) depreciation expense for the solar power project, (2) operation and maintenance, and (3) other costs such as utility expenses, insurance, and power development fund. In Quarter 2 of 2019, costs of sales amounted

(non-cash expenses) which inline to the increase in traffic volume and ridership together with the increase in repair and maintenance expense in accordance to the schedule. Financial cost amounted to

, cost of transportation, rental expenses, maintenance expenses, and marketing expenses. In addition, SG&A as a percentage of sales has marginally increased from 22.84% in previous year to 23.07%. 4

decreased. Unbilled Receivables increased by 110.0 MB or increase of 25.3%, due to the maintenance service that had been recognized the revenue by the contact term but it is in the process of invoicing for

claimed from maintenance reserve fund, breakage revenues and flyer bonus revenue. Share of Profit from Investments in Associates The Company has share of profit from associated companies decreased from

related to generation and distribution of electricity under SAAM-SP1 mainly includes (1) depreciation expense for the solar power project, (2) operation and maintenance, and (3) other costs such as utility

customer from 2019 to mid of 2020 due to eminent domain problem. Revenue from sale of electricity rose by 8.69% as a result of ongoing repair and maintenance of the overall power generator which gradually

sales related to generation and distribution of electricity under SAAM-SP1 mainly includes (1) depreciation expense for the solar power project, (2) operation and maintenance, and (3) other costs such as

and distribution of electricity under SAAM-SP1 mainly includes (1) depreciation expense for the solar power project, (2) operation and maintenance, and (3) other costs such as utility expenses

, maintenance cost, and marketing expenses. However, the transportation and utility costs were in the rising trend. SG&A as a percentage of sales remained close to the same level at 19.72% compared to the