, respectively, due to increased revenue from the sales strategy adjustment of the WICE company Logistics (Hong Kong) Limited. Increased revenue from air cargo management, which is considered the main revenue of

brand awareness and increasing FN brand equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. 3. Selling and administrative expenses Selling

1 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1-2020 Management Discussion and Analysis Q1-2020 14 May 2020 KEY EVENT IN Q1-2020 After UWC announced a corporate and business strategy restructuring in

margin, emphasizing FN brand awareness and increasing FN brand equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. Q2/20 and H1/20 gross

business. The company is able to maintain current customers, nevertheless, the plan is to clear out all of the remaining Inventory as soon as possible. The company, therefore, has initiated a contract

, emphasizing FN brand awareness and increasing FN brand equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. 1Q20 gross profits from services

Company has acknowledged the situation and adjusted the strategy and marketing plans accordingly to minimize the impact, by focusing in expanding the customer base and emphasizing in online channel

equity, so the marketing activities has been arranged with sales plan improvement and promotion efficiency spending. 95.07% 95.71% 95.53% 4.93% 4.29% 4.47% 3Q18 2Q19 3Q19 Sales Other Income 63.04% 64.71

past several years. Also, the change in accounting standards, which effective in 2020, affects the scheme of provision allowance for non-performing loans of financial institutions. However, it is

operations in USA. This facility will gradually recover in 3Q19. On the other hand, our NDC business continues to perform as per plan. Our Packaging segment continues to outperform, growing at double digits