Share This

Public company info - Anchorstone Holdings Limited , 01592.HK
Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

Anchorstone Holdings Limited, 01592.HK - Company Profile
Chairman Lui Yue Yun Gary
Share Issued (share) 1,247,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction Materials
Corporate Profile Business Summary: The group is principally engaged in the stone sales and supply and installation of marble products in Hong Kong and Macau. Performance for the year: For the year ended 31 December 2020, the Group still recorded a revenue of approximately HK$170.3 million (2019: HK$324.3 million), representing a significant decrease of 47.5% compared with that in the year ended 31 December 2019. The Group recorded a decrease of gross profit for the year ended 31 December 2020 by approximately HK$24.2 million or 55.9% from approximately HK$43.3 million in 2019 to HK$19.1 million in 2020. Business Review The Group generated revenue from the foundation projects the Group undertook. The Group recorded a revenue of approximately HK$170.3 million for the year ended 31 December 2020, representing a significant decrease of 47.5% compared with that in the year ended 31 December 2019. The decrease is mainly due to the fact that majority of the projects undertaken by the Group were delayed. The Group’s overall performance in 2020 was not satisfactory. Its profit for the year ended 31 December 2020 had significantly decreased and the Group recorded a loss for the year of approximately HK$34.1 million. The profit decrease was mainly due to (i) the worsen of the impact of the COVID-19 in the year caused delaying in the progress of most of the stone supply and installation services projects undertaken by the Group. As a result, the Group recorded a significantly decrease in gross profit for approximately HK$24.2 million as compared with the gross profit for the corresponding period in 2019; (ii) the slightly decrease in gross profit margin from approximately 13.4% in 2019 to 11.2% in 2020; (iii) the provision for loss allowance of the contract assets and trade and retention receivable of approximately HK$25.4 million for certain projects based on the impairment assessment by management; and (iv) the increase in finance cost of approximately HK$0.97 million due to the extension of certain trust receipt loans with banks and the additional interest charged on the overdue borrowings. The decrease in profit during the year had been offset by the significant decrease in administrative expenses by approximately HK$9.9 million, which mainly due to the decrease in employee benefit expenses under the cost cutting scheme of the Group and the decrease in the legal and professional fees. Hong Kong Revenue in Hong Kong decreased by approximately HK$148.7 million or 57.7% in 2020 since most of the projects undertaken by the Group were delayed in the year. For certain projects’ variation orders, the certification and quality review procedures had been longer due to the impact of COVID-19 pandemic. Macau The Group focus primarily on hotel development projects in Macau. Revenue in Macau had slightly decreased by approximately HK$5.2 million or 7.8% in 2020. Prospects: The Group’s performance in 2020 did not demonstrate a sanguine outlook. However, this is mainly affected by the COVID-19 pandemic which the Board believes that the continuous strong demand in the luxury construction material, such as marble, still existed in Hong Kong. The local and global economic environment would become active again when the COVID-19 pandemic being overcome, and the Group’s business would be able to catch up.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.