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Public company info - Milan Station Holdings Ltd. , 01150.HK
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Milan Station Holdings Ltd., 01150.HK - Company Profile
Chairman -
Share Issued (share) 712,000,000
Par Currency Hong Kong Dollar
Par Value 0.04
Industry Apparel
Corporate Profile Business Summary: The principal activities of the subsidiaries of the Company are retailing of handbags, fashion accessories, embellishments and spa and wellness products. Performance for the year: Revenue for the year ended 31 December 2019 was approximately HK$231.6 million, representing a decrease of 12.4% from approximately HK$264.3 million for the year ended 31 December 2018. Gross profit for the year ended 31 December 2019 was approximately HK$47.8 million, representing a decrease of 7.4% from approximately HK$51.6 million for the year ended 31 December 2018. Loss attributable to the owners of the Company for the year ended 31 December 2019 was approximately HK$23.5 million, representing an decrease of 41.3% from approximately HK$40 million for the year ended 31 December 2018. Business Review During the year, the Group’s total revenue decreased by approximately 12.4% to approximately HK$231.6 million. The revenues generated in the markets of Hong Kong and Macau accounted for 93.7% and 6.3% respectively of the Group’s revenue. The Group’s gross profit at approximately HK$47.8 million, which was decreased by 7.4% as compared to last year. The net loss for the year decreased by 40.1% to HK$23.9 million mainly due to the decrease in rental expenses of retail stores due to elimination of unprofitable stores and decrease in fair value loss on financial assets through profit or loss of approximately HK$6.2 million. Hong Kong During the year, sales of the Group in Hong Kong decreased by 13.3% to approximately HK$217 million. The revenue came from the 6 “Milan Station” retail stores, the 7 “THANN” retail stores in Hong Kong and the online sales platform directly managed by the Group and the product sales in other new sales channels. The Group adhered to the principle of providing genuine and certified products for its customers and formulated stringent and systematic product certification programs. During the year, the Group continued to devote more human resources to the management of merchandise quality, and strengthened the product certification programs with the finer division of labor to ensure that all the products were inspected by professional team. These measures helped the Group to maintain the “Milan Station” brand reputation and earn market recognition, pursuant to which it strengthened the Group’s leading position in the luxury handbags trading industry under the adverse operating environment. As at 31 December 2019, the Group held the listed securities in Hong Kong with the fair value of HK$9.3 million under financial assets at fair value through profit or loss. The Group recognised a unrealised loss on financial assets at fair value through profit or loss of approximately HK$4.7 million. In light of the recent volatile financial market in Hong Kong, the Group will closely monitor the performance of this business and keep adopting a prudent investment attitude with the aim to improve the capital usage efficiency and generate additional investment returns on the idle funds of the Group. Mainland China During the year, no revenue was generated in Mainland. Macau The gambling industry and tourism industry in Macau steadily improved during the year. The Group’s revenue from the Macau market increased by 3.5% to approximately HK$14.6 million. Prospects: Hong Kong economy is extremely challenging in 2019, and subject to a high degree of uncertainty. It is believed that Hong Kong retail market is expected to face a further downturn in the year of 2020 with the ongoing Sino-US trade dispute, local social incidents and the spread of the novel coronavirus infection. The Group will adopt cautious flexible strategy to face the market changes and is prudent about its business performance in 2020. The ongoing uncertainties surrounding the Sino-US trade relations and social instability in Hong Kong result in a more challenging external environment. The outlook for domestic demand in 2020 is also subdued, with the threat of the novel coronavirus infection severely hurting overall economic sentiment and disrupting such economic activities as trade, and tourism and consumption-related activities. The timing of withdrawal of the travel restrictions put in place by the governments of both the PRC and Hong Kong is still uncertain, resulting in the minimal tourism from PRC. The control of the novel coronavirus infection as well as the development of the local social incidents are thus critical to the recovery of domestic consumption. It is believed that the near-term outlook for the Hong Kong economy is extremely challenging and subject to downside risks. Notwithstanding the prevailing challenges and uncertainties, with strong competitive edges and superb geographical location in the heart of Asia, Hong Kong is well-positioned to capitalise on the development and thus the medium-term outlook for the Hong Kong economy is still positive. Looking at the long-term macro environment, riding on the two national policies, namely the Belt and Road Initiative and the Guangdong-Hong Kong Macao Bay Area development, Hong Kong will further enhance its role as the business bridge between the Mainland and the rest of the world. The retail industry in Hong Kong and Macau will undoubtedly benefit from that. The management will continue to monitor the effects from the potential global issues and social incidents in order to strength the Group's core business and seek for better growth prospects and returns. The Group will also emphasis on costs control and review the retail strategy. The management believes, with the tremendous efforts by all the Group's staff, the Group is well positioned to turn challenges into opportunities and will strengthen the Group's competitiveness overcome the challenges in the coming future and continue the Group's growth with the diverting business model.

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