Financial Performance - Revenue for the three months ended March 31, 2020, was HKD 25,464,000, an increase of 7.8% compared to HKD 23,627,000 for the same period in 2019[5] - Gross profit for the same period was HKD 7,725,000, representing a significant increase of 55.7% from HKD 4,956,000 in 2019[5] - The net profit for the period was HKD 2,693,000, compared to a loss of HKD 1,240,000 in the previous year, indicating a turnaround in performance[5] - Other comprehensive income for the period was HKD 2,043,000, compared to a loss of HKD 1,143,000 in the same period last year[10] - Basic earnings per share for the period was HKD 0.48, compared to a loss per share of HKD 0.25 in 2019[10] - The company reported a net cash inflow from operating activities of HKD 3,064,000, a significant improvement from a cash outflow of HKD 910,000 in the previous year[5] - The total comprehensive income for the period was HKD 4,736,000, compared to a total comprehensive loss of HKD 2,383,000 in 2019[10] - The company reported a net profit of 4,997 thousand MYR for the quarter, compared to a loss of 1,625 thousand MYR in the previous year, showing a significant turnaround[27] - The group recorded a gross profit of approximately MYR 7.7 million, an increase of MYR 2.7 million or 54.0% compared to MYR 5.0 million in the same period of 2019, mainly due to improved gross margins from certain production subsidiaries and higher margins contributed by the retail sector[67] - The group reported a profit of MYR 2.7 million for the period, an increase of approximately MYR 3.9 million compared to a loss of MYR 1.2 million in 2019, mainly due to the sale of a subsidiary and improved performance from certain production subsidiaries[72] Revenue Breakdown - For the three months ended March 31, 2020, total revenue from external customers was 25,464 thousand MYR, compared to 23,627 thousand MYR for the same period in 2019, representing an increase of approximately 7.8%[31] - The production segment generated revenue of 24,215 thousand MYR, while the retail segment contributed 1,182 thousand MYR, indicating a strong performance in the production sector[27] - The Asia-Pacific region accounted for the largest share of revenue at 19,521 thousand MYR, up from 16,905 thousand MYR in 2019, reflecting a growth of approximately 9.5%[31] - The company recognized revenue of 3,455 thousand MYR from a single external customer in the elastic textile segment, contributing over 10% to total revenue[32] - Revenue from the production segment was about 24.2 million MYR, an increase of approximately 0.6 million MYR or 2.5% year-on-year[54] - The retail segment generated revenue of approximately 1.2 million MYR during the period, compared to zero in the same period last year[61] - Revenue from elastic textiles decreased by 39.2% to approximately 7.3 million MYR due to the exclusion of PEWAV(VN) from the financial statements[58] - Revenue from other products increased by 153.6% to approximately 7.1 million MYR, primarily due to the acquisition completed in June 2019[60] Expenses and Costs - Financing costs increased to HKD 523,000 from HKD 247,000 in the previous year, reflecting higher borrowing costs[5] - The total financing costs for the quarter amounted to 523 thousand MYR, compared to 172 thousand MYR in the previous year, indicating an increase in financing expenses[39] - The sales cost for the period was 17.7 million MYR, a decrease of approximately 1.0 million MYR or 5.3% compared to 18.7 million MYR in the previous year[66] - Administrative expenses increased to MYR 5.2 million, up by MYR 0.4 million or 8.3% from MYR 4.8 million in 2019, primarily due to administrative expenses incurred by a subsidiary[71] - The retail sector incurred a loss of MYR 1.6 million during the period, compared to a loss of MYR 0.4 million in 2019, significantly impacted by the COVID-19 pandemic[72] Strategic Focus and Market Conditions - The company continues to focus on expanding its market presence and enhancing product offerings to drive future growth[16] - The production sector is facing a challenging environment due to COVID-19, with supply chain disruptions and low demand visibility impacting operations[78] - The group is reviewing its business strategies and cost structures to ensure long-term sustainability amid the economic challenges posed by the pandemic[78] - The retail sector is exploring different sales channels, including digital retail and social media, to adapt to the current unfavorable climate[79] Shareholder and Governance Information - As of March 31, 2020, PRG Holdings holds a significant 54.19% stake in the company with 303,468,000 shares[105] - The major shareholder, Teng Jiahao, has a pledged interest in 259,880,000 shares, representing 46.41% of the company's equity[105] - The company has not engaged in any significant arrangements, transactions, or contracts with its controlling shareholders during the reporting period[87] - The compliance advisor agreement with Shenwan Hongyuan Financing (Hong Kong) Limited was terminated effective January 5, 2020, and a new compliance advisor was appointed[88] - The company has confirmed that there are no significant interests or holdings in any securities that require disclosure under the GEM Listing Rules[96] - The audit committee has reviewed the unaudited consolidated performance for the period and confirmed compliance with applicable accounting standards and GEM listing rules[119] - The company has established an audit committee to assist the board in monitoring financial reporting and internal controls[116] - The chairman of the company is Datuk Lim Heen Peok, with a team of executive and independent directors supporting governance[119] - The company is committed to maintaining transparency and has made its reports available on the GEM website for public access[119]

Financial Performance - The company's revenue for the fiscal year reached RM 125.9 million, an increase of 71.1% compared to the previous year, primarily due to the acquisition of Meinaide Holdings Group Limited and the launch of the luxury fashion business with Philipp Plein in Singapore[9]. - The group recorded a loss of RM 8.8 million from a non-profit subsidiary and associated companies due to impairment losses[9]. - The fiscal year loss was approximately MYR 50.8 million, a decrease of about MYR 51.7 million compared to a profit of MYR 0.9 million in 2018[32]. - The company's financial performance and position as of December 31, 2019, are detailed in the consolidated financial statements on pages 69 to 72 of the report[143]. - The company reported a total distributable reserve of 95.2 million MYR as of December 31, 2019, up from 62.7 million MYR in 2018[152]. Acquisitions and Divestments - The acquisition of Meinaide, completed on June 28, 2019, aims to expand the group's product and technology base in large markets like China[10]. - The company has entered into an agreement to sell its Vietnamese subsidiary to better allocate resources to more profitable product lines, which will be a focus for the upcoming year[10]. - The group completed the acquisition of PVC subsidiary for a total consideration of HKD 140 million, paid through the issuance of 56 million new shares at HKD 2.50 per share[39]. - The group entered into an agreement to sell Premier Elastic Webbing & Accessories (Vietnam) Co., Ltd for a total consideration of approximately USD 2.95 million (equivalent to about MYR 12.03 million)[40]. - The company plans to change the use of approximately 7.3 million MYR of unutilized listing proceeds to acquire all issued shares of Wai Yat Securities Limited for a cash consideration of 8.5 million HKD[61]. Revenue Breakdown - Revenue from the production segment was approximately MYR 119.5 million, an increase of about MYR 45.9 million or 62.4% compared to the previous year[17]. - The retail segment contributed approximately MYR 6.4 million to total revenue, accounting for 5.1% of total revenue, as the first flagship store opened in Singapore in April 2019[25]. - Domestic sales accounted for approximately 53.8% of total revenue, while export sales accounted for 46.2%[17]. - Revenue from other products increased by approximately MYR 37.5 million or 343%, mainly due to contributions from the PVC subsidiary[20]. Expenses and Profitability - A one-time impairment of goodwill amounting to RM 34.5 million was recognized during the acquisition of Meinaide, significantly impacting the group's profitability[9]. - The sales cost for the fiscal year was approximately MYR 91.6 million, an increase of about MYR 39.4 million or 75.5% compared to MYR 52.2 million in the previous year[26]. - Gross profit for the fiscal year was approximately MYR 34.3 million, an increase of about MYR 12.9 million or 60.3% compared to MYR 21.4 million in the previous year[27]. - The gross profit margin decreased from 29.1% to 27.2% due to increased costs and competitive market conditions[27]. - Administrative expenses for the fiscal year amounted to approximately MYR 20.1 million, an increase of about 28.0% from MYR 15.7 million in 2018[31]. Cash Flow and Financial Position - The group's cash and cash equivalents as of December 31, 2019, were approximately MYR 13.7 million, down from MYR 31.6 million in 2018[34]. - The group's current ratio as of December 31, 2019, was approximately 2.4 times, down from 5.8 times in 2018[34]. - The group's debt-to-equity ratio as of December 31, 2019, was approximately 9.5%, compared to 10.8% in 2018[34]. - The group has sufficient financial resources to meet its future operational funding needs based on existing cash and available bank financing[36]. Market Conditions and Risks - The group anticipates that the COVID-19 pandemic will adversely impact global economic performance, affecting financial results due to supply chain disruptions and fluctuations in commodity prices[59]. - The global economic outlook for 2020 is expected to be weak, with the International Monetary Fund stating that the COVID-19 crisis is the most severe economic crisis since the Great Depression[87]. - The performance and growth of the production sector depend on global economic conditions, with challenges posed by COVID-19 impacting supply chains and market dynamics[169]. - The retail division's growth is influenced by domestic GDP growth, consumer confidence, and tourist numbers, with expectations of a challenging retail outlook in 2020 due to decreased visitor numbers and overall consumption[171]. Governance and Management - The company has a strong focus on financial management and corporate services, with experienced executives overseeing these areas[103]. - The independent directors bring diverse expertise, including experience in investment banking and corporate finance, which supports the company's strategic initiatives[106]. - The company has established various committees, including a remuneration committee and a risk management committee, to enhance governance[109]. - The management team is committed to employee development through training and coordination of production-related courses[114]. - The company has appointed a new executive director, Datuk Lua Choon Hann, who has been with the group since November 2013 and oversees strategic planning and business development[98]. Employee and Operational Insights - The group employed 833 employees as of December 31, 2019, an increase from 825 employees in 2018, with employee costs for the fiscal year amounting to approximately 32.8 million MYR, up from about 28.8 million MYR in 2018[50]. - The company emphasizes the importance of employee relations and aims to provide a fair and diverse work environment, ensuring reasonable compensation and continuous improvement in employee welfare[179]. - The company is enhancing its quality control systems by hiring additional production staff and improving internal training programs[68]. Strategic Initiatives - The company is focusing on expanding the application of narrow elastic webbing into sportswear and entering the South Korean market for safety belt webbing[63]. - The company is reviewing its business strategies and adjusting pricing strategies, productivity improvements, and cost structures to ensure long-term sustainability[87]. - The company is exploring different sales channels, including digital retail and social media, to overcome the challenging retail environment[88]. - The company plans to continue divesting any non-profitable entities to enhance overall profitability and cash flow[87].

Financial Performance - For the nine months ended September 30, 2019, the company reported total revenue of MYR 85,695,000, representing a 27% increase compared to MYR 67,535,000 for the same period in 2018[4]. - The gross profit for the nine months was MYR 20,567,000, which is a 39% increase from MYR 15,845,000 in the previous year[4]. - The net loss for the nine months was MYR 4,402,000, compared to a profit of MYR 685,000 in the same period last year[4]. - The company recorded a total comprehensive income of MYR 453,000 for the nine months, a significant decrease from MYR 4,619,000 in the previous year[4]. - The earnings per share for the nine months was a loss of 0.74 sen, compared to a profit of 0.14 sen in the same period last year[4]. - Total revenue for the nine months ended September 30, 2019, was RM 85.695 million, with external customer revenue contributing RM 85.695 million[23]. - Operating profit for the nine months was RM 4.936 million, while the loss from retail operations was RM 3.900 million[23]. - The company reported a net profit of RM 3.097 million for the period, compared to a loss of RM 4.402 million[23]. - The company reported a profit of 1,643 thousand MYR for the nine months ended September 30, 2019, compared to a loss of 685 thousand MYR in the same period of 2018[27]. - The company’s earnings before tax for the nine months ended September 30, 2019, was 1,562 thousand MYR, compared to a loss of 949 thousand MYR in the same period of 2018[27]. - The company reported a basic earnings per share of 0.22 MYR for the three months ended September 30, 2019, compared to 0.15 MYR in the same period of 2018, representing a 46.6% increase[45]. - Total revenue for the period was 85.7 million MYR, an increase of 27.0% from 67.5 million MYR in the same period of 2018[54]. Revenue Breakdown - The manufacturing segment generated RM 80.999 million in revenue, while the retail segment contributed RM 4.696 million[23]. - Revenue from external customers in the Asia-Pacific region for the nine months ended September 30, 2019, was 64,216 thousand MYR, up from 47,477 thousand MYR in 2018, indicating a growth of about 35%[31]. - Revenue from the production segment increased by 13.5 million MYR or 19.9%, contributing approximately 94.5% of total revenue[55]. - The retail segment generated revenue of 4.7 million MYR, accounting for 5.5% of total revenue, following the opening of flagship stores in Singapore and Thailand[53][55]. - Major customer A contributed 9,763 thousand MYR in revenue for the nine months ended September 30, 2019, up from 7,749 thousand MYR in the same period of 2018, representing an increase of approximately 26%[32]. Expenses and Costs - Distribution costs increased to MYR 7,383,000 for the nine months, compared to MYR 1,978,000 in the same period last year[4]. - Administrative expenses rose to MYR 16,113,000 for the nine months, compared to MYR 12,436,000 in the previous year[4]. - Depreciation and amortization expenses totaled RM 4.354 million for the nine months[23]. - Sales costs increased by 25.9% to 65.1 million MYR, in line with revenue growth[56]. - Administrative expenses rose by 29.8% to 16.1 million MYR, primarily due to one-time professional fees related to the acquisition and operational expenses from the retail segment[63]. - The company faced challenges in maintaining margins due to increased raw material costs and labor costs resulting from minimum wage hikes in Malaysia and Vietnam[60]. - Corporate expenses totaled 3.2 million MYR, including one-time professional fees of 1.5 million MYR related to acquisition matters[66]. Financing and Taxation - Interest income for the nine months was RM 328, while financing costs amounted to RM 1.126 million[23]. - The financing costs for the nine months ended September 30, 2019, totaled 1,126 thousand MYR, significantly higher than 532 thousand MYR in the same period of 2018, reflecting an increase of approximately 112%[36]. - The company reported a tax expense of 990 thousand MYR for the nine months ended September 30, 2019, compared to 877 thousand MYR in the same period of 2018, reflecting an increase of approximately 13%[39]. Strategic Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[4]. - The company anticipates a challenging outlook for the production segment due to cautious procurement by customers amid weak market demand[74]. - The company is exploring new potential export markets and strategic partnerships to strengthen its market position in the production segment[74]. - The retail sector's outlook is also challenging, with a share sale agreement signed with PRG Holdings for the sale of Premier Management International Limited, which is still pending completion[75]. - The company plans to enhance its brand and marketing strategies to increase market share in Southeast Asia[78]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the period[85]. - The company has a compliance advisor, Shenwan Hongyuan Capital (Hong Kong) Limited, which has declared its independence according to GEM listing rules[87]. - The company confirmed that the controlling shareholder has adhered to the non-competition agreement during the reporting period[94]. - The independent non-executive directors confirmed no breaches of the non-competition agreement by the controlling shareholder during the reporting period[94]. - The company has adopted the GEM Listing Rules and confirmed compliance with the trading standards for directors during the reporting period[109]. - The audit committee has reviewed the unaudited consolidated results for the period and found them compliant with applicable accounting standards and GEM Listing Rules[113]. - The audit committee consists of three independent non-executive directors, with Mr. Ho Ming Hon serving as the chairman[110]. Shareholder Information - The company’s ultimate holding company is PRG Holdings Berhad, listed on the Malaysian stock exchange[14]. - The company reported a significant ownership structure, with PRG Holdings holding 54.19% of the issued shares as of September 30, 2019[103]. - The major shareholders include Tang Ka Ho and Jin Hui Consulting Limited, holding 46.41% and 45.90% of the shares respectively[103]. - The company’s issued share capital was 363,005,021 shares with a par value of RM0.25 each as of September 30, 2019[101]. - As of September 30, 2019, the company had no direct or indirect competition interests from its directors or controlling shareholders[95]. - The company has not reported any conflicts of interest involving its directors or major executives during the period[95].

Financial Performance - The group reported revenue of 50,496 thousand MYR for the six months ended June 30, 2019, an increase of 13% compared to 44,496 thousand MYR in the same period of 2018[4] - Gross profit for the same period was 11,567 thousand MYR, up from 10,630 thousand MYR, reflecting a gross margin improvement[4] - The net loss for the period was 4,223 thousand MYR, compared to a profit of 612 thousand MYR in the prior year, indicating a significant decline in profitability[4] - The company reported a total revenue of 71,286 thousand MYR for the six months ended June 30, 2019, compared to 30,255 thousand MYR for the same period in 2018, representing an increase of approximately 135.5%[16] - The company reported a total comprehensive loss of (4,475) thousand MYR for the period, compared to a loss of (4,691) thousand MYR in the previous period[16] - The company reported a net loss attributable to owners of RM (4,013,000) for the six months ended June 30, 2019, compared to a profit of RM 612,000 in the same period of 2018[57] - The company reported a loss of 4.2 million MYR for the period, a decrease of approximately 4.8 million MYR compared to a profit of 0.6 million MYR in the same period of 2018[104] Assets and Liabilities - Total assets increased to 199,616 thousand MYR as of June 30, 2019, compared to 108,979 thousand MYR at the end of 2018, showing strong asset growth[6] - Non-current assets rose to 141,077 thousand MYR from 46,776 thousand MYR, primarily due to the increase in property, plant, and equipment[6] - The company’s equity increased to 169,103 thousand MYR from 98,662 thousand MYR, reflecting a strong capital position[9] - Inventory levels increased to 30,350 thousand MYR from 22,120 thousand MYR, suggesting a buildup of stock[6] - Trade receivables increased to 20,881,000 MYR in June 2019 from 14,889,000 MYR in December 2018, representing a growth of approximately 40.0%[60] - Total trade and other payables rose to 21,271,000 MYR in June 2019 from 11,254,000 MYR in December 2018, marking an increase of about 89.5%[63] - The total amount of trade payables was 7,521,000 MYR in June 2019, compared to 4,375,000 MYR in December 2018, indicating an increase of about 72.0%[63] Cash Flow and Liquidity - The company’s cash and bank balances decreased to 23,648 thousand MYR from 31,600 thousand MYR, indicating a reduction in liquidity[6] - The net cash used in operating activities was (3,441) thousand MYR for the six months ended June 30, 2019, compared to a net cash inflow of 221 thousand MYR in the same period of 2018[19] - The company experienced a net decrease in cash and cash equivalents of (7,849) thousand MYR, down from (3,065) thousand MYR in the previous year[19] - The cash and cash equivalents at the end of the period were 22,702 thousand MYR, a decrease from 32,191 thousand MYR at the end of the previous year[19] - The company’s financing activities resulted in a net cash outflow of (861) thousand MYR, compared to (2,779) thousand MYR in the previous year[19] - The company’s investment activities resulted in a net cash outflow of (3,547) thousand MYR, compared to (507) thousand MYR in the previous year[19] Operational Performance - The company incurred distribution costs of 3,871 thousand MYR, significantly higher than 1,320 thousand MYR in the previous year, indicating increased operational expenses[4] - The company faced increased costs due to rising raw material prices and labor costs, which could not be passed on to customers due to market competition[97] - The company plans to continue reviewing its cost structure and negotiating with customers to improve sales terms[97] - The company completed the acquisition of Meinaide Holdings Group Limited on June 28, 2019, which will contribute to the group's financial performance from that date[86] - The company is focusing on expanding its market share in the elastic textile and webbing industry, with ongoing discussions to supply narrow elastic webbing to potential clients in the sportswear sector[130] Shareholder Information - The company has issued warrants allowing holders to purchase new ordinary shares at an adjusted exercise price of RM0.375 per share[192] - As of June 30, 2019, PRG Holdings holds a beneficial interest in 303,468,000 shares of the company, representing 54.19% of the issued share capital[195] - Wang Securities holds a pledged interest in 257,000,000 shares, accounting for 45.89% of the issued share capital[195] - The total number of issued shares of the company as of June 30, 2019, is 560,000,000[199] Market and Economic Conditions - The group anticipates continued challenges in the production segment due to soft demand from customers in their respective markets[164] - Fluctuations in raw material costs, particularly for oil-based yarn, are expected to impact the group's gross margin[164] - The majority of the group's revenue is denominated in USD, making it susceptible to significant exchange rate fluctuations with the Malaysian Ringgit[164] - The group is actively exploring new potential export markets and expanding strategic partnerships to strengthen its market position[164] Corporate Governance - The group has complied with corporate governance codes during the reporting period[171] - There were no significant contracts established between the group and its controlling shareholders during the reporting period[173]

Financial Performance - The group reported revenue of MYR 23,627,000 for the three months ended March 31, 2019, an increase of 26.0% compared to MYR 18,671,000 in the same period of 2018[4]. - Gross profit for the same period was MYR 4,956,000, a decrease of 3.3% from MYR 5,123,000 year-on-year[4]. - The group incurred a net loss of MYR 1,240,000 for the period, compared to a profit of MYR 236,000 in the previous year, representing a significant decline[4]. - The group’s total comprehensive loss for the period was MYR 2,383,000, compared to a total comprehensive income of MYR 2,346,000 in the same period last year[4]. - Basic and diluted loss per share was 0.25 sen, compared to earnings of 0.05 sen per share in the previous year[4]. - Total revenue for the three months ended March 31, 2019, was 23,627,000 MYR, an increase from 20,960,000 MYR in the same period of 2018, representing a growth of approximately 12.7%[29]. - The company reported a net loss of 1,240,000 MYR for the three months ended March 31, 2019, compared to a profit of 236,000 MYR in the same period of 2018[21]. - Revenue for the period was 23.6 million MYR, an increase of 2.6 million MYR or 12.4% compared to 21.0 million MYR in the same period of 2018[53]. Expenses and Costs - Administrative expenses increased to MYR 4,828,000, up 30.7% from MYR 3,694,000 in the prior year[4]. - The company’s administrative expenses for the three months ended March 31, 2019, were 4,828,000 MYR, an increase from 3,694,000 MYR in the same period of 2018, indicating a rise of approximately 30.7%[21]. - Financing costs increased to 247,000 MYR in the first quarter of 2019 from 208,000 MYR in the same period of 2018, representing an increase of approximately 18.8%[35]. - The company experienced an increase in sales costs by 2.9 million MYR or 18.4% to 18.7 million MYR, aligning with revenue growth[54]. - The gross profit margin decreased from 24.4% to 21.0% due to reduced sales orders for higher-margin products and increased raw material costs[55]. Foreign Exchange and Interest - The group recognized interest income of MYR 114,000, a slight decrease from MYR 136,000 in the previous year[4]. - The group reported a foreign exchange loss of MYR 1,199,000, compared to a loss of MYR 2,459,000 in the previous year[4]. - The company incurred a foreign exchange loss of 175,000 MYR during the three months ended March 31, 2019, consistent with the previous year's loss[34]. - The company will continue to monitor foreign exchange fluctuations, particularly between the local currency and the US dollar, which may affect financial performance[66]. Shareholder Information - As of March 31, 2019, PRG Holdings holds 317,520,000 shares, representing 63.0% of the company's issued share capital[125]. - Major shareholders include Wang Securities (Hong Kong) Limited and Malayan Banking Berhad, each holding 257,000,000 shares, representing 51.0% of the company's issued share capital[125]. - The company’s major shareholders include Datuk Lua Choon Hann, who holds 56,547,500 shares, representing 17.48%[87]. - Cheah Eng Chuan holds 15,527,716 shares, representing 4.80% of the company[87]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[131]. - The audit committee reviewed the unaudited condensed consolidated results for the period and confirmed compliance with applicable accounting standards and GEM listing rules[131]. - Directors confirmed full compliance with the trading code during the period, with no breaches reported[130]. - The company has adopted stringent trading codes in accordance with GEM listing rules[130]. - The group has maintained compliance with corporate governance codes throughout the reporting period, ensuring effective accountability[76]. Future Outlook and Strategy - The group anticipates continued challenges in the manufacturing sector due to cautious procurement attitudes from customers amid ongoing trade disputes, leading to a decline in global growth forecasts[66]. - Fluctuations in raw material costs, particularly oil yarn, are expected to impact the group's gross margin, necessitating regular monitoring and adjustments to procurement plans and pricing strategies[66]. - The group will explore new export markets and enhance its product modification capabilities to broaden product applications and strengthen market position[66]. - The company is committed to reviewing its cost structure and executing business strategies based on market conditions, particularly in expanding production capacity[66]. - The group is actively considering new development opportunities to enhance its market position and overall business growth[66]. Miscellaneous - The company did not declare any dividends for the period, consistent with its historical practice since incorporation[41][42]. - The company did not declare any interim dividends for the period, consistent with the previous year[64]. - The company did not purchase, sell, or redeem any of its listed securities during the period[86]. - The report is for the first quarter of 2019 for FLYING HOLDINGS LIMITED[134]. - The board of directors includes non-executive chairman Dato' Lim Heen Peok and several executive directors[132]. - The report is accessible on the GEM website and the company's website for at least seven days from the publication date[133].

Financial Performance - The company's revenue for the fiscal year ended December 31, 2018, was RM 92.6 million, a decrease of 15.6% compared to the previous year[8] - Revenue for the fiscal year decreased by 17.1 million MYR or 15.6%, totaling 92.6 million MYR compared to 109.7 million MYR in 2017[20] - The revenue from elastic textiles decreased by 10.4 million MYR or 17.8%, despite a 1.1% increase in sales volume[15] - The revenue from woven products decreased by 4.2 million MYR or 11.2%, primarily due to currency depreciation and lower average selling prices[16] - Other products' revenue decreased by 2.5 million MYR or 18.9%, mainly due to the exclusion of sales from a subsidiary that became an associate company[17] - Gross profit decreased by 9.2 million MYR or 30.5%, resulting in a gross profit margin decline from 27.6% to 22.7%[23] - Operating profit for the fiscal year was 0.9 million MYR, down 89.5% from 8.6 million MYR in 2017[28] - Total sales cost for the fiscal year was 71.6 million MYR, a decrease of 10.0% from 79.5 million MYR in 2017[22] - Administrative expenses decreased by 5.4 million MYR or 24.1%, primarily due to reduced listing expenses[26] - Cash and cash equivalents were approximately 31.6 million MYR, down from 36.4 million MYR in 2017[30] Business Developments - The company entered a business collaboration with Philipp Plein International, gaining distribution and retail rights in Singapore, Thailand, and Malaysia[9] - A flagship store is planned to open in the second quarter of 2019 at Marina Bay Sands in Singapore[9] - The company is in the process of acquiring 100% equity in Meinaide Holdings Group Limited, which specializes in manufacturing polyethylene foam boards[9] - The collaboration with Philipp Plein and the acquisition of Meinaide are expected to provide long-term positive returns for the company[10] - The group has entered into a conditional sale agreement to acquire Meinaide Holdings Group Limited for 140 million HKD, to be settled by issuing 56 million shares at an issue price of 2.50 HKD per share[40] Market Conditions - The global growth rate is expected to slow in 2019, with uncertainties from trade deficits and Brexit impacting the market[10] - Rising raw material costs are identified as a new risk for manufacturers in the current environment[10] - The ongoing trade disputes between the US and China, along with Brexit, have increased market uncertainty, leading to a decline in global growth forecasts[53] - The company is closely monitoring raw material prices and will adjust procurement plans and pricing strategies as necessary[53] Employee and Management Insights - The company acknowledges the hard work of its management and employees in achieving positive results in a challenging environment[11] - The group employed 825 employees as of December 31, 2018, a decrease from 912 employees in 2017, with employee costs for the fiscal year amounting to approximately 28.8 million MYR, down from 31.5 million MYR in 2017[38] - Pelikan International Corporation Bhd. has been led by a senior vice president responsible for overall operations and financial management since November 2007[80] - The company has a strong management team with extensive experience in finance, production, and sales, including over 30 years in the textile and rubber industries[93][95] Risk Management - The group faces various risks including operational, market, liquidity, credit, and regulatory risks, with a risk management policy in place to identify and manage these risks[138] - The company has established a framework to identify and monitor significant international sanction risks[161] - The risk management committee may seek external legal advice on international sanctions when deemed necessary[160] Corporate Governance - The board includes independent directors with diverse backgrounds, contributing to strategic decision-making and governance[82][90] - The company has established committees for audit, remuneration, and risk management to ensure effective oversight and compliance[86] - The independent auditor for the financial year is Hong Kong Shinewing CPA Limited, which will be proposed for reappointment at the upcoming annual general meeting[184] - The company has complied with the corporate governance code provisions during the financial year[189] Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected total revenue of $C million[61] - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on expanding the product line[62] - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing operational efficiency[63] - Market expansion plans include entering F new markets, which are expected to generate an estimated $G million in additional revenue[64] Community Engagement - The company has been actively involved in community affairs and political engagement, enhancing its corporate social responsibility profile[87]