, financial policy formulation, financial supervision and market oversight, covering banking, insurance and capital market sectors. The SEC and FSC are both members of the International Organization of

continuous basis. The implementation of the plan will optimize the balance and lay down a solid foundation in the entire system, rather than focusing on stringent oversight on the third line of defense as

reflects ultimate controlling persons and enables such operators to maintain credible major shareholders, as well as to ensure consistency in the supervision of businesses under the SEC’s oversight. In

2,872.8 2,064.3 255.3 Share of loss from investments in joint ventures - (218.4) (218.4) 100.0 Gross profit before financial expense and income tax expense 808.5 2,654.4 1,845.9 228.3 Financial Expenses 6.8

. Moreover, revenue from films’ distribution decreased because there were less movies comparing the quarter ended March 31, 2017. Cost of the Production and Service and Expense of Selling and Management 1

7,845.00 8,271.00 (5.15) PROFIT BEFORE INCOME TAX 834.00 968.00 (13.84) Income Tax (Expense) Revenue 200.00 226.00 (11.50) PROFIT (LOSS) FOR THE PERIOD 634.00 742.00 (14.56) Gross profit margin (%) 38.17

higher cost of goods sold. Administrative and Selling Expenses Selling, general, and administrative expense as a percent of sales increased slightly to 12.9% in 2018 compared to 12.8% the previous year

Administrative Expenses 36,825.63 33,780.71 9.01 PROFIT BEFORE INCOME TAX 18,553.63 4,541.94 308.50 Income Tax (Expense) Revenue 417.40 1,066.89 (60.88) PROFIT (LOSS) FOR THE PERIOD 18,136.23 3,475.05 421.90 Gross

Administrative Expenses 9,697.00 8,611.00 12.61 PROFIT BEFORE INCOME TAX 8,380.00 7,659.00 9.41 Income Tax (Expense) Revenue 2,120.00 1,668.00 27.10 PROFIT (LOSS) FOR THE PERIOD 6,260.00 5,991.00 4.49 Gross profit

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, insurance, and power