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].