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Public company info - Master Glory Group Limited , 00275.HK

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Master Glory Group Limited, 00275.HK - Company Profile
Chairman -
Share Issued (share) 515,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The Group is principally engaged in trading of securities, industrial water supply business, property development and trading and other strategic investments. Performance for the year: For the year ended 31 March 2018, the Group’s consolidated loss was HK$497.8 million (2017: profit of HK$1,222.2 million) The loss for the year attributable to the owners of the Company was HK$502.8 million (2017: profit of HK$1,220.2 million) and the basic loss per share was HK$0.05 (2017: profit per share HK$0.13). Business Review: For the year ended 31 March 2018, the Group’s consolidated loss was HK$497.8 million (2017: profit of HK$1,222.2 million), which comprised mainly revenue from water supply business of HK$46.8 million (2017: HK$27.9 million), revenue from property trading and leasing of HK$1,103.9 million (2017: HK$57.9 million), cost of sales of HK$1,093.3 million (2017: HK$17.0 million), other income of HK$40.9 million (2017: HK$16.8 million), gain on other gains and losses and other expenses of HK$255.7 million (2017: HK$2,311.2 million), distribution and selling costs of HK$15.7 million (2017: HK$15.3 million), administrative expenses of HK$214.9 million (2017: HK$135.8 million), finance costs of HK$424.4 million (2017: HK$247.4 million), share of loss of associates of HK$19.6 million (2017: HK$19.5 million), share of loss of a joint venture of HK$8.5 million (2017: HK$13.8 million) and income tax expense of HK$168.8 million (2017: HK$742.9 million). The decrease in gain on other gains and losses and other expenses was mainly attributable to a non-recurring combining effect of a gain on fair value changes upon transfer of properties under development for sale to investment properties of HK$2,732.4 million netted off by an impairment loss of HK$265.1 million on properties held for sale and an impairment loss of HK$115.6 million on goodwill arising from acquisition of subsidiaries during the year ended 31 March 2017. These items did not arise during the year ended 31 March 2018. The loss for the year attributable to the owners of the Company was HK$502.8 million (2017: profit of HK$1,220.2 million) and the basic loss per share was HK$0.05 (2017: profit per share HK$0.13). Segment Results Property development, investment and trading During the year ended 31 March 2018, the Group continued to focus on its flagship project 捷 登都會大廈 (also known as A-Mall) in Guangzhou, which has become wholly-owned by the Group after completion of the acquisition of all the remaining interest in the project on 29 April 2016. Substantial units of the shopping arcade were leased out to tenants including certain international and prestige local brands and rental income was generated accordingly. Apart from certain serviced-apartments held by the Group for rental purpose, titles of the remaining serviced-apartments had been transferred to the buyers upon obtaining the licenses from the relevant governmental authorities during the year. The related sales revenue of HK$974.3 million was generated from the project. Other developed commercial properties such as 黃金廣場 (also known as Golden Plaza), 珀東 廣場 (also known as Podong Plaza) and 泰峰大廈, all located at prime locations in Guangzhou, contributed to secure recurring stable rental income during the year. The segment turnover from property leasing and trading for the year ended 31 March 2018 was HK$1,103.9 million (2017: HK$57.9 million). The segment recorded a profit of HK$112.2 million for the year ended 31 March 2018 (2017: HK$2,564.9 million). This decrement was mainly attributable to a gain of HK$2,732.4 million on fair value changes upon transfer of properties under development for sale to investment properties, netted off by an impairment loss on properties held for sale of HK$265.1 million and an impairment loss on goodwill arising from acquisition of subsidiaries of HK$115.6 million during the year ended 31 March 2017 which did not arise during the year ended 31 March 2018. Trading of Securities The segment recorded a loss of HK$7.3 million (2017: HK$0.9 million) mainly attributable to fair value loss recognised on listed securities which were marked up to the market price as at the date of the consolidated statement of financial position and loss on disposal of listed securities held for trading. Water Supply During the year under review, the Group successfully introduced a new customer which gives rise to an improved performance. The Group will continuously put effort in scaling up the water supply through negotiating with existing customers and implementing effective costs control measures in this business in order to boost the profit margin. For water supply segment, the revenue was HK$46.8 million for the year ended 31 March 2018, increased by HK$18.9 million (67.7%) from 2017 and segment result recorded a profit of HK$19.1 million during the year, increased by HK$13.5 million from HK$5.6 million for the year ended 31 March 2017. Prospects: China has become one of the largest e-commerce markets in the world. Coupled with the increasingly trusted digital payments infrastructure, it is anticipated that the number of Chinese consumers shopping online will continue to surge in the coming year. Many retailers are now actively engaged in selling through the rising online ecosystems or through their own e-commerce websites, and this is one of the challenges the Group’s leased out commercial properties will face. In May last year, the A-Mall shopping mall in Guangzhou officially opened. In May this year, having overcome all hurdles, the 3-levels spectacular cinema centre, comprising IMAX cinema, has been officially put into service and is now in full operation. On top of that, all required permits for the passage which connect the second basement floor of the mall with the line 1 and line 2 interchange metro station (Gongyuanqian station) has finally been obtained. The direct connection passage with the metro station will be opened for use after completion of construction work. Seeking to embrace trendy shopping, dining and movie entertainment as highlights, and taking advantage of the location atop the metro station, this will for sure make big contribution to the number of shoppers and dinners to A-Mall, thereby generating stable rental income for the Group. While the vast majority of the Group’s investments are in the properties segment, the Group are not limited to retailing commercial properties. One of the goals of the Group’s expansion is to solidify and activate new business opportunities in China. The Group will continue to look for lucrative investment opportunities adopting a prudent approach.

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