administration expense was 227 million Baht, the decrease of 26 million Baht or 10% compared to 2016, due to the decrease of the withholding tax. Besides, just only in the 3rd quarter of 2017, administration expense dropped 5 million Baht due to cautiously controlling the expenses.


                    For 9-month period of 2017, corporate expense tax was 11 million Baht, the decrease of 17 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 faithfully,


    Mr.Vorathep Wongsasuthikul

                                                                             Chairman and Chief Executive Officer