Financial Performance - Revenue for the six months ended September 30, 2023, was HK$98,153,000, a decrease of 50.7% compared to HK$199,522,000 in the same period of 2022[11]. - Gross profit for the period was HK$20,033,000, down 49.6% from HK$39,621,000 year-on-year[11]. - The company reported a loss from operations of HK$2,663,000, compared to a profit of HK$8,104,000 in the previous year[11]. - Net loss for the period was HK$18,367,000, compared to a profit of HK$7,821,000 in the same period last year[11]. - Basic and diluted loss per share was HK$0.09, compared to earnings of HK$0.04 per share in the prior year[11]. - Total comprehensive loss for the period was HK$57,129,000, compared to a total comprehensive loss of HK$66,194,000 in the previous year[15]. - The reportable segment (loss)/profit (adjusted EBITDA) for the six months ended 30 September 2023 was a loss of $20,132,000, compared to a profit of $11,218,000 in the same period of 2022[67]. - The consolidated (loss)/profit before taxation for the six months ended 30 September 2023 was a loss of $17,667,000, compared to a profit of $9,522,000 in the same period of 2022[67]. - The company recorded a loss attributable to equity shareholders of HK$18,367,000, a significant decline from a profit of HK$7,821,000 in the previous year, representing a 335% decrease[150]. - The operating margin fell to -3% from 4% year-on-year, indicating a substantial deterioration in operational performance[150]. Revenue Breakdown - For the six months ended September 30, 2023, the revenue from the manufacture and sale of garments was HK$94,865,000, a decrease of 50% compared to HK$190,161,000 in the same period of 2022[56]. - Revenue from the manufacture and sale of textiles dropped to HK$117,000 from HK$4,952,000, indicating a significant decline[56]. - Processing service income decreased to HK$401,000 from HK$1,406,000, reflecting a reduction of approximately 71%[56]. - Total revenue for the period was HK$98,153,000, down from HK$199,522,000, representing a decline of about 51%[56]. - Revenue from external customers for the six months ended 30 September 2023 was $98,153,000, a decrease of 50.7% compared to $199,522,000 in the same period of 2022[60]. - Revenue from external customers in Europe decreased significantly, with the United Kingdom revenue dropping from $43,351,000 in 2022 to $23,350,000 in 2023[71]. Cash Flow and Assets - Cash and cash equivalents decreased to $74,842,000 at the end of the period, down from $178,074,000 at the beginning of the period, representing a decline of 58.0%[28]. - Operating activities generated a net cash outflow of $13,369,000 for the six months ended September 30, 2023, compared to a cash inflow of $39,266,000 in the prior year[28]. - As of September 30, 2023, total assets less current liabilities amounted to $1,073,834,000, a decrease of 5.6% from $1,137,540,000 as of March 31, 2023[19]. - The total equity decreased to $1,046,921,000 as of September 30, 2023, down from $1,108,185,000 as of March 31, 2023, indicating a decline of 5.5%[19]. - The company’s inventories increased significantly to $25,438,000 as of September 30, 2023, up from $16,318,000 as of March 31, 2023, reflecting a rise of 55.0%[19]. - Current liabilities rose to $78,518,000, an increase of 40.4% from $55,881,000 as of March 31, 2023[19]. - The total specified non-current assets as of 30 September 2023 were valued at $504,381,000, down from $552,569,000 as of 31 March 2023[71]. Expenses and Costs - Selling and distribution expenses decreased to HK$11,584,000 from HK$12,447,000, a reduction of 6.9%[11]. - Administrative expenses were reduced to HK$15,449,000 from HK$16,728,000, a decrease of 7.7%[11]. - The finance costs for the six months ended 30 September 2023 were $278,000, down from $1,069,000 in the same period of 2022[67]. - The total finance costs decreased to $278,000 in 2023 from $1,069,000 in 2022, primarily due to a reduction in interest on bank advances[76]. - The provision for deferred tax relating to the origination and reversal of temporary differences was $700,000 for the six months ended 30 September 2023, compared to $1,249,000 in 2022[76]. Investments and Valuation - The company experienced a net valuation gain on investment properties of HK$222,000, down from HK$1,733,000 in the previous year[11]. - The company recognized a net valuation gain of $222,000 on investment properties for the six months ended 30 September 2023, down from $1,733,000 in the previous year[94]. - The company’s investment in Wuxi recorded losses, with low gross margins due to increased production costs and high material prices impacting profitability[156]. Corporate Governance and Compliance - The interim financial report was authorized for issue on 29 November 2023, covering the six months ended 30 September 2023[31]. - The report is prepared in accordance with HKAS 34 and reflects the same accounting policies as the annual financial statements for the year ended 31 March 2023[32]. - The report is unaudited but has been reviewed by the Company's Audit Committee[35]. - The auditor's report for the year ended 31 March 2023 was unqualified and did not contain any statements under sections 406 or 407 of the Companies Ordinance[41]. - The company has complied with the Code on Corporate Governance Practices throughout the period ended September 30, 2023, except for the non-executive directors not being appointed for a specific term[197]. - All directors confirmed compliance with the required standards set out in the Model Code for Securities Transactions throughout the review period[198]. - The audit committee has reviewed the accounting principles and practices adopted by the group and the unaudited interim financial statements for the period ended September 30, 2023[196]. Employee and Shareholder Information - The company employed approximately 302 employees as of 30 September 2023, with remuneration packages linked to performance and market salary levels[162]. - The total number of shares available for issue under the share option scheme as of September 30, 2023, was 20,674,768 shares, representing 10% of the issued share capital[179]. - No share options were granted, exercised, or cancelled during the period, and no share options were outstanding as of September 30, 2023[180]. - Guangzhou Textiles Industry & Trade Holdings Ltd. holds 17,806,000 ordinary shares, accounting for 8.61% of the issued ordinary shares[188]. - The company did not purchase, sell, or redeem any of its listed securities during the period ended September 30, 2023[191].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 長江製衣有限公司 YANGTZEKIANG GARMENT LIMITED (於香港註冊成立之有限公司) (股票代號：00294) 截至二 零二三年九月三 十日止六個月 之中期 業績公佈 長江製衣有限公司(｢本公司｣)之董事會宣佈本公司及其附屬公司(統稱｢本集團｣)及本集團的合營企業截至二零二三年 九月三十日止六個月之未經審核中期業績。中期業績尚未經審核，但已由本公司之審核委員會審閱。 綜合損益表 截至二零二三年九月三十日止六個月 – 未經審核 (以港元計) 截至九月三十日止六個月 二零二三年 二零二二年 附註 千元 千元 收入 3 & 4 98,153 199,522 銷售成本 (78,120) (159,901) 毛利 20,033 39,621 其他收益 8,433 2,841 銷售及分銷費用 (11,584) (12,447) 行政費用 (15,449) (16,728) 其他經營費用 5(c) ...

Financial Performance - The Group's revenue for the year ended 31 March 2023 was HK$365,761,000, a decrease of 6% compared to HK$390,446,000 in the previous year[8]. - The operating profit improved to HK$18,738,000 from a loss of HK$13,064,000 in the previous year, indicating a significant operational turnaround[9]. - The overall loss for the year was HK$23,249,000, a decline from a profit of HK$30,274,000 in the previous year, primarily due to losses from the Wuxi investment[10]. - Gross profit increased by 18% to HK$71,697,000, with a gross profit margin of 20%, up from 16%[19]. - The net profit margin was -6%, a decline of 14 percentage points from the previous year[19]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a loss of HK$15,368,000, down from a profit of HK$39,703,000[19]. Liquidity and Financial Health - The current ratio improved by 56% to 6.7 times, indicating better short-term financial health[19]. - Cash and bank balances increased by 30% to HK$306,173,000, reflecting improved liquidity[19]. - The Group has no short-term or long-term borrowings as of March 31, 2023[31]. - The Group's cash and cash equivalents and bank deposits as of March 31, 2023, were approximately HK$306,173,000, up from HK$235,472,000 in 2022[31]. Investment and Market Outlook - The management expects the losses from the Wuxi investment to be significantly reduced in the coming year, which should improve overall results[11]. - The management expects a decrease in business orders in the coming year as manufacturing shifts from China to other Asian countries[24]. - The Wuxi Group, in which the Group holds a 49% stake, reported substantial losses due to lower yarn prices and increased material costs[29]. - The management anticipates that domestic demand will gradually recover while the export market remains weak[29]. Corporate Governance and Board Structure - The Board comprises six executive directors and three independent non-executive directors as of March 31, 2023[143]. - The Company has complied with the Corporate Governance Code throughout the financial year ended March 31, 2023[141]. - The Board is committed to transparency, accountability, and independence to protect shareholder interests[140]. - The Audit Committee comprises three independent non-executive directors and is responsible for monitoring the integrity of the Company's financial statements and internal control systems[160]. - The Company has established a mechanism to ensure independent viewpoints from directors are communicated to the Board[145]. Shareholder Information and Dividends - The Company maintained a dividend per share of HK$0.02, unchanged from the previous year[19]. - The Board recommended a final dividend of HK2 cents per ordinary share for the year ended March 31, 2023, totaling HK$4,135,000, consistent with the previous year[87]. - As of March 31, 2023, the reserves available for distribution to equity shareholders amounted to HK$261,208,000, down from HK$286,812,000 in 2022[88]. - The Board will consider various factors before declaring or recommending dividends, maintaining discretion in the decision-making process[197]. Employee and Social Responsibility - The Group employs approximately 369 employees as of March 31, 2023, with remuneration packages based on performance and market salary levels[66]. - The Group encourages employee participation in charitable activities to demonstrate corporate social responsibility[47]. - Charitable donations made by the Group during the year amounted to HK$10,000, a decrease from HK$11,000 in 2022[89]. Risk Management - The Group has implemented adequate risk mitigation measures to address changes in global economic and macro-economic conditions, particularly in light of the COVID-19 outbreak[53]. - The Risk Management Committee oversees the design, implementation, and monitoring of risk management and internal control systems for the Group[191]. Diversity and Inclusion - The Company has adopted a Board Diversity Policy aiming for at least two female directors, with a focus on increasing the proportion of female members over time[179]. - The Company recognizes the benefits of a diverse workforce and will continue to enhance diversity subject to the availability of suitable candidates[184]. - The Nomination Committee conducted an annual review of the Board Diversity Policy and confirmed its effective implementation during the year ended March 31, 2023[182].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 長 江 製 衣 有 限 公 司 YANGTZEKIANG GARMENT LIMITED (於香港註冊成立之有限公司) (股份代號：00294) 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 全 年 業 績 公 佈 長江製衣有限公司(｢本公司｣)之董事會宣佈本公司及其附屬公司(統稱｢本集團｣)及本集團的合營企業截至二零二三年 三月三十一日止年度之綜合業績連同相應期間的比較數字及所選取的解釋資料如下： 綜合損益表 截至二零二三年三月三十一日止年度 (以港元計) 二零二三年 二零二二年 附註 千元 千元 收入 3及4 365,761 390,446 銷售成本 (294,064) (329,819) 毛利 71,697 60,627 其他收益淨額 5 12,486 9,119 銷售及分銷費用 (23,368) (28,201) 行政費用 (31,412) (40,473) 其他經營費用 6( ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$199,522,000, an increase of 23.3% from HK$161,671,000 in the same period of 2021[10]. - Gross profit for the period was HK$39,621,000, compared to HK$25,441,000 in the previous year, reflecting a gross margin improvement[10]. - Profit for the period was HK$7,821,000, a decrease of 3.5% from HK$8,103,000 in the prior year[10]. - Basic and diluted earnings per share remained stable at HK$0.04, unchanged from the previous year[10]. - Total comprehensive income for the period was a loss of HK$66,194,000, compared to a gain of HK$18,974,000 in the same period last year[15]. - The company reported a profit for the period of HK$7,821,000 for the six months ended September 30, 2022, down from HK$8,494,000 in the previous year, reflecting a decrease of approximately 7.9%[25]. - The company reported a total comprehensive income of HK$7,821,000 for the period, compared to HK$19,369,000 in the previous year, indicating a significant decrease of approximately 59.6%[25]. - The consolidated profit before taxation for the six months ended September 30, 2022, was HKD 9,522,000, compared to HKD 8,450,000 in the same period of 2021, showing an increase of about 12.7%[64]. - Profit before taxation for the same period was $5,183,000, down from $6,891,000 in 2021, indicating a decrease of 24.8%[75]. - Profit attributable to equity shareholders decreased by 8% to HK$7,821,000 compared to HK$8,494,000 last year[162]. Revenue Breakdown - Revenue from the manufacture and sale of garments was HK$190,161,000, up from HK$144,981,000, reflecting a growth of 31.0% year-on-year[51]. - For the six months ended September 30, 2022, the revenue from external customers for the manufacturing and sale of garments and textiles was HKD 196,519,000, an increase from HKD 158,648,000 in the same period of 2021, representing a growth of approximately 24%[59]. - Revenue for the six months ended September 30, 2022, was HK$199,522,000, representing a 23% increase from HK$161,671,000 in the same period last year[161]. - The Group's total revenue from external customers for property leasing was HKD 3,003,000, slightly down from HKD 3,023,000 in the previous year[59]. Expenses and Costs - Selling and distribution expenses increased to HK$12,447,000 from HK$14,903,000, indicating a reduction in costs[10]. - Administrative expenses decreased to HK$16,728,000 from HK$23,775,000, showing improved operational efficiency[10]. - Management reduced selling and distribution costs as well as administrative costs by 25%[163]. - The company’s finance costs increased to $1,069,000 from $1,246,000 in the previous year, reflecting a decrease of 14.2%[75]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$1,130,985,000, a decrease from HK$1,203,851,000 as of March 31, 2022, representing a decline of approximately 6.04%[21]. - Net current assets were reported at HK$300,851,000, slightly down from HK$305,396,000, indicating a decrease of about 1.77%[21]. - Total equity attributable to equity shareholders decreased to HK$1,099,665,000 from HK$1,169,994,000, a decline of approximately 5.97%[21]. - The company’s current liabilities increased to HK$116,672,000 from HK$93,467,000, representing an increase of about 25%[21]. - The total liabilities, including trade creditors, accrued charges, dividends payable, and amounts due to related companies, amounted to $87,433,000 as of September 30, 2022, up from $54,015,000 as of March 31, 2022, marking a 61.8% increase[107]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended September 30, 2022, was HK$39,266,000, compared to a net cash used of HK$393,000 in the same period of 2021[30]. - Cash and cash equivalents at the end of the period were HK$270,366,000, an increase from HK$261,029,000 at the end of the same period in 2021, marking an increase of about 3.9%[30]. - As of September 30, 2022, cash and bank balances were approximately HK$270,366,000, an increase from HK$235,472,000 as of March 31, 2022[172]. - The group did not have any short-term or long-term borrowings as of September 30, 2022[172]. Market and Strategic Focus - The company continues to focus on market expansion and new product development strategies to enhance future growth prospects[10]. - The company anticipates challenges in the second half of the financial year due to global inflation, high interest rates, and geopolitical tensions[163]. Shareholder Information - No interim dividend was declared for the current period, while a final dividend of $0.02 per ordinary share was approved, totaling $4,135,000 for the year ended March 31, 2022[89][91]. - The Board resolved not to declare an interim dividend for the six months ended September 30, 2022, compared to no dividend declared in the same period of 2021[159]. - As of September 30, 2022, Chan Family Investment Corporation Ltd. held a total of 48,032,240 shares, representing a significant portion of the company's equity[178]. - Guangzhou Textiles Industry & Trade Holdings Ltd. is the beneficial owner of 17,806,000 ordinary shares, accounting for 8.61% of the issued shares[199]. Accounting and Compliance - The interim financial report is unaudited but has been reviewed by the Company's Audit Committee, ensuring a level of oversight[39]. - The Group has not applied any new accounting standards that are not yet effective for the current accounting period, maintaining consistency in financial reporting[45]. - The financial statements for the year ended 31 March 2022 were unqualified, indicating no significant issues raised by the auditor[45]. - The interim financial report was authorized for issue on 29 November 2022, reflecting timely compliance with regulatory requirements[35].

Financial Performance - The Group's revenue for the year 2021/22 was HK$390,446,000, a decrease of 7% from HK$420,475,000 in 2020/21, while the overall profit was HK$30,274,000 compared to a loss of HK$28,651,000 in the previous year[5][10] - The company's revenue for the year ended March 31, 2022, was HK$390,446,000, a decrease of 7% compared to HK$420,475,000 in the previous year[18] - Gross profit decreased by 15% to HK$60,627,000 from HK$71,358,000, resulting in a gross profit margin of 16%, down from 17%[18] - Loss from operations improved by 42% to HK$13,064,000 from HK$22,457,000 in the previous year[18] - Net profit attributable to equity shareholders was HK$30,665,000, a significant turnaround from a loss of HK$27,822,000 the previous year[18] Operational Insights - The core garment business recorded an operational loss of HK$13,064,000, which is 42% better than the previous year's loss of HK$22,457,000[7][11] - The positive results from the Wuxi investment were attributed to favorable cotton and yarn prices and timely adjustments in product mix to meet market demands[8][11] - Manufacturing operations in China performed positively due to a stable production environment, while losses were incurred in Myanmar and Bangladesh, leading to a decision to withdraw investments from those countries[7][11] - The company anticipates a gradual recovery in its core garment business with the opening of U.S. and European markets, although performance from the Wuxi investment is expected to decline due to rising cotton prices affecting gross profit margins[9][12] Market Outlook - The outlook for the coming year remains cautious due to ongoing challenges such as the Covid-19 pandemic, the Russia-Ukraine war, and high inflation rates, with no significant improvement expected in the trading environment[9][12] - The Group anticipates weakening domestic and overseas demand in the coming year due to adverse factors such as rising labor and energy costs[27] Financial Position - The company's cash and bank balances decreased by 12% to HK$235,472,000 from HK$266,085,000[18] - Total assets increased by 6% to HK$1,297,318,000 from HK$1,226,564,000, while total liabilities rose by 12% to HK$127,324,000 from HK$113,181,000[18] - The current ratio decreased by 17% to 4.3 times from 5.2 times[18] - The Group did not have any short-term or long-term borrowings as of March 31, 2022 and 2021[27] Shareholder Information - The Group plans to recommend a final dividend of HK2 cents per ordinary share for the year ended March 31, 2022, totaling HK$4,135,000 if approved by shareholders[69] - The aggregate amount of reserves available for distribution to equity shareholders was HK$286,812,000 as of March 31, 2022[70] - The largest customer accounted for 18% of total sales in 2022, down from 19% in 2021, while the top five customers collectively represented 53% of total sales, an increase from 47% in 2021[79] - The largest supplier contributed 9% to total purchases, a slight decrease from 10% in 2021, with the top five suppliers maintaining a consistent 29% of total purchases[79] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the financial year ended 31 March 2022, except for a deviation regarding the specific term for non-executive directors[126] - The Board comprises six executive directors and three independent non-executive directors, with independent directors representing at least one-third of the Board[128] - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and internal controls[121] - The Company is committed to high corporate governance standards, emphasizing transparency, accountability, and independence[125] Risk Management - The Group has implemented proactive measures to monitor changes in global economic conditions and has established risk mitigation strategies[48] - The Risk Management Committee is responsible for overseeing the design and implementation of risk management and internal control systems for the Group[168] - The Group's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[185] Employee Engagement - As of March 31, 2022, the Group employed approximately 1,700 employees, with remuneration packages based on performance and market salary levels[52] - The Group encourages employees to participate in charitable activities through its "YGM Volunteer Team," promoting corporate social responsibility[32] Environmental and Social Responsibility - The Group is committed to upholding high environmental standards during manufacturing and material disposal processes[30] - The Group has not identified any material non-compliance or breach of legislation related to product safety[29] - Charitable donations made by the Group during the year amounted to HK$11,000[71] Audit and Compliance - The auditor issued an unqualified letter regarding the Group's continuing connected transactions in accordance with the Hong Kong Listing Rules[113] - The external consultant engaged for internal audit services reviewed the effectiveness of the internal controls system and reported findings to the Audit Committee[187] - The Company has implemented procedures for handling and disseminating inside information to ensure compliance with Listing Rules and statutory obligations[186]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$161,671,000, a decrease of 26.4% compared to HK$219,650,000 in the same period of 2020[10]. - Gross profit for the period was HK$25,441,000, down from HK$35,955,000, reflecting a gross margin of 15.7%[10]. - The company reported a profit for the period of HK$8,103,000, a significant recovery from a loss of HK$22,808,000 in the previous year[10]. - Earnings per share for the period was HK$0.04, compared to a loss per share of HK$0.11 in the same period last year[10]. - Total comprehensive income for the period was HK$18,974,000, compared to a loss of HK$540,000 in the previous year[16]. - The company reported a profit for the period of $10,686,000 for the six months ended September 30, 2021, compared to a loss of $22,391,000 in the same period of the previous year[30]. - The company’s total comprehensive income for the period was $19,369,000, compared to a total comprehensive loss of $22,808,000 in the previous year[30]. - Profit before taxation for the six months ended 30 September 2021 was $6,891,000, an increase from $5,928,000 in the previous year[72]. - Profit attributable to equity shareholders was HK$8,494,000, a significant turnaround from a loss of HK$22,391,000 in the same period last year[160]. - EBITDA for the period was HK$11,401,000, compared to a loss of HK$17,629,000 in the previous year[160]. Revenue Breakdown - For the six months ended 30 September 2021, the Group's revenue from the manufacture and sale of garments was HK$144,981,000, a decrease of 24.7% compared to HK$192,621,000 in the same period of 2020[46]. - Revenue from the manufacture and sale of textiles was HK$165,000, down 70.5% from HK$55,000,000 in the previous year[46]. - Processing service income for the period was HK$13,502,000, a decrease of 44.4% from HK$24,258,000 in the prior year[46]. - Total revenue for the six months ended 30 September 2021 was HK$161,671,000, a decline of 26.5% compared to HK$219,650,000 in the previous year[46]. - Revenue from external customers for the six months ended September 30, 2021, was HKD 158,648,000, a decrease of 27% from HKD 216,934,000 in 2020[57]. - Revenue from external customers for the six months ended 30 September 2021 was $151,276,000, a decrease of 24.6% compared to $200,801,000 in the same period of 2020[68]. Expenses and Costs - Administrative expenses increased slightly to HK$23,775,000 from HK$23,466,000, indicating stable overhead management[10]. - The company continues to focus on cost management, with selling and distribution expenses at HK$14,903,000, compared to HK$18,508,000 in the previous year[10]. - The company reported a loss from operations of HK$14,757,000, an increase of 59% compared to a loss of HK$9,273,000 in the previous year[160]. - Operational costs in Bangladesh increased significantly due to high inflation and government-mandated wage increases[162]. Assets and Liabilities - Total assets as of September 30, 2021, amounted to $1,171,307,000, an increase from $1,151,846,000 as of March 31, 2021, representing a growth of approximately 1.5%[22]. - Net current assets decreased to $302,388,000 from $316,083,000, reflecting a decline of about 4.3%[22]. - Total equity attributable to equity shareholders increased to $1,134,410,000 from $1,113,383,000, marking a rise of about 1.9%[22]. - The company’s current liabilities increased to $67,283,000 from $53,321,000, which is an increase of approximately 26.2%[22]. - The company’s non-current liabilities rose to $36,897,000 from $38,463,000, showing a decrease of about 4.1%[22]. - Reportable segment liabilities increased to HKD 96,818,000 from HKD 82,536,000 in the previous year[57]. Cash Flow and Investments - Cash and cash equivalents at the end of the period were $261,029,000, down from $274,059,000 at the end of the previous year, indicating a decrease of approximately 4.8%[35]. - The company generated net cash from operating activities of $(393,000) for the six months ended September 30, 2021, compared to $290,000 in the previous year[35]. - The company’s cash used in investing activities was $(1,002,000) for the six months ended September 30, 2021, compared to $(3,092,000) in the previous year, indicating a reduction in cash outflow[35]. - The Group's cash and bank balances were approximately HK$261,029,000, a slight decrease from HK$266,085,000 as of March 31, 2021[168]. - The Group had no short-term or long-term borrowings as of September 30, 2021, maintaining a strong liquidity position[168]. Market Outlook and Strategy - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[10]. - The company decided to withdraw its investment in Myanmar due to adverse effects from the Covid-19 pandemic and political unrest, while maintaining it as a manufacturing source[163]. - The China operation recorded positive results, benefiting from a stable manufacturing environment that attracted orders back to the factory[164]. - The Group anticipates challenges in profitability for the remainder of the year due to rising cotton prices and unrest in Ethiopia[168]. Shareholder Information - The Board resolved not to declare an interim dividend for the six months ended 30 September 2021, consistent with the previous year[159]. - The Company has been notified of substantial shareholders holding 5% or more of the ordinary shares, including Guangzhou Textiles Industry & Trade Holdings Ltd. with 17,806,000 shares, representing 8.61% of the issued ordinary shares[196]. - No purchases, sales, or redemptions of the Company's listed securities were made by the Company or its subsidiaries during the period ended September 30, 2021[200]. Compliance and Governance - The interim financial report is unaudited but has been reviewed by the Company's Audit Committee, ensuring compliance with relevant accounting standards[41]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period, maintaining consistency in financial reporting[42]. - The financial statements for the year ended 31 March 2021 were unqualified, indicating a clean audit opinion from the auditor[41].

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$290,966,000, a decrease of 8.5% from HK$317,796,000 in the same period of 2018[9] - Gross profit for the period was HK$45,573,000, down from HK$57,692,000, reflecting a gross profit margin decrease[9] - Loss for the period amounted to HK$18,848,000, compared to a profit of HK$977,000 in the previous year[9] - Basic and diluted loss per share was HK$0.09, compared to earnings of HK$0.01 per share in the prior year[9] - Total comprehensive loss for the period was HK$58,133,000, slightly down from HK$58,826,000 in the same period last year[15] - Other comprehensive income for the period was a loss of HK$39,285,000, compared to a loss of HK$57,849,000 in the previous year[15] - The company reported a loss for the period of HK$38,905, compared to a loss of HK$60,172 in the previous period, showing an improvement[28] - Total comprehensive income for the period was a loss of HK$58,576, compared to a loss of HK$56,546 in the previous period, indicating a slight deterioration[28] - The Group reported an adjusted EBITDA loss of HK$8,180,000 for the six months ended September 30, 2019, compared to a profit of HK$5,179,000 in the same period of 2018[113] - Consolidated profit before taxation was a loss of HK$18,200,000, contrasting with a profit of HK$742,000 in the previous year[113] Assets and Liabilities - As of 30 September 2019, total assets less current liabilities amounted to HK$1,188,299, a decrease from HK$1,254,759 as of 31 March 2019, representing a decline of approximately 5.3%[21] - Net current assets were reported at HK$344,039, down from HK$387,317, indicating a decrease of about 11.1%[21] - The company's net assets stood at HK$1,132,194, a reduction from HK$1,214,745, reflecting a decline of approximately 6.8%[21] - Total equity attributable to equity shareholders decreased to HK$1,133,260 from HK$1,216,646, marking a decline of around 6.9%[21] - Current liabilities increased to HK$137,470 from HK$104,351, which is an increase of approximately 31.7%[21] - The Group's total liabilities for the reportable segments rose to $159,336,000 as of 30 September 2019, up from $108,908,000 as of 31 March 2019[106] - Total liabilities increased to HK$163,507,000 as of September 30, 2019, compared to HK$135,628,000 on April 1, 2019, reflecting a rise of about 20.5%[166] Cash Flow - Net cash used in operating activities for the six months ended 30 September 2019 was HK$32,873,000, compared to HK$25,086,000 in 2018, representing a 31% increase[34] - Net cash generated from investing activities was HK$360,000, a decrease of 77% from HK$1,587,000 in the same period of 2018[34] - Net cash used in financing activities amounted to HK$3,411,000, significantly lower than HK$30,147,000 in 2018, indicating a reduction of 89%[34] - Cash and cash equivalents at the end of the period were HK$286,056,000, an increase of 9% from HK$262,503,000 at the end of the same period in 2018[34] - The Group's cash flow from operating activities reflects a significant increase in cash used, indicating potential operational challenges[34] - The substantial reduction in financing activities cash outflow indicates a strategic shift in the Group's financing approach[34] Accounting Policies and Standards - The company has adopted HKFRS 16 from April 1, 2019, which has impacted the financial reporting but does not restate comparative information[10] - The Group has adopted HKFRS 16 from 1 April 2019, which may impact future financial reporting and comparability[22] - The Group has applied HKFRS 16, Leases, starting from April 1, 2019, with no impact on the opening balance of equity[53] - The Group has chosen not to separate non-lease components from lease components for accounting purposes[60] - The Group's accounting policies include critical judgments and estimates regarding lease terms and liabilities[61] - The changes in accounting policies have not had a material effect on the Group's results and financial position for the current or prior periods[53] Revenue Breakdown - Revenue from garment manufacturing and sales for the six months ended 30 September 2019 was $270,509,000, a decrease of 8.67% from $296,108,000 in the same period of 2018[92] - Revenue from textile manufacturing and sales dropped significantly to $397,000 from $2,643,000 year-on-year, reflecting a decline of 85.03%[92] - Total revenue for the Group for the six months ended 30 September 2019 was $287,914,000, down 8.54% from $314,744,000 in the previous year[91] - Revenue from external customers for the six months ended September 30, 2019, was HK$271,492,000, down from HK$301,370,000 in 2018, representing a decrease of approximately 9.9%[119] - Revenue from Hong Kong customers was HK$19,474,000 for the six months ended September 30, 2019, an increase from HK$16,426,000 in 2018[119] - Revenue from the United Kingdom was HK$35,967,000, down from HK$45,286,000 in the previous year, indicating a decline of approximately 20.5%[119] - Revenue from Italy decreased to HK$51,520,000 from HK$60,716,000, reflecting a decline of about 15.5%[119] Equity and Dividends - The Group did not declare any interim dividends for the period, consistent with the previous year[161] - Proposed dividends were not recorded as of September 30, 2019, compared to HK$24,810,000 as of March 31, 2019, indicating a significant change in dividend policy[167] - The Group's total equity as of September 30, 2019, was HK$1,132,194,000, down from HK$1,214,745,000 as of March 31, 2019, reflecting a decrease of about 6.8%[168] Fair Value Measurements - The fair value of unlisted equity securities was reported at HKD 16,906,000, while non-trading listed equity securities were valued at HKD 2,315,000[179] - The Group's financial instruments measured at fair value are categorized into three levels, with no transfers between levels during the reporting periods[188] - The fair value of forward foreign exchange contracts in Level 2 is determined by discounting the contractual forward price based on prevailing market interest rates[189] - The fair value measurement techniques for Level 3 include adjusted net asset value and market comparable approaches[192] - The Group's policy is to recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur[188] - The carrying amounts of the Group's financial instruments at cost or amortized cost are not materially different from their fair values as of September 30, 2019, and March 31, 2019[200]

Financial Performance - The Group's revenue for the year 2018/19 was HK$717,614,000, a decrease of 4% compared to HK$749,280,000 in 2017/18[20][21]. - Overall profit for the year was HK$20,301,000, down 42% from HK$35,043,000 in the previous year[20][21]. - The core garment business generated an operating profit of HK$16,259,000, reflecting a 5% decrease from HK$17,096,000 in the prior year[24]. - Cash generated from operations increased by 112% to HK$41,460,000 from HK$19,533,000[29]. - Capital expenditure on other assets rose significantly by 254% to HK$7,098,000 from HK$2,005,000[29]. - Earnings per share decreased by 39% to $0.11 from $0.18[29]. - Total assets decreased by 2% to HK$1,359,110,000 from HK$1,391,151,000[29]. - Return on shareholders' equity fell to 1.8% from 2.9%, a decline of 1.1 percentage points[29]. - The Group's total reserves available for distribution to equity shareholders as of March 31, 2019, amounted to HK$357,024,000, a decrease from HK$391,737,000 in 2018[25(b)]. - The directors recommended a final dividend of HK$24,810,000 for the year ended March 31, 2019, consistent with the previous year's dividend[25(b)]. Operational Challenges - The operations in China faced challenges due to global trade issues, impacting performance despite an increase in orders[24]. - The Bangladesh factories incurred losses due to changes in import regulations and increased operating expenses[24]. - The garment business faced challenges due to trade wars and increased operating expenses, prompting diversification of production sources to Bangladesh, Myanmar, Vietnam, and Indonesia[31]. - The Bangladesh factories recorded a loss due to increased minimum wage by 51% and high operating expenses, with expectations of continued operational disturbances in 2019/20[31]. - Business in the U.K. and Europe has been slow, with a weak pound and euro complicating trade[26]. Production and Market Strategy - The management plans to diversify production to countries like Vietnam and Indonesia to mitigate risks from the China/U.S. trade war[26]. - The Myanmar factory experienced high demand, contributing positively to profits, with the knit plant achieving full production capacity[24]. - The Wuxi investment's performance was affected by trade wars and rising costs, although the weak Renminbi helped improve profitability[24]. - The Group's principal business activities involve manufacturing and selling garments and textiles to customers in Europe, North America, and Mainland China, which are sensitive to economic conditions and consumer spending[42]. - The Group has implemented proactive measures to monitor global economic changes and has risk mitigation strategies in place[43]. Corporate Governance and Compliance - The Company has established an audit committee to comply with the Code of Best Practice as per the Listing Rules[87]. - The Company has received annual confirmations of independence from all independent non-executive directors, affirming their independence[64]. - The Company has a retirement scheme in place, details of which are provided in the financial statements[86]. - The Company has established a good corporate governance framework and practices, ensuring compliance with legal and regulatory requirements[107]. - The independent non-executive directors have confirmed their independence in accordance with the Listing Rules[104]. Risk Management - The Group has implemented adequate risk mitigation measures to address local, national, and international regulatory changes[49]. - The Group's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement[155]. - The Risk Management Committee oversees the design and implementation of risk management and internal control systems[137]. Future Outlook and Strategic Initiatives - The company has outlined a positive outlook for the upcoming fiscal year, projecting a revenue growth of 10% to 15% based on current market trends and consumer demand[170]. - New product lines are being developed, focusing on sustainable materials, with an investment of approximately HKD 50 million allocated for research and development in this area[170]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 25% increase in market share within the next two years[170]. - A strategic acquisition is planned to enhance the company's supply chain efficiency, with an estimated cost of HKD 200 million for the acquisition process[170]. - The management team emphasized the importance of digital transformation, with a budget of HKD 30 million set aside for upgrading e-commerce platforms and digital marketing strategies[170]. Shareholder Engagement and Dividends - The Company has a Dividend Policy that allows shareholders to participate in profits while retaining adequate reserves for future growth[139]. - Before declaring dividends, the Board considers factors such as financial results, cash flow situation, and future operations[139]. - The board of directors remains committed to maintaining a strong dividend policy, with a proposed dividend of HKD 0.50 per share for the fiscal year[170]. Audit and Financial Reporting - The consolidated financial statements of Yangtzekiang Garment Limited provide a true and fair view of the Group's financial position as of March 31, 2019[196]. - The audit was conducted in accordance with Hong Kong Standards on Auditing, ensuring compliance with ethical responsibilities[198]. - The Group's consolidated financial performance and cash flows for the year ended March 31, 2019, were properly prepared in compliance with Hong Kong Financial Reporting Standards[197]. - The independent auditor's report confirms that the financial statements reflect the Group's financial status accurately[199].