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
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
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
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
. (2005) find that investors care more about “visible” fees such as front- and back-end load fees, but not operating expenses, so this could potentially be one reason behind this puzzling finding. 4