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Public company info - Ming Lam Holdings Limited , 01106.HK

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Ming Lam Holdings Limited, 01106.HK - Company Profile
Chairman Li Zhenzhen
Share Issued (share) 14,888,000,000
Par Currency Hong Kong Dollar
Par Value 0.0125
Industry Printing, Publishing & Packaging
Corporate Profile Business Summary: The principal activities of the Group mainly focus on the production and sale of expanded polystyrene (“EPS”) packaging products for household electrical appliances (“Packaging Business”) in the PRC. In order to diversify the business of the Group, the Group has been engaged different investment projects, including tourism and travel industry, securities investments and money lending business. During the year, the group also began to invest in logistic business. Performance for the year: Revenue for the year was approximately HK$1,126.1 million, representing an increase of approximately 22.2% as compared to approximately HK$921.2 million for the corresponding year in 2017, Loss attributable to equity holders of the Company for the year was approximately HK$290.8 million, representing a significant increase of approximately 164.1% as compared to the loss of approximately HK$110.1 million for the corresponding year last year. Business Review In the past, the principal activities of the Group mainly focus on the production and sale of expanded polystyrene (“EPS”) packaging products for household electrical appliances (“Packaging Business”) in the PRC. In order to diversify the business of the Group, the Group has been engaged different investment projects, including tourism and travel industry, securities investments and money lending business. During the year, the group also began to invest in logistic business. PACKAGING BUSINESS The revenue for the year from Packaging Business was approximately HK$803.4 million, representing an increase of 17.1% as compared to approximately HK$686.0 million for the corresponding year in 2017. Gross profit of the Packaging Business was approximately HK$118.9 million for the year 2018, representing an increase of approximately 12.1% as compared to approximately HK$106.1 million for the corresponding year in 2017. The overall gross profit margin decreased from 15.5% in 2017 to 14.8% in 2018. During the year, the Packaging Business recorded segment profit of approximately HK$37.4 million (2017: approximately HK$53.9 million). TOURISM AND TRAVEL BUSINESS The revenue for the year from Tourism and Travel Business, including travel agency and scenic spot, was approximately HK$239.6 million (2017: approximately HK$169.9 million) and the gross profit was approximately HK$59.7 million (2017: approximately HK$16.2 million). In current year, the Group continue to operate Arch Partners Group and Incola Travel Group which are principally engaged in the business of travel agency for a full year. The revenue from Tourism and Travel Business has increased as compared to the corresponding period in 2017. During the year, the Tourism and Travel Business recorded segment loss of approximately HK$70.1 million (2017: loss of approximately HK$9.9 million) which includes the setup expense of Cambodian subsidiaries. SECURITIES INVESTMENTS The Group has invested in a portfolio of listed securities and equity interest in Hong Kong, Australia and Malaysia. The investments are designated and accounted for as financial assets at fair value through profit or loss, available-for-sale financial assets and investment in an associate in the consolidated financial statements. After the Group sold 10,000,000 irredeemable convertible preference shares (“ICPS”) of Yong Tai Berhad (“Yong Tai”) in January 2018, the Group’s shareholding in Yong Tai had decreased to 7,500,000 ICPS in Yong Tai. In July 2018, the Group further sold 5,000,000 ICPS of Yong Tai. After that, leaving behind 2,500,000 ICPS of Yong Tai being held by the Group after such disposal and up to the date of this report. During the year, securities investment segment recorded a loss of approximately HK$7.1 million (2017: a profit of approximately HK$1.7 million), which was primarily due to the net realised loss on disposal of 182,500,000 ICPS of Yong Tai and the net loss on listed securities in Hong Kong and China. In view of the volatile stock market in recent years, the Group will closely monitor the performance of investment portfolio and adopt prudent investment strategy to manage the risk exposure. MONEY LENDING BUSINESS The Money Lending segment has maintained steady growth in profit in year 2018 as compared to 2017. As at 31 December 2018, the loan portfolio, net of loss allowance was approximately HK$547.7 million (31 December 2017: approximately HK$667.1 million) with terms of one year at effective interest rates ranging from 6% to 16% (2017: 10% to 16%) per annum. For the year ended 31 December 2018, the Group recorded interest income from the loan portfolio of approximately HK$83.2 million (2017: approximately HK$65.3 million). The Group will closely monitor the trend of interest rate to adjust the development pace of the money lending business. Prospects: During the year, the Group’s Packaging Business, which were engaged in the production and sale of expanded polystyrene packaging products for household electrical appliances in the PRC, continued to provide steady revenue and cash flow to the Group and recorded revenue of approximately HK$803.4 million, representing an increase of 17.1% compared to the corresponding year last year. On the other hand, the Group recorded a loss in the Securities Investments segment of approximately HK$7.1 million (2017: profit approximately HK$1.7 million). The Group is continuously engaged in investments in various securities in the year of 2018 for the purpose of capital appreciation. In future, the Group will continue to exercise due professional care in selecting investment targets. The Group engaged in money lending business with the money lender licence in Hong Kong under the Money Lenders Ordinance. During the year, interest income of approximately HK$83.2 million (2017: approximately HK$65.3 million) from loan receivable which was recognised in the income statement. The interest rate charged during the year was ranging from 6% to 16% (2017: 10% to 16%) per annum. It is expected that such business will contribute steady returns to the Group. During the year, our travel agency business – Incola Travel Limited contributed revenue of approximately HK$2.7 million to the Group. Our outbound travel, aircraft charter and business travel subsidiary – Arch Partners Holdings Limited, contributed revenue of approximately HK$227.9 million. The Group invested and developed a show titled “Dream Memory– Halong Bay” in Halong City, Vietnam (the “Show”) in order to fully develop tourism resources in the city. The Group is responsible for development and operation of the Show. In April 2018, the Group has obtained the final approval and licenses regarding the show from the Vietnam Central Government. The development of the Show, including the construction of performance stage and stadium, slowed down during the year due to funding pressure and will pick up when further funding is available. In recent years, the tourism industry in Vietnam has grown rapidly and the economic benefits are remarkable, of which Halong Bay is renowned for its natural landscape and scenic beauty. The show will be set in the middle of the sea in Halong Bay with mountains as its background, which reflects the harmonious atmosphere between human beings and the nature. The Group is committed to create a full chain of tourism industry. Given that there is tremendous growth potential of Cambodia tourism industry, the Group has established a subsidiary, “Cambodian MJ Airlines Co., Ltd.”, in Cambodia this year. The Group had obtained preliminary approval from government of Cambodia and is currently seeking permission from the Cambodian Aviation Authority to provide air services. Upon completion, this airline segment will able to bring in tremendous synergy with the existing traveling business. Having a management team with strong and solid experience in tourism, entertainment and cultural industries, the Company is optimistic about the prospects of the new projects in the Southeast Asia. It is expected that these new projects will generate considerable returns to the Group in the future.

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