Financial Performance - For the nine months ended September 30, 2022, the group reported total revenue of 90,349 thousand HKD, a decrease of 11% compared to 101,508 thousand HKD for the same period in 2021[4] - Gross profit for the nine months ended September 30, 2022, was 24,180 thousand HKD, down 40% from 40,252 thousand HKD in the same period of 2021[4] - The net profit for the nine months ended September 30, 2022, was 8,810 thousand HKD, a significant decrease of 64% compared to 24,296 thousand HKD in the same period of 2021[4] - The company reported a basic and diluted earnings per share of 1.56 cents for the nine months ended September 30, 2022, compared to 3.04 cents in the same period of 2021[8] - The total comprehensive income for the nine months ended September 30, 2022, was 11,034 thousand HKD, down from 27,917 thousand HKD in the same period of 2021[8] - Other income for the nine months ended September 30, 2022, was 899 thousand HKD, a decrease of 88% compared to 7,726 thousand HKD in the same period of 2021[4] - The profit for the period was 8.8 million MYR, a decrease of approximately 15.5 million MYR or 63.8% compared to 24.3 million MYR in the same period last year[86] Expenses and Costs - The group incurred administrative expenses of 15,163 thousand HKD for the nine months ended September 30, 2022, compared to 16,273 thousand HKD in the same period of 2021, reflecting a decrease of 6.8%[4] - The company recorded a financing cost of 453 thousand HKD for the nine months ended September 30, 2022, down from 925 thousand HKD in the same period of 2021, indicating a reduction of 51%[4] - The company’s depreciation and amortization expenses for the nine months ended September 30, 2022, totaled 2,268 thousand MYR, compared to 2,094 thousand MYR in the previous year, reflecting an increase of 8.3%[44] - The company’s income tax expense for the nine months ended September 30, 2022, was 1,791 thousand MYR, compared to 1,047 thousand MYR in the previous year, indicating a significant increase of 71.0%[58] Revenue Segments - For the nine months ending September 30, 2022, the company generated external customer revenue of 84,116 thousand MYR in the production segment, with an operating profit of 9,529 thousand MYR[39] - Revenue from the production segment was approximately 84.1 million MYR, consistent with 83.5 million MYR in the previous year, with domestic and export sales accounting for approximately 39.4% and 60.6% of total production revenue, respectively[68] - Revenue from elastic textiles increased by 32.6% to approximately 28.5 million MYR, driven by increased sales from customers in the Asia-Pacific, North America, and Europe[68] - Revenue from the energy efficiency segment was approximately 6.0 million MYR, a significant increase from zero in the previous year, following the acquisition of ESGL[72] Strategic Initiatives - The company aims to enhance market expansion and product development strategies in the upcoming quarters to improve financial performance[4] - The company plans to continue expanding its energy efficiency business, leveraging the recent acquisition to enhance market presence[31] - The company completed the acquisition of 62.75% equity in Energy Solution Global Limited on August 29, 2022, diversifying its business segments[31] - The company completed the acquisition of the remaining 62.75% of ESGL, making it a wholly-owned subsidiary, indicating a strategic focus on energy efficiency solutions[72] Market Conditions and Challenges - Supply chain disruptions and rising material costs remain significant challenges affecting manufacturing operations, with labor shortages and ongoing delays exacerbating the situation[89] - The company plans to reassess market demand and pricing strategies while adjusting cost structures to maintain competitiveness amid global economic uncertainties[89] - The company anticipates continued global energy consumption growth in 2023, driven by high energy prices and government initiatives to reduce greenhouse gas emissions[92] Compliance and Governance - The company has confirmed compliance with corporate governance codes during the reporting period[97] - The board of directors confirmed compliance with the trading code during the reporting period[128] - The audit committee believes that the financial results have been prepared in accordance with applicable accounting standards and regulations[129] Shareholder Information - As of September 30, 2022, PRG Holdings holds 303,468,000 shares, representing 50.45% of the company's issued share capital[119] - Ng Yan Cheng owns 66,977,600 shares, accounting for 11.13% of the company's issued share capital[119] - Lua Choon Hann holds 32,322,800 shares in PRG Holdings, representing 7.52%[114] - The company has a total of 601,565,600 issued shares as of September 30, 2022[110] Other Information - The company did not recommend any dividend payment for the current period, consistent with the previous year where no dividend was declared[61] - The company has not engaged in any transactions with sanctioned countries or individuals during the period, ensuring compliance with international sanctions[93] - Risk management measures have been established to monitor and assess potential international sanctions risks, including the formation of a risk management committee[94] - The board is unaware of any significant events that require disclosure after September 30, 2022, up to the report date[88] - No share options were granted under the share option scheme as of September 30, 2022[87] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[109]

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 57,857,000, a decrease of 26.7% compared to HKD 78,867,000 for the same period in 2021[3] - Gross profit for the same period was HKD 15,361,000, down 55.7% from HKD 34,714,000 in 2021[3] - Net profit for the six months ended June 30, 2022, was HKD 5,074,000, a decline of 78.3% compared to HKD 23,385,000 in 2021[5] - Total comprehensive income for the period was HKD 6,379,000, down 75.5% from HKD 26,006,000 in the previous year[5] - Basic and diluted earnings per share for the period were HKD 0.91, compared to HKD 2.87 in 2021, reflecting a decrease of 68.3%[5] - The company reported a significant decrease in other income, which fell to HKD 621,000 from HKD 7,448,000 in the previous year, a decline of 91.7%[3] - The group reported a net profit of MYR 5.1 million for the period, a decrease of MYR 18.3 million or 78.2% compared to the same period in 2021, primarily due to reduced contributions from the production department and losses from the retail sector[125] Assets and Liabilities - Non-current assets as of June 30, 2022, totaled HKD 39,803,000, an increase from HKD 36,565,000 as of December 31, 2021[8] - Current assets amounted to HKD 100,254,000, compared to HKD 98,221,000 at the end of 2021, indicating a slight increase[8] - Total liabilities decreased to HKD 20,601,000 from HKD 22,957,000 at the end of 2021, showing a reduction of 10.4%[11] - The company's equity increased to HKD 105,631,000 as of June 30, 2022, up from HKD 99,252,000 at the end of 2021[11] - Trade receivables amounted to 25,406 thousand MYR as of June 30, 2022, with a provision for impairment loss of 2,971 thousand MYR[83] - The company’s bank borrowings as of June 30, 2022, totaled 8,979 thousand MYR, a slight decrease from 9,186 thousand MYR as of December 31, 2021[92] Cash Flow - The net cash used in operating activities was (2,585) thousand MYR for the six months ended June 30, 2022, compared to a net cash inflow of 5,645 thousand MYR in the prior year[29] - The company experienced a net cash outflow from investing activities of (6,907) thousand MYR, which is significantly higher than (2,828) thousand MYR in the previous year[29] - The financing activities generated a net cash inflow of 1,198 thousand MYR, contrasting with a net cash outflow of (3,282) thousand MYR in the same period last year[29] - The cash and cash equivalents at the end of the period were 19,888 thousand MYR, a decrease from 27,832 thousand MYR at the beginning of the period[29] - Net cash available as of June 30, 2022, was approximately MYR 19.9 million, a decrease from MYR 27.8 million as of December 31, 2021[127] Revenue Breakdown - The company reported a total revenue of 99,252 thousand MYR for the six months ended June 30, 2022, compared to 30,255 thousand MYR in the same period of the previous year, representing an increase of 227%[26] - Revenue from the production segment for the six months ended June 30, 2022, was approximately 57.7 million MYR, down 5.4% from 61.0 million MYR in the same period of 2021[105] - Revenue from elastic textiles for the period was approximately MYR 18.9 million, an increase of MYR 4.0 million or 26.8% compared to the same period in 2021, primarily due to increased sales from customers in the Asia-Pacific and North America regions[106] - Revenue from webbing for the period was approximately MYR 24.1 million, a decrease of MYR 3.9 million or 13.9% compared to the same period in 2021, mainly due to reduced sales of furniture webbing products from the Asia-Pacific and North America regions[109] - Revenue from other products for the period was approximately MYR 14.7 million, a decrease of MYR 3.4 million or 18.8% compared to the same period in 2021, primarily due to reduced revenue from polyvinyl chloride-related products and adhesive tape products[110] Operational Insights - The company has two reportable segments: Production and Retail, focusing on manufacturing and selling elastic textiles and related products[39] - The company employed 520 staff as of June 30, 2022, with employee costs around MYR 13.9 million, compared to approximately MYR 14.4 million in the previous year[139] - The company recorded a loss from the sale of subsidiaries amounting to 4,975 thousand MYR, impacting overall profitability[62] - The company’s depreciation and amortization expenses totaled 1,017 thousand MYR for the period, reflecting ongoing investment in asset maintenance[47] Future Outlook and Strategy - The company plans to focus on its existing business and conserve resources amid global economic uncertainties, including the sale of its newly developed securities brokerage business for HKD 8.5 million (approximately MYR 4.5 million)[148] - Future economic outlook indicates a contraction in the global economy in the second half of the year due to tightening financial conditions and geopolitical tensions[166] - Supply chain disruptions and rising material costs remain significant challenges for manufacturing operations, impacting competitiveness[166] - The company is reassessing market demand and pricing strategies to adjust its cost structure amid global economic uncertainties[166] Risk Management - The company has established a risk management committee to monitor and assess international sanction risks, consisting of two independent non-executive directors and one executive director[169] - During the reporting period, the risk management committee did not identify any sanction risks faced by the company[170] - The company faces foreign exchange risk primarily from USD revenues, with measures in place to hedge against potential currency fluctuations[143] Shareholder Information - The company did not recommend any dividend payment for the period, consistent with the previous year[71] - The company did not declare any interim dividends for the period, consistent with the previous year where no dividends were declared[132] - As of June 30, 2022, the company had 560 million shares issued, with the percentage of shareholdings calculated based on this figure[189]

Financial Performance - The group's revenue for the three months ended March 31, 2022, was 30,083 thousand MYR, a decrease of 39% compared to 49,315 thousand MYR in the same period of 2021[3] - Gross profit for the same period was 8,223 thousand MYR, down 69% from 26,289 thousand MYR year-on-year[3] - The net profit for the period was 2,911 thousand MYR, a decline of 69% compared to 9,435 thousand MYR in the previous year[4] - The total comprehensive income for the period was 3,295 thousand MYR, down 21% from 4,178 thousand MYR in the same quarter of 2021[4] - Operating profit for the group was 2,262 thousand MYR, down from 6,457 thousand MYR in the previous year, reflecting a decrease of about 65%[18] - The company reported a net profit attributable to shareholders of 2,911 thousand MYR for the quarter, compared to 6,456 thousand MYR in the same quarter of the previous year, marking a decline of approximately 55%[24] - The company reported a net profit of approximately 1.3 million MYR for the period, compared to zero in the same period of 2021[60] - The profit for the period was RM 2.9 million, a decrease of RM 6.5 million compared to RM 9.4 million in the same period last year[64] Revenue Breakdown - The production segment generated revenue of 30,019 thousand MYR, while the retail segment reported no revenue, indicating a shift in focus towards manufacturing[18] - Revenue from the Asia-Pacific region was 21,449 thousand MYR, a significant drop from 41,260 thousand MYR in the prior year, indicating a decrease of around 48%[28] - Major customers contributed significantly to revenue, with Customer A generating 4,221 thousand MYR and Customer B contributing 3,395 thousand MYR during the reporting period[29] - The production segment's revenue contribution was approximately 32.1% from elastic textiles, 44.1% from webbing, and 23.8% from other products[47] - Domestic sales accounted for approximately 38.6% of the production segment's total revenue, while export sales accounted for 61.4%[47] - The company experienced a significant decrease in revenue from the securities brokerage business, which contributed 16.0 million MYR in the previous year but zero in the current period[54] Expenses and Costs - The group incurred administrative expenses of 4,749 thousand MYR, a decrease of 36% from 7,377 thousand MYR year-on-year[3] - The company incurred financing costs of 119 thousand MYR, which impacted overall profitability[18] - Sales and distribution costs for the period were RM 1.3 million, a decrease of RM 2.6 million or 66.7% compared to RM 3.9 million in the same period last year[62] - Administrative expenses amounted to RM 4.7 million, down RM 2.7 million or 36.5% from RM 7.4 million in the previous year, primarily due to the sale of the securities brokerage business[63] - The sales cost for the period was approximately 21.9 million MYR, a decrease of 1.1 million MYR or 4.8% compared to 23.0 million MYR in 2021[56] Strategic Focus and Future Outlook - The group is focused on expanding its market presence and developing new products to enhance revenue streams in the future[9] - The company has established a risk management committee to monitor and assess international sanctions risks[71] - The company is investing in new technology development, allocating 50 million for R&D in the upcoming fiscal year[107] - Market expansion plans include entering two new countries, which are projected to increase market share by 5%[107] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 100 million earmarked for potential deals[107] - A new marketing strategy is being implemented, aiming to increase brand awareness by 30% over the next six months[107] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 1.32 billion[107] Corporate Governance and Compliance - The company has adhered to corporate governance codes during the reporting period[75] - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[104] - The audit committee reviewed the unaudited consolidated performance for the period and found it compliant with applicable accounting standards and regulations[106] - The company has not reported any significant impact from the adoption of new accounting standards on its financial statements[13] - The company has not engaged in any business activities in sanctioned countries during the period[69] - The company has not identified any conflicts of interest or competition from its directors or controlling shareholders during the reporting period[83] Shareholder Information - PRG Holdings holds a significant stake of 54.19% in the company, amounting to 303,468,000 shares[97] - The company has a total of 560,000,000 shares issued as of March 31, 2022, which is the basis for calculating ownership percentages[86] - The beneficial owner Lua Choon Hann holds 260,000 shares, representing 0.04% of the company[82] - The company’s major shareholder, Jan Ka Yau, owns 55,024,000 shares, which is 9.82% of the total shares[97] - The controlling shareholder confirmed compliance with non-competition agreements during the reporting period[79] Market Conditions - The global economy remains uncertain, with supply chain disruptions and rising raw material costs potentially increasing market volatility[68]

Financial Performance - The company's revenue increased to MYR 132.9 million, a 33.8% increase compared to the previous year[12]. - The pre-tax profit was MYR 7.5 million, indicating a return to profitability as demand and production capacity utilization improved[12]. - The group's revenue for the fiscal year was approximately 132.9 million MYR, an increase of about 33.6 million MYR or 33.8% compared to the previous year[30]. - Revenue from the production segment was approximately 115.9 million MYR, an increase of about 20.2 million MYR or 21.1% compared to the previous year[30]. - The group's gross profit was approximately 46.2 million MYR, an increase of about 17.0 million MYR or 58.2% compared to the previous year[33]. - The profit for the fiscal year was 5.2 million MYR, a significant recovery from a loss of 32.2 million MYR in 2020, primarily driven by a profit of 99 million MYR from the securities brokerage business[40]. - The company reported a total revenue of 69.0 million MYR as of December 31, 2021, an increase from 65.4 million MYR in 2020[177]. Revenue Breakdown - The revenue from elastic textiles, webbing, and other products accounted for approximately 24.4%, 40.6%, and 35.0% of total production revenue, respectively[30]. - The revenue from webbing increased to approximately 47.1 million MYR, a rise of about 10.2 million MYR or 27.6% compared to the previous year[23]. - The revenue from other products was approximately 40.5 million MYR, an increase of about 9.3 million MYR or 29.8% compared to the previous year[26]. - The retail segment's revenue was approximately 1.8 million MYR, a decrease of about 1.1 million MYR or 37.9% due to the closure of the Singapore retail store[28]. Operational Challenges and Risks - A provision for impairment loss of MYR 18.3 million was made for production units in China due to strict zero-COVID policies[12]. - The board remains cautious about the operational environment, acknowledging ongoing risks from COVID-19 and geopolitical tensions[16]. - The company faces foreign exchange risk due to its USD revenue from international business, and it may consider hedging measures if a depreciation of USD against MYR and VND is anticipated[60]. - The global economic situation and geopolitical risks significantly impact the company’s operations, particularly in sectors such as apparel, food packaging, and automotive[195]. Strategic Initiatives - The board decided to terminate the franchise business with Philip Plein to reduce further capital outflow[13]. - The company acquired a 37.25% stake in Energy Solution Global Limited, aiming to enter the green economy sector[13]. - The company is exploring new growth areas, particularly in the green economy driven by global climate change efforts[13]. - The company plans to allocate approximately HKD 13.5 million (around MYR 7.3 million) from unutilized listing proceeds for the acquisition of 100% of the issued shares of Xiniu Securities Co., Ltd. for a cash consideration of HKD 8.5 million (approximately MYR 4.5 million)[62]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $100 million for potential deals[148]. Financial Management and Investments - The company's financial management is overseen by the Chief Financial Officer, who has over 15 years of experience in financial management and auditing[154][158]. - The company has invested approximately MYR 10.3 million (equivalent to HKD 18.9 million) in expanding production capacity by purchasing new machinery for elastic webbing and related products[66]. - The company allocated MYR 1.1 million for upgrading IT systems, with an actual usage of MYR 1.0 million by December 31, 2021[74]. - The company has a remaining unutilized amount of MYR 1.9 million as of December 31, 2021, which is expected to be used by 2022[74]. Corporate Governance and Compliance - The group has a compliance officer and risk management committee member appointed on November 6, 2019[105]. - The group emphasizes compliance with internal policies and legal regulations in its operations in Malaysia and Vietnam[99]. - The company has adopted a share option scheme on September 20, 2017, aimed at incentivizing selected participants for their contributions to the group[178]. Future Outlook - The global economic outlook for 2022 is expected to recover rapidly, but the ongoing Russia-Ukraine crisis poses significant risks to supply chains and may accelerate cost pressures[80]. - The company plans to continue monitoring the business environment closely and adjust its expansion plans as necessary due to uncertainties caused by the COVID-19 pandemic and geopolitical tensions[80]. - The management team emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% over the next five years[151].

Financial Performance - Revenue for the nine months ended September 30, 2021, was HKD 101,508,000, an increase of 43% compared to HKD 71,060,000 for the same period in 2020[3] - Gross profit for the nine months ended September 30, 2021, was HKD 40,252,000, up 79% from HKD 22,440,000 in the previous year[3] - The net profit for the nine months ended September 30, 2021, was HKD 24,296,000, compared to HKD 3,758,000 for the same period in 2020, representing a significant increase[3] - The company reported a basic earnings per share of HKD 3.04 for the nine months ended September 30, 2021, compared to HKD 0.67 in the previous year[7] - The total comprehensive income for the nine months ended September 30, 2021, was HKD 27,917,000, compared to HKD 4,924,000 for the same period in 2020[7] - The company recorded other income of HKD 7,726,000 for the nine months ended September 30, 2021, compared to HKD 3,532,000 in the previous year[3] - Administrative expenses for the nine months ended September 30, 2021, were HKD 16,273,000, an increase from HKD 13,682,000 in the same period of 2020[3] - The company reported a financing cost of HKD 925,000 for the nine months ended September 30, 2021, down from HKD 1,510,000 in the previous year[3] Revenue Segmentation - For the nine months ended September 30, 2021, total revenue from external customers was 101,508 thousand MYR, an increase from 71,060 thousand MYR for the same period in 2020, representing a growth of approximately 42.5%[23][26] - The production segment generated revenue of 83,519 thousand MYR, while the retail segment contributed 1,807 thousand MYR, indicating a significant reliance on the production segment for overall revenue[23] - Operating profit before tax for the group was 25,343 thousand MYR, with the production segment contributing 10,003 thousand MYR and the retail segment contributing 9,978 thousand MYR[23] - The group’s revenue from the Asia-Pacific region for the nine months ended September 30, 2021, was 80,094 thousand MYR, accounting for the majority of total revenue[31] - The group has two reportable segments: production and retail, with the production segment being the primary revenue driver[20][23] Profitability and Margins - The group reported a net profit of 24,296 thousand MYR for the nine months ended September 30, 2021, compared to a net profit of 3,758 thousand MYR for the same period in 2020, marking a substantial increase[23][26] - The group’s financing costs totaled 925 thousand MYR, with the production segment incurring 412 thousand MYR and the retail segment 507 thousand MYR[23] - Gross profit was approximately 40.3 million MYR, an increase of 17.9 million MYR or 79.9% compared to the same period in 2020, with gross margin improving from 31.5% to 39.7%[68] - The group recorded a profit of approximately 24.3 million MYR, an increase of about 20.5 million MYR compared to the same period in 2020, primarily due to improved gross profit and one-time gains from lease terminations[72] Market and Operational Challenges - The company plans to continue expanding its market presence and investing in new product development to drive future growth[3] - The company faces significant challenges due to the resurgence of COVID-19 in Malaysia and Vietnam, leading to lockdowns and operational disruptions from June to October 2021[75] - The company opened a retail store in Singapore, but retail revenue decreased to approximately 1.8 million MYR, a decline of 0.3 million MYR or 14.3% compared to the same period in 2020, due to the impact of COVID-19[62] Shareholder and Governance - The company did not declare any dividends for the period, consistent with the previous year[50][51] - There were no significant arrangements or contracts with the controlling shareholder during the reporting period, indicating a lack of conflicts of interest[83] - The controlling shareholder has committed to non-competition agreements, ensuring no competitive activities in Malaysia and Vietnam during the specified period[86] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's unaudited financial performance for the period[118] - The company has confirmed compliance with applicable accounting standards and GEM listing rules in its financial reporting[118] Acquisitions and Investments - The company completed the sale of Furnitech Components (Vietnam) Co., Ltd. in June 2021, which was involved in the sale of furniture metal parts[57] - The company entered into an agreement to acquire 37.25% of the issued share capital of Energy Solution Global Limited for a total consideration of approximately 5.14 million MYR[74] - The company has expanded its manufacturing and sales of PVC-related products through acquisitions in 2019[57] - The company reported a total of 7,932,000 MYR in revenue from PVC-related products for the year[36] Foreign Exchange and Other Financials - The company experienced a foreign exchange loss of 379,000 MYR for the three months ended September 30, 2021[40] - Basic earnings per share for the nine months ended September 30, 2021, was 30.36 MYR, compared to 6.70 MYR for the same period in 2020[54] - The company has a total of 560,000,000 shares issued as of September 30, 2021[115] - PRG Holdings holds 54.19% of the company's shares, totaling 303,468,000 shares[111] - The second largest shareholder, Zhan Jiawen, owns 55,024,000 shares, representing 9.82% of the total[111]

Financial Performance - The group reported revenue of 78,867 thousand MYR for the six months ended June 30, 2021, representing a 77.3% increase from 44,433 thousand MYR in the same period of 2020[3] - Gross profit for the same period was 34,714 thousand MYR, up 157.5% from 13,510 thousand MYR year-on-year[3] - The net profit for the period was 23,385 thousand MYR, compared to 1,964 thousand MYR in the previous year, marking a significant increase of 1,087.5%[5] - Basic and diluted earnings per share increased to 2.87 cents from 0.35 cents, reflecting strong profitability growth[5] - Total comprehensive income for the period was 26,006 thousand MYR, compared to 4,194 thousand MYR in the same period last year, an increase of 520.5%[5] - Operating profit for the same period was 25,068 thousand MYR, compared to 7,891 thousand MYR in 2020, indicating a substantial increase of 216.5%[34] - The company reported a net profit of 23,385 thousand MYR for the six months ended June 30, 2021, compared to a profit of 7,225 thousand MYR in 2020, reflecting an increase of 224.5%[39] - Profit for the period was MYR 23.4 million, a significant increase of MYR 21.4 million compared to MYR 2.0 million in the same period of 2020[104] Assets and Liabilities - Non-current assets as of June 30, 2021, amounted to 47,378 thousand MYR, a decrease from 50,614 thousand MYR as of December 31, 2020[7] - Current assets increased to 101,978 thousand MYR from 122,460 thousand MYR at the end of the previous year[7] - The total equity of the company increased to 114,364 thousand MYR from 95,650 thousand MYR, indicating a strong financial position[10] - Trade receivables amounted to 22,867 thousand MYR, with a provision for impairment losses of 283 thousand MYR, resulting in net trade receivables of 22,584 thousand MYR[65] - Total trade and other payables were reported at 16,566 thousand MYR, a decrease from 42,360 thousand MYR as of December 31, 2020[67] - The company’s bank borrowings decreased to 9,463 thousand MYR as of June 30, 2021, down from 11,026 thousand MYR at the end of 2020[71] - The group's net current assets were approximately MYR 80.4 million as of June 30, 2021, up from MYR 69.5 million as of December 31, 2020[105] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was RM 5,645,000, compared to RM 3,794,000 for the same period in 2020, representing an increase of approximately 49%[19] - The net cash used in investing activities for the six months ended June 30, 2021, was RM (2,828,000), a decrease from RM 1,553,000 in 2020, indicating a shift towards cash outflow[19] - The net cash used in financing activities for the six months ended June 30, 2021, was RM (3,282,000), compared to RM (2,084,000) in 2020, reflecting an increase in cash outflow[19] - The cash and cash equivalents at the end of the period were RM 19,533,000, compared to RM 18,789,000 at the end of the same period in 2020, showing a slight increase[19] - The cash and bank balances stood at 20,029 thousand MYR, slightly up from 19,877 thousand MYR at the end of 2020[7] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to sustain growth[3] - The company has plans for market expansion and new product development, focusing on enhancing its manufacturing capabilities and retail offerings[24] - The company plans to continue expanding its market presence in the Asia-Pacific region, leveraging the significant revenue growth observed[38] - The group aims to increase its market share in the elastic textile and webbing industry while enhancing its competitive advantages[130] Investments and Acquisitions - The company invested 3.4 million MYR in property, plant, and equipment during the period, a significant increase from 0.2 million MYR in the same period of 2020[59] - The company plans to allocate approximately HKD 13.5 million (equivalent to about MYR 7.3 million) for the acquisition of West Cow and provide a loan of up to HKD 5.0 million (approximately MYR 2.8 million) to West Cow[140] - The company has completed the acquisition of West Cow on October 15, 2020, and on March 23, 2021, the board approved the sale of Rich Day Global Limited for a total consideration of HKD 8.5 million (approximately MYR 4.5 million)[144] Corporate Governance and Compliance - The company emphasizes the importance of good corporate governance practices to ensure accountability and protect shareholder interests[152] - The company has adhered to the corporate governance code during the reporting period, ensuring compliance with relevant regulations[153] - The independent non-executive directors confirmed no breaches of the non-competition agreement by the controlling shareholders during the reporting period[161] - The audit committee has reviewed the unaudited consolidated results for the period and found them compliant with applicable accounting standards and regulations[186] - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[184] Risks and Challenges - The company faces challenges due to the resurgence of COVID-19, trade wars, currency fluctuations, and increased regional competition, impacting its operational environment[145] - The group faces foreign exchange risk primarily from USD revenues linked to international companies, with potential impacts on profitability due to currency fluctuations[123] - The company has established a risk management committee to oversee compliance with international sanctions and assess potential risks associated with business activities in sanctioned countries[148] - The company has not engaged in any transactions with sanctioned countries or individuals during the reporting period[148] Employee and Management - Employee costs for the period were approximately MYR 14.4 million, an increase from approximately MYR 12.9 million in 2020[120] - The group employed 536 employees as of June 30, 2021, a slight decrease from 544 employees in 2020[120] - The total remuneration for key management personnel was 1,661 thousand MYR for the six months ended June 30, 2021, compared to 1,569 thousand MYR in the same period of 2020[78]

Financial Performance - The group reported revenue of 49,315 thousand MYR for the three months ended March 31, 2021, representing a 93.8% increase from 25,464 thousand MYR in the same period of 2020[5] - Gross profit for the same period was 26,289 thousand MYR, up from 7,725 thousand MYR, indicating a significant improvement in profitability[5] - The net profit for the period was 9,435 thousand MYR, compared to 2,693 thousand MYR in the previous year, reflecting a growth of 250.5%[6] - Operating profit for the group was 10,528 thousand MYR, compared to 3,760 thousand MYR in the previous year, reflecting an increase of 179.5%[18] - The total comprehensive income for the period was 4,178 thousand MYR, slightly down from 4,736 thousand MYR in the previous year[6] - Basic and diluted earnings per share were 0.38 sen, compared to 0.48 sen in the same period last year[6] - The company's revenue for the first quarter of 2021 was approximately 49.3 million MYR, an increase of 23.8 million MYR or 93.3% compared to the same period in 2020[50] - The group's gross profit was approximately 26.3 million MYR, an increase of 18.6 million MYR compared to 7.7 million MYR in the same period of 2020, resulting in a gross margin improvement from 30.2% to 53.3%[53] - The net profit for the period was 9.4 million MYR, an increase of approximately 6.7 million MYR compared to 2.7 million MYR in the same period of 2020[58] Revenue Breakdown - The production segment generated revenue of 32,626 thousand MYR, while the retail segment contributed 642 thousand MYR, indicating a strong performance in manufacturing[18] - Revenue from elastic textiles was 8,239 thousand MYR, showing an increase from 7,327 thousand MYR year-over-year[29] - Revenue from webbing products rose to 15,211 thousand MYR, up from 9,767 thousand MYR, indicating a growth of 55.5%[29] - Revenue from the production segment was about 32.6 million MYR, an increase of approximately 8.4 million MYR or 34.7% year-on-year[43] - The revenue from the ribbon segment was about 15.2 million MYR, an increase of 5.4 million MYR or 55.1% year-on-year[46] - Other products generated revenue of approximately 9.2 million MYR, an increase of 2.1 million MYR or 29.6% compared to the same period in 2020[47] Expenses and Losses - The company incurred a loss of 7,479 thousand MYR from the sale of a subsidiary during the period[6] - The company incurred a loss of 7,292 thousand MYR attributed to non-controlling interests during the quarter[18] - The company reported a net loss of 4,468 thousand MYR in other income/expenses for the first quarter of 2021, compared to a net gain of 3,594 thousand MYR in the same period of 2020[30] - The total financing costs for the first quarter of 2021 were 475 thousand MYR, a decrease from 523 thousand MYR in the same period of 2020[31] - Administrative expenses rose by approximately 2.2 million MYR or 42.3%, totaling 7.4 million MYR, primarily due to expenses related to the acquired securities brokerage business[57] Market and Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[4] - The group continues to focus on enhancing its operational efficiency and exploring strategic partnerships for growth[4] - The company is continuously reviewing supply and demand conditions and cost-reduction measures to ensure business sustainability amid ongoing global challenges[62] - The management has established a risk management committee to monitor and assess potential international sanction risks, ensuring compliance with relevant regulations[66] - The company believes it is well-positioned to adapt to the new normal in the operating environment[63] Shareholder and Governance Information - The major shareholder, PRG Holdings, holds a beneficial interest of 54.19% in the company, with 303,468,000 shares as of March 31, 2021[85] - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors[92] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[95] - The company has a non-competition agreement in place with its major shareholder to prevent competition in specified regions[74] - The company’s independent non-executive directors confirmed compliance with the non-competition agreement during the relevant period[75] - The company has confirmed that all directors have adhered to the trading code during the reporting period[91] Dividend Information - The company did not declare any dividends for the period, consistent with the previous year[38] - The group did not declare any dividends for the period, consistent with the previous year[60] Compliance and Reporting - The group did not report any significant impact from the adoption of new accounting standards effective from January 1, 2021[12] - The audit committee has reviewed the unaudited condensed consolidated performance for the period and confirmed compliance with applicable accounting standards and GEM listing rules[94] - The report is accessible on the GEM website and the company's website for at least seven days from the publication date[96] - The first quarter performance report for 2021 has been released, indicating ongoing financial assessments[97]

FURNIWEB HOLDINGS LIMITED 飛 霓 控 股 有 限 公 司 (於開曼群島註冊成立之有限公司) 股份代號 : 8480 ● 香港聯合交易所有限公司 (「聯交所」) GEM 的特色 GEM 的定位·乃為中小型公司提供一個上市的市場·此等公司相比超其他在聯交所上市的公司帶有較高投資風險·有意 投資的人士應了解投資於該等公司的潛在風險·並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司·在GEM 買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動風險· 同時無法保證在GEM買賣的證券會有高流通量的市場。 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報告的內容概不負責·對其準確性或完整性亦不發表任何聲 明·並明確表示，概不對因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告的資料乃遵照《聯交所 GEM證券上市規則》(「GEM上市規則))而刊載、旨在提供有關飛霓控股有限公司([本公司], 連同其附屬公司統稱「本集團」的資料：本公司的董事（「董事 J）願就本報告的資料共同及個別承擔全部責任。各董事在 作出一切合理查詢後,確 ...

[Financial Performance](index=3&type=section&id=Financial%20Highlights) The Group turned a loss into a profit for the nine months ended September 30, 2020, driven by improved continuing operations [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved a profit of MYR 3.76 million for the nine months ended September 30, 2020, a turnaround from the prior period's loss Key Financial Data for Q1-Q3 2020 (Thousand MYR) | Indicator | For the Nine Months Ended Sep 30, 2020 | For the Nine Months Ended Sep 30, 2019 (Restated) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 71,060 | 72,774 | -2.3% | | **Gross Profit** | 22,440 | 21,741 | +3.2% | | **Profit/(Loss) for the Period from Continuing Operations** | 3,758 | (1,858) | Turned to Profit | | **Total Profit/(Loss) for the Period** | 3,758 | (4,402) | Turned to Profit | | **Profit/(Loss) Attributable to Owners of the Company** | 3,758 | (3,896) | Turned to Profit | Earnings/(Loss) Per Share (Sen) | Indicator | For the Nine Months Ended Sep 30, 2020 | For the Nine Months Ended Sep 30, 2019 (Restated) | | :--- | :--- | :--- | | **Basic and Diluted (Continuing Operations)** | 0.67 | (0.26) | | **Basic and Diluted (Discontinued Operations)** | - | (0.48) | | **Total** | 0.67 | (0.74) | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners increased to MYR 130.38 million by September 30, 2020, driven by profit and comprehensive income Summary of Changes in Equity (Thousand MYR) | Item | Amount | | :--- | :--- | | Balance as at January 1, 2020 | 125,459 | | Total Comprehensive Income for the Period | 4,924 | | Balance as at September 30, 2020 | 130,383 | [Notes to the Financial Information](index=7&type=section&id=Notes%20to%20the%20Financial%20Information) This section details financial statement preparation, accounting policies, segment information, and key account specifics [General Information and Accounting Policies](index=7&type=section&id=1.%20General%20Information%20%26%202.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The company, an investment holding entity listed on GEM, manufactures elastic textiles, webbing, PVC products, and apparel retail - The company's principal activities include manufacturing and selling elastic textiles, webbing, PVC-related products, and apparel retail[36](index=36&type=chunk) - The controlling shareholder is PRG Holdings Berhad, listed on the Main Market of Bursa Malaysia Securities Berhad[36](index=36&type=chunk) - The adoption of new and revised accounting standards had no significant impact on the Group's financial statements[37](index=37&type=chunk) [Revenue and Segment Information](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Information) Manufacturing is the primary revenue and profit driver, while retail incurred a loss, with Asia Pacific as the main regional revenue source Segment Results for the First Nine Months of 2020 (Thousand MYR) | Segment | Revenue | Profit/(Loss) Before Income Tax | | :--- | :--- | :--- | | **Manufacturing** | 68,745 | 11,549 | | **Retail** | 2,107 | (4,423) | | **Others** | 208 | (2,050) | | **Total** | 71,060 | 5,076 | Revenue by Geographical Region for the First Nine Months of 2020 (Thousand MYR) | Region | Revenue | | :--- | :--- | | Asia Pacific | 53,149 | | Europe | 4,848 | | North America | 12,163 | | Others | 900 | | **Total** | 71,060 | - During the period, revenue from a single major customer A amounted to **MYR 10.26 million**, representing approximately **14.4%** of total revenue[54](index=54&type=chunk) [Discontinued Operations](index=14&type=section&id=9.%20Discontinued%20Operations) The Group disposed of its Vietnamese subsidiary, PEWAV (VN), whose 2019 results were classified as discontinued operations - The Group disposed of its Vietnamese subsidiary PEWAV (VN), with its operations classified as discontinued in 2019[66](index=66&type=chunk) - For the first nine months of 2019, the discontinued operation recorded a loss of **MYR 2.54 million**[70](index=70&type=chunk) [Dividends](index=16&type=section&id=10.%20Dividends) The Board does not recommend the payment of any dividend for the period - The Board does not recommend the payment of any dividend for the period[74](index=74&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business and financial performance, along with future outlook [Business Review](index=17&type=section&id=Business%20Review) The Group's business was significantly impacted by COVID-19, affecting both manufacturing and retail divisions [Manufacturing Division](index=17&type=section&id=Manufacturing%20Division) Manufacturing revenue slightly increased due to new PVC business, despite a decline in core elastic textile and webbing sales - Manufacturing division revenue was approximately **MYR 68.7 million**, representing a **1.0%** year-on-year increase[79](index=79&type=chunk) - Revenue from elastic textiles and webbing both decreased by **9.0%** year-on-year, primarily due to lower sales volume to customers in Asia Pacific, Europe, and North America[83](index=83&type=chunk)[84](index=84&type=chunk) - Revenue from other products (mainly PVC products) increased by **37.0%** to **MYR 20.0 million**, mainly due to contributions from the newly acquired business[85](index=85&type=chunk) [Retail Division](index=19&type=section&id=Retail%20Division) Retail revenue significantly decreased due to reduced tourism, lower consumer spending, and temporary store closures - Retail division revenue decreased by **55.3%** year-on-year to **MYR 2.1 million**[88](index=88&type=chunk) - The decline in revenue was attributed to reduced tourist arrivals, weaker consumer spending, and the temporary closure of Singapore stores due to the COVID-19 outbreak[88](index=88&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) Despite a revenue decline, gross profit increased, leading to a turnaround in profit for the period - Total revenue decreased by **2.3%** to **MYR 71.1 million**, while cost of sales decreased by **4.7%** to **MYR 48.6 million**[89](index=89&type=chunk)[93](index=93&type=chunk) - Gross profit increased by **3.2%** to **MYR 22.4 million**, primarily due to lower raw material costs[94](index=94&type=chunk) - Net other income increased by **MYR 2.8 million**, mainly from a **MYR 3.2 million** gain on disposal of a subsidiary[95](index=95&type=chunk) - Administrative expenses decreased by **10.5%**, due to a **MYR 1.5 million** one-off professional fee incurred in the prior period[97](index=97&type=chunk) - Profit for the period was **MYR 3.8 million**, representing a turnaround from loss, though partially offset by a **MYR 4.4 million** loss in the retail division[99](index=99&type=chunk) [Future Prospects and Outlook](index=21&type=section&id=Future%20Prospects%20and%20Outlook) Management maintains a cautious outlook due to global economic challenges, focusing on cost control and sustainability - The global outlook remains bleak due to resurgent pandemics, trade wars, and supply chain disruptions, creating a highly challenging operating environment[102](index=102&type=chunk) - The company continuously reviews supply and demand conditions and implements cost reduction measures to ensure financial continuity and long-term sustainability[102](index=102&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers corporate governance, directors' and shareholders' interests, and the Audit Committee's review [Corporate Governance and Compliance](index=23&type=section&id=Corporate%20Governance%20and%20Compliance) The company complied with corporate governance codes, with minor rectifications, and confirmed no securities transactions - The company complied with the Corporate Governance Code during the period, except for a temporary non-compliance regarding the insufficient number of independent non-executive directors, which has since been rectified[109](index=109&type=chunk)[110](index=110&type=chunk) - The controlling shareholder, PRG Holdings, has confirmed compliance with the non-competition undertaking[120](index=120&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[122](index=122&type=chunk) [Directors' and Shareholders' Interests](index=26&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) The report details shareholdings of directors and major shareholders, including the controlling shareholder PRG Holdings Major Shareholders' Interests (As at September 30, 2020) | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | PRG Holdings | Beneficial Owner | 303,468,000 (L) | 54.19% | | CHAM Kah Weng | Beneficial Owner/Spouse's Interest | 65,064,000 (L) | 11.62% | - Several directors hold shares in the controlling company, PRG Holdings[125](index=125&type=chunk) [Review by Audit Committee](index=28&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the unaudited consolidated results, confirming compliance with accounting standards and listing rules - The Audit Committee has reviewed the Group's unaudited condensed consolidated results for the period[144](index=144&type=chunk) - The Audit Committee is of the opinion that the results were prepared in accordance with applicable accounting standards, requirements under the GEM Listing Rules, and other relevant legal provisions, with adequate disclosures[144](index=144&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2020, was 44,433 thousand MYR, an increase of 6.8% compared to 41,635 thousand MYR in the same period of 2019[3] - Gross profit for the same period was 13,510 thousand MYR, up from 12,380 thousand MYR, reflecting a gross margin improvement[3] - Other income surged to 3,812 thousand MYR from 291 thousand MYR in the previous year, indicating a significant increase in non-operating income[3] - The net profit for the period was 1,964 thousand MYR, a recovery from a loss of 2,441 thousand MYR in the same period last year[3] - Basic earnings per share for continuing operations was 0.35 sen, compared to a loss of 0.44 sen in the previous year[9] - The company reported a total comprehensive income of MYR 4,194,000 for the six months ended June 30, 2020, compared to a total comprehensive loss of MYR 4,691,000 in the previous year[21] - The group recorded a profit of 2.0 million MYR for the period, a turnaround from a loss of 2.4 million MYR in 2019, mainly due to the sale of a subsidiary generating 3.2 million MYR in revenue[115] Assets and Liabilities - Total assets as of June 30, 2020, were 156,200 thousand MYR, slightly up from 154,334 thousand MYR at the end of 2019[12] - Current liabilities decreased significantly to 28,049 thousand MYR from 49,564 thousand MYR, improving the company's liquidity position[12] - As of June 30, 2020, the company's non-current liabilities decreased to MYR 26,547,000 from MYR 28,875,000 as of December 31, 2019, representing a reduction of approximately 8.06%[15] - The company's total liabilities decreased from 32,697 thousand MYR as of December 31, 2019, to 19,004 thousand MYR as of June 30, 2020, representing a decline of about 41.5%[74] - The company's equity remained stable at MYR 129,653,000 as of June 30, 2020, unchanged from the previous period[15] Cash Flow and Management - Cash and bank balances increased to 19,293 thousand MYR from 13,669 thousand MYR, indicating better cash flow management[12] - The net cash generated from operating activities was MYR 3,794,000 for the six months ended June 30, 2020, compared to a net cash used of MYR 3,441,000 in the same period of 2019[24] - The cash flow from investing activities showed a net inflow of MYR 1,553,000 for the six months ended June 30, 2020, compared to a net outflow of MYR 3,547,000 in the same period of 2019[24] - The financing activities resulted in a net cash outflow of MYR 2,084,000 for the six months ended June 30, 2020, compared to MYR 861,000 in the same period of 2019[24] Segment Performance - Total revenue for the production segment was 43,037 thousand MYR, while the retail segment generated 1,259 thousand MYR, leading to a total revenue of 44,433 thousand MYR for the period[36] - The operating profit for the production segment was 8,127 thousand MYR, whereas the retail segment incurred an operating loss of 3,154 thousand MYR, resulting in an overall operating profit of 3,492 thousand MYR[36] - The company reported a net profit of 1,964 thousand MYR for the period, with the production segment contributing 7,225 thousand MYR and the retail segment showing a loss of 3,775 thousand MYR[36] - The retail segment's revenue decreased to approximately 1.3 million MYR, down 0.7 million MYR or 35.0% compared to 2.0 million MYR in 2019, primarily due to the impact of COVID-19[106] Market Presence and Strategy - The company plans to continue focusing on expanding its market presence and enhancing operational efficiency in the upcoming periods[4] - The company exports products to over 30 countries, including the USA, UK, India, Indonesia, Australia, Sri Lanka, and Pakistan, indicating a broad international market presence[98] - The company has streamlined its reportable segments into production and retail to better reflect management's review of internal reports[34] Challenges and Future Outlook - The company has faced a challenging environment due to COVID-19, with expectations of a weaker global economy in 2020, impacting demand visibility and supply chain[161] - The retail division is facing significant challenges due to the COVID-19 pandemic, with a decline in visitor numbers and overall consumption expected to persist[164] - The company is reviewing its business strategies and adjusting pricing strategies, productivity improvements, and cost structures to ensure long-term sustainability amid global demand disruptions[161] Compliance and Governance - No transactions were made with sanctioned countries or individuals during the reporting period, ensuring compliance with international sanctions[165] - A risk management committee has been established to monitor and assess potential international sanctions risks[166] - The board has maintained good corporate governance practices in accordance with GEM listing rules[168]