Improved sales but not outstanding yet. Sales came in at Bt4.3b, dropping 7% yoy, butimproving 11% qoq thanks to higher sales volume of PCB. Excluding forex movement, salesin US dollar terms was flat yoy, but improved 9% qoq to US$123m. KCE reported grossmargin of 22.0% (-2.4 ppt yoy, +2.9 ppt qoq). Yoy gross margin should drop due to softerrevenue. However, gross margin increased qoq due to the baht depreciation, lower price ofraw materials, and lower electricity cost