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gross profit margin improved to 61.4% and 57.0%, respectively, due to higher average selling price and better construction cost management. • Revenue from sale of investment properties increased by 45
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mentioned. Excluding such non- recurring income, 1Q18 revenues would have grown 9% QoQ, mainly from stronger performance of hotel business. Management Discussion and Analysis 1Q18 Consolidated Financial
to clients; (3) mutual fund management excluding foreign investment funds; (4) private fund management; (5) securities borrowing and lending; (6) financing securities business; (7) derivatives