standards under WHA level. However, the genuine gross margin in the first quarter of 2019 was at 49.0% for the warehouse rental and service business which decreased from 51.5% in the same period of previous

level. However, the genuine gross margin in the first quarter of 2020 was at 69.6% which increased from 54.4% in the same period of previous year, mainly due to higher occupancy rate. 2. Sale of

Investors will not only promote sustainable growth and development, but also secure the best returns to their Asset Owners and beneficiaries, and provide durable benefits for Institutional Investors in the

had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margin in the first quarter of 2018 was at 49.2

, the genuine gross margin in the third quarter of 2017 was at 57.6% for the warehouse rental and service business which decreased from 69.7% last year, mainly due to change in product mix between Built

sectors, consumption and investment continued to recover, though not yet at broad-based level. Domestic consumption recovered in the durable goods section especially in the vehicles and service sector from

, consumption and investment continued to recover, though not yet at broad-based level. Domestic consumption recovered in the durable goods section especially in the vehicles and service sector from tourism

private consumption and private investment. Private consumption grew notably in durable goods segment (especially in vehicles) while growth in non-durable and semi-durable goods contracted partly from the

global economy. For domestic sector, private consumption and private investment also showed positive signs with private consumption recovering strongly in the durable goods segment (especially in vehicles

economy. For domestic sector, private consumption and private investment also showed positive signs with private consumption recovering strongly in the durable goods segment (especially in vehicles) and