3QFY17 net profit down 37% y-y to Bt58mn: The quarterly profit came in below our forecast due mainly to lower electricity sales volume, hit by the one-month maintenance shutdown at its power plant in Nampong, Khon Kaen province. In this period, total sales dropped 4% y-y to Bt4,191mn. Sales volume in sugar, electricity and ethanol businesses decreased but ASPs, however, climbed up. GPM plunged to a mere 18.7% as a result of the Nampong plant’s shutdown. Core profit came in at Only Bt23mn if stripping out a FX gain and a profit of Bt35mn from hedging activities.