Financial Performance - The company's profit for the year ended March 31, 2024, was HKD 138,946,000, a significant increase from HKD 63,101,000 in the previous year, representing a growth of 120%[3] - Total comprehensive loss for the year was HKD 23,497,000, compared to a loss of HKD 143,616,000 in the previous year, indicating an improvement[3] - The company reported a pre-tax profit of HKD 161,794,000, up from HKD 76,168,000, indicating a growth of 112.5%[15] - The group’s profit for the year was HKD 138,946,000, compared to HKD 63,101,000 in the previous year, reflecting a strong performance improvement[29] - The net profit attributable to ordinary equity holders increased by 76.0% to HKD 132 million, up from HKD 75 million in the previous year[62] Revenue and Sales - Revenue for the year was HKD 5,366,540,000, down from HKD 6,058,755,000, a decrease of approximately 11.4%[15] - For the fiscal year ending March 31, 2024, total revenue was HKD 5,482,024,000, a decrease of 11.9% from HKD 6,219,188,000 in the previous year[29] - Total revenue decreased by 11.4% to HKD 5,367 million for the fiscal year ending March 31, 2024, compared to HKD 6,059 million in 2023[62] - Retail and distribution revenue for casual wear and accessories was HKD 1,500,802,000, down 19.1% from HKD 1,855,739,000 in the previous year[29] - The textile business revenue decreased by 8.8% to HKD 3,921 million, accounting for 73.1% of total revenue[63] - Retail and distribution business sales decreased by 18.1% to HKD 1,443 million, accounting for 26.9% of total revenue[77] Assets and Liabilities - Non-current assets increased to HKD 2,833,240,000 from HKD 2,345,914,000, reflecting a growth of approximately 20.8%[5] - Current assets decreased to HKD 4,274,918,000 from HKD 4,600,708,000, a decline of about 7.1%[5] - The company's total liabilities decreased from HKD 1,527,093,000 to HKD 1,414,704,000, a reduction of approximately 7.4%[5] - Total liabilities amounted to HKD 2,315,593,000, compared to HKD 1,931,059,000 in the previous year, reflecting an increase in financial obligations[31] - Accounts payable as of March 31, 2024, totaled HKD 573,470,000, an increase from HKD 435,979,000 in 2023, representing a rise of approximately 31.5%[39] Profitability Metrics - The basic and diluted earnings per share for ordinary equity holders was HKD 9.6, up from HKD 5.4 in the previous year, marking an increase of 77.8%[11] - The gross profit for the year was HKD 1,408,977,000, compared to HKD 1,571,965,000 in the previous year, reflecting a decline of about 10.3%[15] - The gross profit margin improved to 26.3%, an increase of 0.4 percentage points from 25.9% in 2023[62] - The gross margin for the retail and distribution business increased to 53.3%, up 8.4 percentage points from 44.9% last year[77] Dividends - The interim dividend proposed for the year is HKD 0.05 per share, down from HKD 0.10 per share in 2023, with a total proposed final dividend of HKD 0.02 per share[37] - The company plans to distribute a final dividend of HKD 0.02 per share, down from HKD 0.10 in 2023, totaling HKD 0.07 for the year compared to HKD 0.20 in the previous year[60][62] Operational Strategies - The company plans to continue exploring new product development and market expansion strategies to enhance future performance[10] - The company anticipates a recovery in order volume in the second half of the year as inventory destocking by Western retailers comes to an end[64] - The company aims to narrow losses in the retail and distribution business by enhancing e-commerce sales in mainland China and launching more advanced functional apparel[80] - The company has established adaptive strategies and flexible operations to respond to the rapidly changing business environment[91] Investments and Acquisitions - The company acquired a subsidiary in Vietnam for USD 78.77 million, which has been consolidated into the group's accounts[112] - The company plans to double its production capacity in Vietnam in the medium term to enhance its leadership in the global textile market[80] - Capital expenditures for the year amounted to HKD 197 million, down from HKD 264 million in 2023[118] - Capital expenditures in the textile and apparel business were HKD 166 million, with HKD 123 million allocated for machinery and equipment, and HKD 43 million for coal-to-gas projects[118] Market Performance - Revenue from the US market for the year ended March 31, 2024, was HKD 1,564,037,000, down from HKD 1,733,597,000 in 2023, a decrease of about 9.8%[47] - Revenue from mainland China for the year ended March 31, 2024, was HKD 2,411,446,000, compared to HKD 2,525,380,000 in 2023, reflecting a decline of approximately 4.5%[47] - Revenue from mainland China, Hong Kong, and Indonesia accounted for 56.6%, 41.1%, and 2.3% of segment revenue, respectively[77] Employee and Financial Metrics - The number of employees increased to 9,849 in 2024 from 9,654 in 2023[113] - Financial expenses rose to HKD 51 million in 2024 from HKD 34 million in 2023, primarily due to higher interest rates[102] - Interest coverage ratio is 5 times, accounts receivable turnover days is 63 days, and inventory turnover days is 105 days, compared to 3 times, 48 days, and 92 days in 2023[117] - Cash and cash equivalents at year-end were HKD 1,555 million, total equity attributable to ordinary equity holders was HKD 4,788 million, and undrawn bank credit was HKD 6,399 million, compared to HKD 1,927 million, HKD 5,026 million, and HKD 6,036 million in 2023[117]

Financial Performance - Revenue for the six months ended September 30, 2023, was HK$2,644,314, a decrease of 22.2% from HK$3,397,908 in the same period of 2022[22]. - Gross profit for the period was HK$672,544, down 31.1% from HK$975,825 in the previous year[22]. - Profit for the period was HK$45,081, representing a decline of 59.1% compared to HK$110,546 in 2022[24]. - Basic and diluted earnings per share attributable to ordinary equity holders was 3.2 HK cents, down from 8.2 HK cents in the prior year[22]. - Total comprehensive loss for the period was HK$67,088, compared to a loss of HK$187,051 in the same period of 2022[24]. - Profit before tax for the period was HK$67,105, down 56.3% from HK$152,487 in the previous year[54]. - Profit attributable to ordinary equity holders decreased by 61.1% to HK$44 million, down from HK$113 million in the previous year[61]. - The gross profit margin declined to 25.4%, a decrease of 3.3 percentage points from 28.7% in the prior period[61]. - The gross profit margin for the textile business decreased by 5.5 percentage points to 16.3%[63]. - Operating loss (EBITDA) for the six months ended September 30, 2023, was HK$(120) million, an improvement from HK$(267) million for the same period in 2022[143]. Assets and Liabilities - The Group reported total non-current assets of HK$2,197,759,000 as of September 30, 2023, a decrease of 6.3% from HK$2,345,914,000 as of March 31, 2023[9]. - Current assets increased to HK$4,724,022,000, up 2.7% from HK$4,600,708,000 as of March 31, 2023[9]. - Total current liabilities increased to HK$1,749,531,000, up from HK$1,527,093,000 as of March 31, 2023[9]. - The Group's net current assets decreased to HK$2,974,491,000 from HK$3,073,615,000 as of March 31, 2023[9]. - The total assets less current liabilities were HK$5,172,250,000, down from HK$5,419,529,000 as of March 31, 2023[9]. - The total non-current liabilities decreased to HK$361,945 from HK$403,966, a reduction of 10.4%[43]. - Net assets as of September 30, 2023, were HK$4,810,305, down from HK$5,015,563, indicating a decline of 4.1%[43]. - Trade payables amounted to HK$547,874,000, an increase from HK$435,979,000 as of March 31, 2023, representing a 25.6% growth[159]. Cash Flow and Financing - The Group's cash and cash equivalents at the end of the period were HK$1,244,014,000, significantly up from HK$414,642,000 in the previous year[13]. - The net cash flows from operating activities for the six months ended September 30, 2023, were HK$186,089,000, compared to HK$252,404,000 in the same period last year[13]. - Interest income increased significantly to HK$39,201, compared to HK$14,662 in the prior period, reflecting a growth of 167.5%[54]. - The Group's interest-bearing bank borrowings increased to HK$574,511,000 from HK$431,688,000 as of March 31, 2023[9]. - The current ratio, total bank borrowings, and gearing ratio as of the period end were 2.7, HK$575 million, and -0.3 respectively[80]. - The Group's funding requirements were mainly satisfied with cash and bank balances and bank borrowings[80]. Dividends and Equity - The company declared an interim dividend of HK5.0 cents per ordinary share[20]. - Total equity reached HK$5,015,563, a decrease of 2.2% compared to the previous period[29]. - Retained profits amounted to HK$3,635,740, reflecting a 1.2% increase from the prior period[29]. - Dividends declared for the period were HK$138,170, consistent with the previous period[29]. - The Board declared an interim dividend of HK5.0 cents per ordinary share, a reduction of 50.0% compared to HK10.0 cents in the previous interim period[59]. Market Performance and Strategy - The production, dyeing, and sale of knitted fabric and garments segment remains a key focus area for the company[37]. - The retailing and distribution of casual apparel and accessories segment continues to show growth potential[37]. - The company is exploring market expansion opportunities through franchise services and property investment[37]. - Future outlook includes continued investment in new product development and technology[37]. - The company aims to enhance operational efficiency across its business segments[37]. - The retail business will actively reduce or close physical stores in Mainland China, aiming to significantly reduce losses in this segment[95]. - The Group plans to continue reducing its physical retail network while expanding online sales, consignment sales, and franchising business[141]. Employee and Management - As of September 30, 2023, the Group had approximately 8,921 employees, a decrease from 9,784 employees as of 31 March 2023[87]. - Total compensation paid to key management personnel decreased to HK$18,937,000 for the six months ended September 30, 2023, down from HK$22,013,000 in the same period of 2022, representing a decline of approximately 13%[173]. - Short-term employee benefits amounted to HK$18,928,000 for the six months ended September 30, 2023, compared to HK$22,004,000 in the previous year, indicating a decrease of about 14%[173]. Financial Instruments and Risk Management - The Group has arranged foreign exchange forward contracts to mitigate currency exchange risks during the reporting period[84]. - Major assets, liabilities, revenue, expenses, and procurements were denominated in HKD, USD, RMB, and YEN[84]. - The Group's financial instruments are categorized into three levels based on the fair value measurement hierarchy, with Level 1 based on quoted prices in active markets, Level 2 based on observable inputs, and Level 3 based on unobservable inputs[176]. - The Group has implemented trade insurance for certain receivables to further reduce credit risk exposure[157]. - The Group's management has established a rigorous credit monitoring system to manage trade receivables effectively[157]. Acquisitions and Investments - The Group's acquisition of Fashion Time Viet Nam Ltd. was agreed at a consideration of US$78,591,942, subject to completion adjustments[84]. - The completion of the acquisition of a knitted fabric factory in Vietnam is expected to enhance the Group's capacity and improve sales performance[63]. - The Group plans to enhance production flexibility and secure overseas orders through the acquisition of a knitted fabric manufacturing plant in Vietnam[94]. - Upon completion, Fashion Time will become a wholly-owned subsidiary of the Group[194].

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 2,644,314 thousand, a decrease from HKD 3,397,908 thousand in the same period of 2022, representing a decline of approximately 22.2%[33]. - Gross profit for the same period was HKD 672,544 thousand, down from HKD 975,825 thousand, indicating a decrease of about 31.1%[33]. - The net profit for the period was HKD 45,081 thousand, compared to HKD 110,546 thousand in the previous year, reflecting a decline of approximately 59.1%[36]. - The total comprehensive income for the period was HKD 43,695,000, compared to HKD 113,018,000 in the previous year, a decrease of approximately 61.3%[57]. - The profit attributable to ordinary equity holders for the period was HKD 44 million, a decrease of 61.1% from HKD 113 million in the previous year[90]. - Operating loss for the six months ended September 30, 2023, was HKD (120) million, compared to HKD (146) million for the same period in 2022[118]. Assets and Liabilities - The company reported a total non-current asset value of HKD 2,197,759 thousand as of September 30, 2023, down from HKD 2,345,914 thousand, a decrease of approximately 6.3%[37]. - Total current liabilities increased to HKD 1,749,531 thousand from HKD 1,527,093 thousand, reflecting an increase of about 14.5%[37]. - The company's total assets less current liabilities decreased from HKD 5,419,529,000 to HKD 5,172,250,000, a decline of about 4.6%[54]. - Non-current liabilities decreased from HKD 403,966,000 to HKD 361,945,000, a reduction of approximately 10.4%[55]. - Total equity attributable to the company's ordinary equity holders decreased from HKD 5,015,563,000 to HKD 4,810,305,000, a decline of approximately 4.1%[39]. Cash Flow and Investments - Operating cash inflow for the six months ended September 30, 2023, was HKD 186,089, compared to HKD 252,404 for the same period in 2022, representing a decrease of approximately 26.3%[58]. - The net cash outflow from investing activities for the six months ended September 30, 2023, was HKD 407,927, compared to HKD 347,115 in the same period of 2022, indicating an increase in cash used for investments[58]. - The group acquired property, plant, and equipment valued at HKD 55,634,000 during the six months ended September 30, 2023, compared to HKD 80,989,000 in the same period of 2022, reflecting a decrease of approximately 31.2%[71]. - Capital expenditures for the six months ended September 30, 2023, were HKD 62 million, down from HKD 111 million for the same period in 2022[92]. Revenue Breakdown - Revenue from external customers for knitted fabrics, cotton yarn, and garments was HKD 1,980,996 thousand, down from HKD 2,577,274 thousand in the previous year[78]. - Retail sales net amount for the six months ended September 30, 2023, was HKD 661 million, down from HKD 820 million for the same period in 2022, with a comparable store sales growth rate of (13.4)%[118]. - Retail sales net amount in Mainland China for the six months ended September 30, 2023, was HKD 387 million, a decrease of 30% compared to HKD 553 million for the same period in 2022[119]. - The retail business in Hong Kong showed slight growth, with sales increasing to HKD 257 million and a gross margin increase of 13.7 percentage points to 62.9%[93]. Dividends - The company declared an interim dividend of HKD 69,085,000, consistent with the previous year's interim dividend[57]. - The interim dividend declared for the six months ended September 30, 2023, is HKD 0.05 per share, down from HKD 0.10 per share for the same period in 2022[112]. - The group reported a mid-term dividend of HKD 69,085 for the six months ended September 30, 2023, down from HKD 138,170 in the same period of 2022, indicating a 50% reduction[70]. Employee and Corporate Governance - As of September 30, 2023, the company had approximately 8,921 employees, down from 9,784 as of March 31, 2023[106]. - The board of directors has complied with all provisions of the Corporate Governance Code, except for the attendance of the chairman at the annual general meeting[159]. - The company will seek suitable candidates to fulfill the independent director role following a recent board change[158]. Acquisitions and Future Plans - The company is in the process of acquiring Fashion Time Viet Nam Limited for USD 78,591,942[88]. - The acquisition of Fashion Time is pending completion, which will make it a wholly-owned subsidiary of the company[142]. - The company plans to actively reduce or close physical stores in mainland China while expanding overseas and e-commerce sales, expecting a significant reduction in retail losses[108]. Risk Management - The company has assessed that the credit risk associated with its bank loans is not significant as of September 30, 2023[18]. - The company maintains a prudent financial strategy to navigate future opportunities and challenges amid high inflation and rising interest rates[146][147]. - The company has arranged forward foreign exchange contracts to mitigate currency risk[141].

Share Capital and Ownership - As of March 31, 2023, Poon Bun Chak holds 698,830,104 ordinary shares, representing 50.58% of the company's issued share capital[1] - The total issued share capital of the company is 1,381,696,104 shares as of March 31, 2023[1] - UBS Trustees (B.V.I.) Limited, as a trustee, holds 698,830,104 shares, also accounting for 50.58% of the issued share capital[7] - Pandanus Associates Inc. and Pandanus Partners L.P. each hold 138,224,000 shares, representing 10.00% of the issued share capital[7] - Fidelity Funds is a beneficial owner of 83,640,000 shares, which is 6.05% of the issued share capital[7] - Brown Brothers Harriman & Co. acts as an approved lending agent with 84,469,283 shares, representing 6.11% of the issued share capital[7] - At least 25% of the Company's total issued share capital was held by the public as of the date of the report[23] - As of the report date, the public holds at least 25% of the total issued share capital of the Company[31] Corporate Governance - The Company is committed to maintaining compliance with the Corporate Governance Code[29] - The independent auditor, Ernst & Young, will be proposed for re-appointment at the upcoming annual general meeting[24] - The Board consists of six members, including three executive directors and three independent non-executive directors[40] - The Company has complied with all provisions of the Corporate Governance Code throughout the financial year, except for the chairman's attendance at the annual general meeting[35] - The independent non-executive directors represent more than one third of the Board, complying with Listing Rules[51] - The roles of the Executive Chairman and Chief Executive Officer are segregated, with Mr. Poon Bun Chak as Executive Chairman and Mr. Ting Kit Chung as CEO[50] - The Company has a mechanism for independent views to the Board, with meetings held annually between the Executive Chairman and independent non-executive directors[52] - The Company has established three Board Committees to oversee various aspects of governance, including audit, remuneration, and nominations[80] - The Audit Committee is chaired by an independent non-executive director with professional accounting qualifications[80] - The Nomination Committee is responsible for assessing the independence of independent non-executive directors[96] - The Company ensures that no director is involved in determining their own remuneration, maintaining governance integrity[90] - The corporate governance functions of the Board are outlined in the terms of reference available on the Company's website[100] Financial Performance - Revenue for the year ended March 31, 2023, was HK$6,058,755,000, a decrease of 24.7% from HK$8,043,172,000 in 2022[186] - Profit for the year was HK$63,101,000, down 66.2% from HK$186,709,000 in the previous year[186] - Total assets as of March 31, 2023, were HK$6,946,622,000, a decrease of 22.6% from HK$8,977,748,000 in 2022[188] - Total liabilities decreased to HK$1,931,059,000 from HK$3,542,229,000, representing a reduction of 45.5%[188] - The company plans to distribute an interim dividend of HK$0.10 per share and has proposed a final dividend of HK$0.10 per share[180] - The company has not made any movements in share capital during the year[190] - The company's reserves available for distribution amounted to HK$1,550,063,000 as of March 31, 2023[190] Environmental and Social Responsibility - The Group has established environmental management and energy management systems in accordance with international standards ISO 14001:2015 and ISO 50001:2018[193] - For the year ended March 31, 2023, the Group complied with applicable environmental protection laws regarding wastewater, greenhouse gas emissions, and solid waste from textile manufacturing operations[195] - Relevant details of the Group's environmental policies and performance will be reported in the Environmental, Social and Governance Report, available on the Company's and the Stock Exchange's websites[196] - The Group ensures full compliance with laws and regulations that significantly impact its operations, including environmental protection and product safety[197] - The management will monitor changes in relevant laws and regulations and seek external advice if necessary[198] Board and Committee Activities - The company held one annual general meeting and four regular board meetings during the year ended March 31, 2023[72] - Directors participated extensively in board discussions, with high attendance rates at meetings during the 2022/2023 fiscal year[71] - The audit committee is composed of three independent non-executive directors, chaired by a qualified accounting professional[78] - The Audit Committee held six meetings during the year ended 31 March 2023 to review risk management, internal control, financial reporting, and connected transactions[81] - The Remuneration Committee conducted three meetings during the year to recommend terms for executive directors' contracts and performance bonuses[85] - The Nomination Committee held one meeting to review the structure and composition of the Board, ensuring a balance of expertise and skills[96] - The attendance record for the Audit Committee shows full attendance by its members, indicating strong engagement[84] Shareholder Engagement - The Company has adopted a Shareholder Communication Policy to ensure quality information is provided to shareholders and stakeholders[139] - The AGM procedures are regularly reviewed to align with best corporate governance practices, with resolutions put to vote by way of a poll[139] - Shareholders representing at least 5% of total voting rights or 100 members can propose resolutions at the AGM[136] - The Company ensures that shareholders' views are communicated to the Board, with separate resolutions proposed for each issue at the AGM[139] - The Group values feedback from shareholders to enhance transparency and investor relations[140] - The Company has designated contact information for shareholders to provide suggestions to the Board[141] Inventory and Impairment - As of March 31, 2023, the Group's inventories, net of provision, amounted to HK$1,519,889,000, consisting of textile and apparel products[149] - The Group's financial statements have been prepared in compliance with Hong Kong Financial Reporting Standards and reflect a true and fair view of its financial position as of March 31, 2023[145] - The Group's management must exercise judgment in estimating inventory provisions due to changing consumer demands and market trends[149] - The carrying amount of trade receivables before impairment loss allowance was HK$589,079,000, with an impairment loss allowance of HK$26,707,000 as of March 31, 2023[171] - The Group recorded an impairment of approximately HK$6,013,000 for right-of-use assets and HK$339,000 for property, plant, and equipment for the year ended March 31, 2023[171] - Management's provision matrix for expected credit losses (ECLs) for trade receivables was based on historical default rates and adjusted for forward-looking information[164] - The evaluation of impairment provisions is subjective and relies on estimates, particularly cash flow forecasts from loss-making retail shops[171] - The Group's inventory provision policy was assessed based on management's estimations regarding obsolescence percentages influenced by market trends[158] - Management's significant assumptions in impairment assessments were evaluated against market discount rates and growth rates[172] - The Group's disclosures regarding significant accounting judgments and estimates are included in notes 3, 6, 20, and 21 of the consolidated financial statements[166] - The assessment of recoverability of trade receivables involved testing historical cash collection trends and subsequent settlements[171] Diversity and Inclusion - As of March 31, 2023, approximately 43.6% of the workforce in Hong Kong, including textile and garment manufacturing, is female[127] - The Company emphasizes board diversity, considering factors such as gender, age, cultural background, and professional experience in its appointments[127] - The Nomination Committee selects candidates based on objective criteria, including skills, knowledge, and the benefit of diversity[129] - The board aims to enhance gender diversity by appointing at least one female member by 2024[62] - The Company will continue to review its Board Diversity Policy to enhance gender diversity in future director candidates[127] - The Nomination Committee monitors the implementation of the nomination policy and recommends revisions to the Board as necessary[129] - The Company maintains a balance of gender diversity in its workforce according to its business models and operational needs[127] Connected Transactions - Ernst & Young were engaged to report on the Group's continuing connected transactions and issued an unqualified letter regarding their findings[12] - The continuing connected transactions were confirmed to be conducted in the ordinary course of business and on normal commercial terms[12] - The Group's continuing connected transactions were reviewed by independent non-executive directors to ensure fairness and reasonableness[12] - The Group signed a lease agreement for a retail outlet in Tianjin, China, with a monthly rent of RMB 930,930 for a term from April 1, 2022, to March 31, 2024[14] - The Group also signed a lease for a director's quarter in Hong Kong at a monthly rent of HK$ 400,000 for the same term[15] - A training center was leased from a connected person at a monthly rent of HK$ 69,280, also for the term from April 1, 2022, to March 31, 2024[22] - The Group signed a lease agreement with a related party for a training center, with a monthly rent of HKD 69,280 for a period from April 1, 2022, to March 31, 2024[30]

Assets and Liabilities - Total non-current assets decreased to HKD 2,345,914 thousand in 2023 from HKD 2,596,785 thousand in 2022[3] - Total current assets decreased to HKD 4,600,708 thousand in 2023 from HKD 6,380,963 thousand in 2022[3] - Inventory decreased to HKD 1,519,889 thousand in 2023 from HKD 2,484,148 thousand in 2022[3] - Cash and cash equivalents decreased to HKD 1,927,436 thousand in 2023 from HKD 2,363,988 thousand in 2022[3] - Total current liabilities decreased to HKD 1,527,093 thousand in 2023 from HKD 3,032,615 thousand in 2022[3] - Net current assets decreased to HKD 3,073,615 thousand in 2023 from HKD 3,348,348 thousand in 2022[3] - Total non-current liabilities decreased to HKD 403,966 thousand in 2023 from HKD 509,614 thousand in 2022[4] - Net assets decreased to HKD 5,015,563 thousand in 2023 from HKD 5,435,519 thousand in 2022[4] - Property, plant, and equipment increased to HKD 1,204,066 thousand in 2023 from HKD 1,139,878 thousand in 2022[3] - Investment properties increased to HKD 543,405 thousand in 2023 from HKD 532,077 thousand in 2022[3] - Total assets decreased to HKD 6,946,622 thousand in FY2023 from HKD 8,977,748 thousand in FY2022[56] - Total liabilities reduced to HKD 1,931,059 thousand in FY2023 from HKD 3,542,229 thousand in FY2022[56] - Total assets minus current liabilities decreased to HKD 5,419,529 thousand in 2023 from HKD 5,945,133 thousand in 2022[133] - Reserves decreased to HKD 4,818,556 thousand in 2023 from HKD 5,230,119 thousand in 2022[134] - The company's equity attributable to ordinary shareholders decreased to HKD 4,818,556 thousand in 2023 from HKD 5,230,119 thousand in 2022[134] Revenue and Profit - Total revenue for 2023 decreased to HKD 6,058,755K from HKD 8,043,172K in 2022, representing a decline of approximately 24.7%[13] - Retail and distribution segment revenue for 2023 was HKD 1,760,944K, down from HKD 2,495,864K in 2022, a decrease of 29.4%[13] - Net profit for 2023 was HKD 63,101K, a significant drop from HKD 186,709K in 2022, reflecting a 66.2% decrease[13] - Revenue from external customers in Mainland China for 2023 was HKD 2,525,380K, down from HKD 3,829,672K in 2022, a decline of 34.1%[15] - Revenue from the US market decreased to HKD 1,733,597K in 2023 from HKD 2,694,177K in 2022, a decline of 35.6%[15] - Total revenue decreased by 24.7% to HKD 6,059 million in FY2023 compared to HKD 8,043 million in FY2022[72] - Net profit attributable to ordinary equity holders dropped by 60.7% to HKD 75 million in FY2023 from HKD 191 million in FY2022[72] - Revenue decreased to HKD 6,058,755 thousand in 2023 from HKD 8,043,172 thousand in 2022, a decline of 24.7%[130] - Gross profit dropped to HKD 1,571,965 thousand in 2023 from HKD 2,328,950 thousand in 2022, a decrease of 32.5%[130] - Net profit for the year fell to HKD 63,101 thousand in 2023 from HKD 186,709 thousand in 2022, a decrease of 66.2%[130] - Total comprehensive income for the year was a loss of HKD 143,616 thousand in 2023 compared to a profit of HKD 281,805 thousand in 2022[132] Business Segments - Retail and distribution business sales amounted to HKD 1,761 million, accounting for 29.1% of the group's total revenue, down from 31.0% in 2022[75] - Gross margin for the retail and distribution business was 44.9%, slightly decreased from 45.3% in 2022[75] - The company closed 267 self-operated stores in mainland China, representing 26.9% of the total self-operated stores in the market[75] - Hong Kong retail business revenue and gross margin increased by 14.0% and 4.7% respectively compared to the previous year[75] - Total sales in mainland China decreased by 43% to HKD 1,105 million, while Hong Kong sales increased by 14% to HKD 629 million[77] - Textile business sales decreased to HKD 4,297 million in FY2023 from HKD 5,544 million in FY2022, with gross margin dropping to 18.1% from 21.3%[74] - Sales revenue decreased by 22.5% to HKD 4,297 million in the textile business (2022: HKD 5,544 million), accounting for 70.9% of the company's total revenue (2022: 68.9%)[123] Expenses and Margins - Gross margin declined slightly by 3.1 percentage points to 25.9% in FY2023 from 29.0% in FY2022[72] - Gross profit margin for 2023 was 44.9%, slightly down from 45.3% in 2022[109] - Sales and distribution expenses decreased to HKD 971,391 thousand in 2023 from HKD 1,254,294 thousand in 2022[130] - Administrative expenses decreased to HKD 753,747 thousand in 2023 from HKD 808,651 thousand in 2022[130] - Operating loss for 2023 was HKD 267 million, an improvement from HKD 289 million in 2022[109] - EBITDA for 2023 was HKD -126 million, compared to HKD -26 million in 2022[109] Financial Ratios and Performance Metrics - Interest coverage ratio, accounts receivable turnover days, and inventory turnover days were 3x, 48 days, and 92 days respectively, compared to 7x, 51 days, and 113 days in 2022[80] - Total assets return ratio was -12.8% in 2023, down from -10.4% in 2022[109] - Sales return ratio was -15.4% in 2023, compared to -10.9% in 2022[109] - Equity return ratio was -226.0% in 2023, significantly lower than -73.4% in 2022[109] - Comparable store sales growth ratio was -17.7% in 2023, compared to -4.8% in 2022[109] Capital Expenditure and Investments - Capital expenditure for the textile business was HKD 246 million in FY2023, slightly down from HKD 251 million in FY2022[74] - Capital expenditure for the year was HKD 264 million, with HKD 246 million allocated to the textile and apparel business and HKD 18 million to retail and distribution[95] - Capital expenditure decreased to HKD 18 million in 2023 from HKD 49 million in 2022[109] - The company plans to establish a new production base in Southeast Asia to enhance business flexibility and cost efficiency, with Vietnam being a potential location[98] Other Income and Expenses - The company received HKD 107,128K in compensation for inventory losses due to a fire incident[13] - Interest income increased to HKD 41,534K in 2023 from HKD 28,839K in 2022, a growth of 44.0%[13] - Other income and gains increased to HKD 201,967 thousand in 2023 from HKD 154,085 thousand in 2022[130] - Inventory loss due to fire in a third-party warehouse in Mainland China amounted to HKD 162,278,000, with partial compensation received from the insurance company. A total of HKD 107,128,000 was recognized as a reversal in the consolidated income statement[33] Dividends and Shareholder Equity - The company proposed a final dividend of HKD 0.10 per ordinary share (2022: HKD 0.10), bringing the total dividend for the year to HKD 0.20 per ordinary share, an increase of 11.1% compared to the previous year[43] - Basic earnings per share were calculated based on the profit attributable to ordinary equity holders and the weighted average number of ordinary shares issued, which remained unchanged at 1,381,696,104 shares[35] Market and Regional Performance - Non-current assets in Mainland China decreased to HKD 1,477,385K in 2023 from HKD 1,660,509K in 2022, a reduction of 11.0%[15] - Net sales in Indonesia increased significantly to HKD 27 million in 2023, up 238% from HKD 8 million in 2022, with retail floor area expanding to 23,636 square feet and the number of stores doubling to 8[49] - The company had approximately 9,654 employees (2022: 12,427) across Greater China and Indonesia, with employee compensation determined based on industry conditions and individual performance[54] Accounts Receivable and Payable - Accounts receivable, net of loss provisions, amounted to HKD 26,707,000 (2022: HKD 29,346,000), with credit terms ranging from "cash before delivery" to "90 days from invoice date"[36] - Accounts payable at the end of the reporting period were non-interest bearing and generally had a 90-day credit term[37] - Receivables within 90 days decreased to HKD 417,019 thousand in FY2023 from HKD 831,462 thousand in FY2022[65] - Receivables over 90 days increased to HKD 145,353 thousand in FY2023 from HKD 75,089 thousand in FY2022[65] Depreciation and Amortization - Depreciation of property, plant, and equipment was HKD 222,829 thousand in FY2023, slightly down from HKD 225,798 thousand in FY2022[61] Tax and Financial Strategy - The company's effective tax rate remained at 16.5% for 2023, consistent with the previous year[18] - The company has adopted forward foreign exchange contracts to mitigate currency risks, with major assets, liabilities, revenues, and expenses denominated in HKD, USD, CNY, and JPY[97] Cash and Credit Facilities - Cash and cash equivalents, equity attributable to owners, and unused bank credit facilities stood at HKD 1,927 million, HKD 5,026 million, and HKD 6,036 million respectively at the end of the year[80] Economic Outlook and Risks - The company expects a slow global economic recovery in 2023 due to high inflation and interest rates, but anticipates improved consumer confidence as COVID-19 restrictions ease[85]

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$3,397,908, a decrease of 18.5% compared to HK$4,172,121 in the same period of 2021[13] - Gross profit for the period was HK$975,825, down 17.1% from HK$1,177,250 in the previous year[13] - Profit for the period was HK$110,546, representing a decline of 19.5% from HK$137,243 in the same period of 2021[13] - Basic and diluted earnings per share attributable to ordinary equity holders of the Company were 8.2 HK cents, compared to 10.0 HK cents in the previous year[13] - Total comprehensive loss for the period amounted to HK$187,051,000, compared to a total comprehensive income of HK$165,353,000 in the previous year[16] - The total revenue for the group was HK$3,458,688, down from HK$4,220,305, a decrease of approximately 18.1%[41] - Profit before tax for the period was impacted by depreciation of property, plant, and equipment amounting to HK$112,124, an increase from HK$107,413 in the prior year[45] - Total tax charge for the period was HK$41,941, up from HK$30,584 in the same period last year, reflecting a higher tax burden[50] Expenses and Costs - Selling and distribution expenses decreased to HK$480,558, down 20.1% from HK$601,714 in the previous year[13] - Administrative expenses were HK$398,660, a reduction of 12.5% compared to HK$455,719 in the same period of 2021[13] - Finance costs rose slightly to HK$16,968, compared to HK$15,383 in the previous year[13] - Finance costs (excluding interest on lease liabilities) rose to HK$7,887 from HK$2,315, a significant increase of approximately 240.5%[41] Assets and Liabilities - Non-current assets decreased to HK$2,390,680,000 from HK$2,596,785,000, reflecting a reduction of about 7.9%[18] - Current assets decreased significantly to HK$4,798,219,000 from HK$6,380,963,000, a decline of approximately 24.8%[18] - Total current liabilities decreased to HK$1,621,637,000 from HK$3,032,615,000, a decline of approximately 46.5%[18] - Cash and cash equivalents significantly decreased to HK$615,277,000 from HK$2,363,988,000, reflecting a drop of about 73%[18] - The net assets decreased to HK$5,110,298,000 from HK$5,435,519,000, indicating a decline of approximately 6%[21] - Total equity as of September 30, 2022, is HK$5,437,374,000, a decrease from HK$5,400,004,000 in the previous year[24] Dividends - The Company declared an interim dividend of HK10.0 cents per ordinary share[8] - The company declared an interim dividend of HK$138,170,000 for the 2022/2023 fiscal year[24] - Interim dividend declared was HK$138,170, representing an increase of 25% from HK$110,536 in the previous year[52] Segment Performance - Segment revenue for the production, dyeing, and sale of knitted fabric, yarn, and garments was HK$2,577,274, a decrease from HK$3,040,170 in the previous year, representing a decline of approximately 15.2%[41] - Retailing and distribution of casual apparel and accessories generated revenue of HK$819,841, up from HK$636, an increase of approximately 28.8%[41] - The "others" segment, which includes franchise services and property investment, reported a loss of HK$145,679 compared to a loss of HK$187,457 in the previous year, showing an improvement of approximately 22.3%[41] Cash Flow - Net cash flows from operating activities for the six months ended September 30, 2022, were HK$252,404,000, compared to HK$470,033,000 in 2021[27] - Cash and cash equivalents at the end of the period were HK$414,642,000, down from HK$1,568,683,000 in the previous year[27] - The company reported a net decrease in cash and cash equivalents of HK$1,118,518,000 for the financing activities[27] Employee and Management - The Group had approximately 10,903 employees at the end of the period, down from 12,489 employees[133] - Total compensation paid to key management personnel was HK$22,013, a decrease of 0.82% from HK$24,211 in the previous year[82] Corporate Governance - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing financial reporting and internal controls[153] - The Audit Committee has reviewed the interim report and discussed risk management and internal controls with management[154] - The Company complied with all provisions of the Corporate Governance Code throughout the accounting period, except for the chairman's attendance at the annual general meeting, which was delegated to an executive director[155]

Financial Performance - The turnover for 2022 was HK$8,043 million, an increase of 9.4% from HK$7,352 million in 2021[8]. - Profit attributable to ordinary equity holders decreased to HK$191 million, down 30.3% from HK$274 million in 2021[8]. - Total equity increased slightly to HK$5,436 million from HK$5,400 million in 2021[8]. - Total assets rose to HK$8,978 million, compared to HK$8,740 million in 2021[8]. - EBITDA for the year was HK$671 million, down from HK$903 million in 2021[8]. - Basic earnings per share decreased to HK$13.8 cents from HK$19.8 cents in 2021[8]. - The Group's gross profit margin was 29.0%, a decrease of 2.0 percentage points from 31.0% in the previous year[14]. - Operating profit for 2022 was HK$564 million, slightly down from HK$567 million in 2021[19]. - Profit before tax decreased to HK$198,518,000 from HK$419,692,000 in the previous year, reflecting a decline of about 52.7%[60]. - Profit for the year attributable to ordinary equity holders of the Company was HK$191,064,000, down from HK$274,213,000 in 2021, a decrease of approximately 30.3%[60]. Dividends - Dividends per share increased to HK$18.0 cents, up from HK$15.0 cents in 2021[8]. - The dividend yield for 2022 was 12.3%, compared to 8.4% in 2021[8]. - A final dividend of HK10.0 cents per share was declared, maintaining the same level as in 2021, with a total dividend of HK18.0 cents for the year, an increase of 20.0% from HK15.0 cents in 2021[15]. - An interim dividend of HK8.0 cents per ordinary share was paid on January 14, 2022, with a recommended final dividend of HK10.0 cents per ordinary share[54]. Operational Highlights - The textile business turnover increased by 19.4% to HK$5,544 million, representing 68.9% of the Group's total revenue[16]. - Retail and distribution business sales were HK$2,496 million, down 7.7% from HK$2,705 million in 2021, accounting for 31.0% of total turnover[22]. - In Mainland China, net sales decreased by 11% to HK$1,936 million in 2022 from HK$2,184 million in 2021[31]. - The number of outlets in Mainland China decreased to 1,666 in 2022 from 2,026 in 2021[31]. - The Group's online e-commerce sales contributed to the retail and distribution business, resulting in satisfactory profitability during the year[51]. Challenges and Strategic Focus - The operating environment remained challenging due to the COVID-19 pandemic, impacting retail consumption in Mainland China and Hong Kong[12]. - The Group is focusing on cost reduction to enhance operating profitability amid rising energy and raw material prices due to high inflation[16]. - The Group has downsized its Mainland China operations until there are positive signs of economic recovery[12]. - The business environment remains challenging due to the ongoing COVID-19 pandemic and strict preventive measures affecting retail and distribution[51]. Financial Position and Ratios - The current ratio for 2022 was 2.1, a decrease from 2.2 in 2021[8]. - Return on total assets improved to 7.5% in 2022 from 6.1% in 2021[19]. - Return on equity increased to 11.4% in 2022 from 9.1% in 2021[19]. - The current ratio at year-end was 2.1, with total bank borrowings of HK$1,308 million and a gearing ratio of -0.2[36]. - The interest cover ratio was 7 times, down from 15 times in 2021, indicating a decrease in financial leverage[36]. Capital Expenditure - Capital expenditure for 2022 was HK$251 million, significantly higher than HK$126 million in 2021[19]. - Capital expenditure for 2022 was HK$300 million, an increase from HK$183 million in 2021, with HK$251 million allocated to the textile and garment business[36]. Environmental and Social Responsibility - The Group is committed to environmental sustainability, having established environmental and energy management systems in accordance with ISO 14001:2015 and ISO 50001:2011 standards[40]. - During the year ended March 31, 2022, the Group complied with applicable environmental protection laws regarding wastewater, greenhouse gas emissions, and solid waste from textile manufacturing operations[42]. - Charitable contributions made by the Group during the year totaled HK$521,000, a significant decrease from HK$2,465,000 in 2021[64]. Governance and Management - The Group's management team includes individuals with diverse backgrounds and significant industry experience, enhancing its operational capabilities[84]. - The Company has established three board committees: Audit, Remuneration, and Nomination, to oversee various aspects of governance[136]. - The Board is responsible for the Group's risk management and internal control systems, which are designed to mitigate inherent business risks to an acceptable level[167]. - The Company has adopted a whistleblowing policy to allow employees and stakeholders to report misconduct confidentially[177]. Shareholder Engagement - The Company ensures effective communication with shareholders through annual general meetings and corporate information dissemination[190]. - The AGM notice is distributed at least 20 business days prior, detailing proposed resolutions[192]. - Voting results from the AGM are posted on the Company's and Stock Exchange's websites on the same day[192]. - The Group emphasizes the importance of shareholder feedback to enhance transparency and investor relations[194].

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$4,172,121, an increase from HK$3,407,293 in the same period of 2020, representing a growth of approximately 22.5%[12] - Gross profit for the period was HK$1,177,250, compared to HK$1,012,312 in 2020, indicating a gross profit margin improvement[12] - Profit for the period was HK$137,243, slightly down from HK$140,064 in the previous year, reflecting a decrease of about 2%[15] - Total comprehensive income for the period was HK$165,353, down from HK$276,102 in 2020, showing a decline of approximately 40.1%[15] - Earnings per share attributable to ordinary equity holders was 10.0 HK cents, compared to 10.1 HK cents in the same period last year[12] - Other income and gains decreased to HK$61,720 from HK$87,652 in 2020, a decline of about 29.6%[12] - Selling and distribution expenses increased to HK$601,714 from HK$552,200, reflecting a rise of approximately 9%[12] - Administrative expenses rose to HK$455,719 from HK$332,640, indicating an increase of about 37%[12] - The Group's total revenue, including other income, reached HK$4,220,305,000, up from HK$3,479,480,000 in 2020, marking an increase of approximately 21%[46] - Profit for the period was HK$137,243,000, compared to HK$140,064,000 in the prior year, indicating a decrease of about 2%[46] Assets and Liabilities - Total non-current assets increased to HK$2,601,016,000 as of September 30, 2021, up from HK$2,535,973,000 as of March 31, 2021, representing a growth of 2.6%[17] - Current assets rose to HK$6,789,264,000, compared to HK$6,204,421,000, reflecting an increase of 9.4%[17] - Total current liabilities increased to HK$3,546,461,000, compared to HK$2,872,405,000, indicating a rise of 23.4%[17] - Non-current liabilities totaled HK$416,883,000, down from HK$468,236,000, a reduction of 10.9%[20] - Net current assets decreased to HK$3,242,803,000 from HK$3,332,016,000, a decline of 2.7%[20] - Total assets less current liabilities stood at HK$5,843,819,000, slightly down from HK$5,867,989,000, a decrease of 0.4%[20] Cash Flow and Dividends - Net cash flows from operating activities for the six months ended September 30, 2021, were HK$470,033, compared to HK$563,598 in the previous year, indicating a decrease of about 16%[26] - Cash and cash equivalents at the end of the period stood at HK$1,568,683, up from HK$1,004,125, reflecting an increase of approximately 56%[26] - Proposed interim dividends amounted to HK$110,536,000, compared to HK$138,170,000, reflecting a decrease of 20%[20] - The company declared dividends of HK$138,170 for the period, consistent with the previous year[23] Segment Performance - Segment revenue from external customers increased to HK$3,040,170,000 in 2021 from HK$2,308,488,000 in 2020, representing a growth of approximately 32%[46] - The retailing and distribution segment reported a loss before tax of HK$187,457,000, compared to a loss of HK$172,749,000 in the previous year[46] - Net sales for the retail and distribution business increased by 3.0% to HK$1,131 million for the six months ended 30 September 2021, compared to HK$1,098 million for the same period in 2020[129] - The gross profit margin for the retail and distribution business improved to 45.0%, up from 42.3% in the previous year[130] Management and Governance - The company’s audit committee has reviewed the interim results, ensuring compliance and accuracy in financial reporting[11] - The Group's finance department is responsible for determining the policies and procedures for fair value measurement, reporting directly to the Board[104] - The Audit Committee reviewed the interim report and risk management, providing recommendations to the Board[177] - The Company complied with all provisions of the Corporate Governance Code except for the chairman's attendance at the annual general meeting[178] Shareholder Information - As of September 30, 2021, Poon Bun Chak holds 698,446,104 ordinary shares, representing 50.55% of the Company's issued share capital[162] - Pandanus Associates Inc. and Pandanus Partners L.P. each hold 96,812,000 ordinary shares, representing 7.01% of the Company's issued share capital[168] - Fidelity Funds is a beneficial owner of 69,148,000 ordinary shares, representing 5.00% of the Company's issued share capital[168] Social Responsibility - The Group participated in various charitable activities, including donations to the Educational Fund in Dongguan City and the Hong Kong Red Cross[158] - The Group encourages participation in social, educational, and environmental protection activities to foster community development[158] - The Group continues to invest resources in major social and environmental activities for community betterment[158]

Financial Performance - The turnover for the year 2021 was HK$7,352 million, a decrease of 3.6% from HK$7,630 million in 2020[8]. - Profit attributable to ordinary equity holders was HK$274 million, an increase of 62.2% compared to HK$169 million in 2020[8]. - Total equity increased to HK$5,400 million, up from HK$4,930 million in 2020, reflecting a growth of 9.5%[8]. - Total assets reached HK$8,740 million, compared to HK$8,312 million in 2020, marking a rise of 5.2%[8]. - EBITDA for the year was HK$903 million, representing an increase of 10% from HK$821 million in 2020[8]. - Basic earnings per share rose to HK$19.8 cents, up from HK$12.2 cents in the previous year, reflecting a growth of 62.3%[8]. - The Group's profit attributable to shareholders increased by 62.1% to HK$274 million compared to HK$169 million in 2020[13]. - Profit before tax increased to HK$419,692, up 55% from HK$270,976 in the previous year[61]. - The gross profit margin slightly decreased to 31.0%, down from 32.0% in the previous year[15]. Dividends - Dividends per share were declared at HK$15.0 cents, compared to HK$10.0 cents in 2020, an increase of 50%[8]. - The Board has recommended a final dividend of HK10.0 cents per share, an increase of 50.0% from the previous year's total dividend of HK10.0 cents[16]. - An interim dividend of HK5.0 cents per ordinary share was paid on January 8, 2021, and a final dividend of HK10.0 cents per ordinary share is recommended for payment[56]. - The Group intends to make semiannual dividend distributions based on anticipated consolidated annual profits and other relevant factors[56]. Liquidity and Financial Stability - The current ratio improved to 2.2 times, indicating a stable liquidity position compared to 2.0 times in 2020[8]. - Cash and cash equivalents at year-end 2021 were HK$1,700 million, slightly down from HK$1,737 million in 2020[36]. - The interest cover increased to 15 times in 2021, up from 5 times in 2020, indicating improved financial stability[36]. - Current ratio at year-end was 2.2, down from 2.0 in the previous year, with total bank loans decreasing to HKD 855 million from HKD 1,230 million[38]. - Unused bank credit facilities at year-end amounted to HKD 5,910 million, compared to HKD 5,491 million in the previous year[38]. Workforce and Employment - The number of employees in Mainland China was 11,981, an increase from 11,111 in 2020, indicating a growth in workforce[8]. - The Group employed approximately 12,536 employees at year-end, an increase from 11,589 in the previous year[41]. Capital Expenditure - Capital expenditure was temporarily tightened, amounting to HK$126 million[20]. - Capital expenditures for the year totaled HKD 183 million, a decrease from HKD 222 million in the previous year, with HKD 126 million allocated to textile and apparel business[39]. - Capital expenditure for the retail and distribution business was HK$57 million in 2021, significantly lower than HK$146 million in 2020[37]. Business Operations - The textile business turnover decreased by 5.6% to HK$4,644 million, representing 63.2% of the Group's total revenue[17]. - Retail and distribution business sales amounted to HK$2,705 million in 2021, a slight decrease from HK$2,709 million in 2020, representing 36.8% of the Group's total turnover[23]. - The Group plans to establish a new garment factory in Henan, China, to enhance productivity[13]. - The Group is exploring the establishment of a new textile factory in Southeast Asia to diversify its business[53]. Environmental and Social Responsibility - The Group's environmental management system is aligned with ISO 14001:2015, aimed at reducing environmental risks and improving energy performance[43]. - The Group complied with all applicable environmental protection laws regarding wastewater and greenhouse gas emissions during the year[45]. - Charitable contributions made by the group during the year totaled HK$2,465,000, up from HK$1,136,000 in 2020[66]. - The Group actively participates in corporate social responsibility initiatives, including donations and support for educational and environmental activities[53]. Corporate Governance - The Board is responsible for the overall management of the Group and delegates day-to-day management to the executive management[109]. - The Company has arranged appropriate insurance cover for the directors in connection with their responsibilities[112]. - The Group is committed to maintaining high standards of corporate governance and enhancing corporate value and accountability[105]. - The independent non-executive directors confirmed their independence for the year ended March 31, 2021[108]. - The Company complied with all code provisions of the CG Code throughout the financial year, except for the chairman's attendance at the annual general meeting[151]. Risk Management - The Board has overall responsibility for the Group's risk management and internal control systems, which are designed to mitigate risks to an acceptable level[161]. - The Audit Committee oversees the effectiveness and efficiency of the Group's risk management and internal control systems annually[162]. - The internal audit team conducts risk-based audits on major operating activities and reports findings to the Audit Committee[163]. - A "top-down" approach is complemented by a "bottom-up" method for identifying operational risks, involving management and department heads[165]. Shareholder Engagement - The Group values feedback from shareholders to promote transparency and foster investor relationships[179]. - The Company has established a Shareholder Communication Policy to ensure quality information dissemination and engagement with shareholders[173]. - Shareholders holding at least 10% of the paid-up capital can requisition a special general meeting within two months of their request[171]. - Voting results from the AGM are posted on the Company's and Stock Exchange's websites on the same day[176].

Revenue and Profitability - Revenue for the six months ended September 30, 2020, was HK$3,407,293, a decrease of 18.8% compared to HK$4,197,328 in 2019[10] - Profit for the period attributable to ordinary equity holders was HK$140,064, representing a decline of 33.8% from HK$211,566 in 2019[10] - Basic and diluted earnings per share decreased to 10.1 HK cents, down from 15.3 HK cents in the previous year[10] - Profit before tax for the period was HK$192,943, compared to HK$255,161 in the previous year, reflecting a decrease of 24.4%[48] - The income tax expense for the period was HK$52,879, an increase from HK$43,595 in the prior year, marking a rise of 21.5%[54] - The gross profit margin was 29.7%, down 2.0 percentage points from 31.7% in the same period last year[112] Comprehensive Income and Dividends - Total comprehensive income for the period attributable to ordinary equity holders was HK$276,102, compared to HK$29,722 in 2019[13] - Interim dividends declared amounted to HK$69,085,000, consistent with the previous period[18] - The interim dividend for the six months ended 30 September 2020 was HK$69,085,000, down from HK$138,170,000 in the same period of 2019, representing a 50% decrease[57] - The interim dividend per ordinary share decreased to 5.0 HK cents from 10.0 HK cents year-over-year[57] Expenses and Cost Management - Selling and distribution expenses decreased to HK$552,200, down 19.0% from HK$680,898 in 2019[10] - Administrative expenses were reduced to HK$332,640, a decrease of 23.0% compared to HK$431,571 in 2019[10] - Finance costs decreased significantly to HK$17,642, down 49.1% from HK$34,654 in 2019[10] - The Group continued to focus on cost reduction to enhance operating profitability amid challenging market conditions[143] Assets and Liabilities - Total non-current assets decreased from HK$2,651,472,000 to HK$2,548,021,000, a decline of approximately 3.9%[15] - Current assets decreased from HK$5,660,860,000 to HK$5,271,534,000, representing a reduction of about 6.9%[15] - Total equity increased from HK$4,930,213,000 to HK$5,217,404,000, marking a growth of approximately 5.8%[18] - Cash and cash equivalents decreased from HK$1,737,012,000 to HK$1,055,710,000, a decline of approximately 39.2%[15] - The ageing analysis of trade payables showed an increase to HK$1,089,829,000 as of 30 September 2020 from HK$708,400,000 as of 31 March 2020, reflecting a significant rise in liabilities[63] Cash Flow and Financial Position - Net cash flows from operating activities for the six months ended September 30, 2020, were HK$563,598, compared to HK$502,878 in 2019[24] - Cash and cash equivalents at the end of the period were HK$1,004,125, down from HK$2,045,039 in the previous year[24] - The current ratio improved to 2.4 as of 30 September 2020, compared to 2.0 as of 31 March 2020[181] - Total bank borrowings decreased to HK$134 million from HK$1,230 million as of 31 March 2020[181] Segment Performance - The Group's operating segments include the production, dyeing, and sale of knitted fabric, yarn, and garments; retailing and distribution of casual apparel and accessories; and a segment for franchise services and property investment[41] - The textile business revenue dropped by 19.0% to HK$2,308 million, representing 67.7% of the group's total turnover[143] - Retail and distribution business sales fell by 18.4% to HK$1,098 million, accounting for 32.2% of the group's total turnover[172] Financial Instruments and Fair Value - The fair value of financial assets at fair value through profit or loss was HK$96,449,000 as of 30 September 2020, down from HK$131,722,000 as of 31 March 2020[93] - The carrying amount of debt instruments at amortised cost was HK$141,795,000 as of 30 September 2020, compared to HK$137,027,000 as of 31 March 2020[93] - The fair values of long-term rental deposits and non-current interest-bearing bank borrowings were calculated by discounting expected future cash flows using current rates for similar instruments[97] Impact of COVID-19 - The adverse market conditions due to COVID-19 led to delays and cancellations of business orders, impacting overall performance[143] - The COVID-19 pandemic has caused a significant slowdown in global economic activities, with interest rates expected to remain low for the next few years[186] - The retail business performance is anticipated to improve in the second half of 2020 as COVID-19 is under control in China[195] Management and Governance - Total compensation paid to key management personnel for the six months ended 30 September 2020 was HK$19,063,000, a decrease from HK$26,292,000 in the same period of 2019[90] - Key management personnel voluntarily waived part of their compensation totaling HK$4,876,800 due to the impact of COVID-19[90] - The Group considers that adequate tax provisions have been made in the financial statements, despite ongoing tax reviews[75] Charitable Activities and Community Engagement - The Group participated in various charitable activities, including donations to educational funds and environmental initiatives[192]