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gross profit margin for 2018 was 47.4%. This gross margin had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine
past 2 years and after the opening of the new club house in February 2018, MK increased significantly its competitive advantage in services. Flora Ville Golf and Country Club generated the highest
business according to the accounting standards under WHA level. However, the genuine gross margin in were at 53.0% and 51.1%, respectively. The decrease in genuine gross margin, compared to the same period
genuine gross margin in were at 52.5% and 51.5%, respectively. The decrease in genuine gross margin, compared to the same period of last year, was mainly due to change in product mix between Built-to-Suit
. However, the genuine gross margin in the second quarter of 2017 was at 60.6% for the warehouse rental and service business which decreased from 68.8% last year, mainly due to change in product mix between