Operating income 2,106.6 1,776.7 18.6 1,769.4 19.1 3,883.3 3,711.7 4.6 Other operating expenses 759.1 731.4 3.8 684.5 10.9 1,490.5 1,370.9 8.7 Bad debts, doubtful accounts and impairment loss 470.0 100.0
operating expenses 681.4 684.5 (0.5) 675.7 0.8 2,052.4 2,037.9 0.7 Bad debts, doubtful accounts and impairment loss 70.0 110.1 (36.4) 140.0 (50.0) 510.1 487.2 4.7 Income tax expenses 155.3 168.4 (7.8) 146.9
Other operating expenses 715.7 681.4 5.0 682.8 4.8 2,768.1 2,720.6 1.7 Bad debts, doubtful accounts and impairment loss 60.0 70.0 (14.3) 130.0 (53.8) 570.2 617.2 (7.6) Income tax expenses 135.0 155.3
support project in the first quarter of 2019 is more difficult and varied than the previous year which effected higher cost than the first quarter of 2018 6. Cost of goods sold (E-Commerce) Cost of goods
was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold
for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and
new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the
from poor timing and end up buying and selling at the wrong times. /Timing the market is too difficult. “It is a losing strategy” gChasing (short term) past performance has been a basic investment