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Public company info - China Wood International Holding Co. Limited , 01822.HK

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China Wood International Holding Co. Limited, 01822.HK - Company Profile
Chairman Lyu NingJiang
Share Issued (share) 343,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Consumer Electronics
Corporate Profile Business Summary: The Group was primarily involved in (i) provision of car rental and other services; (ii) materials trading; and (iii) financing services and investments. Performance for the year: During the year ended 31 December 2019, the Group recorded a revenue of approximately HK$654.3 million, which represented a decrease of approximately 40.4% as compared to the revenue of approximately HK$1,097.6 million as recorded for the year ended 31 December 2018. Business Review Car Rental Business During the year, Beijing Tu An Car Rental Services Limited* (北京途安汽車租賃有限責任公司), the Group’s indirect wholly-owned subsidiary, continued to render the car rental services business in China. For the year ended 31 December 2019, the car rental segment recorded a revenue of approximately HK$20.3 million (2018: HK$24.5 million) and a gross profit of approximately HK$2.2 million (2018: HK$1.5 million), representing a gross profit margin of approximately 10.8% (2018: 6.2%). The Group will maintain its developmental strategies in order to enhance its capacity and capture incremental market share. Materials Trading Business In 2019, the macroeconomy around the world was filled with uncertainties and economic upheaval, which led to a decline in the materials trading volume during the year. For the year ended 31 December 2019, the Group’s materials trading segment recorded a revenue of approximately HK$632.5 million (2018: HK$1,064.9 million) and a gross profit of approximately HK$32.1 million (2018: HK$55.1 million), representing a gross profit margin of approximately 5.1% (2018: 5.2%). Financing Services and Investment Business The Group, through a wholly-owned subsidiary, continued to conduct money lending business in Hong Kong through the provision of loans, by utilizing a money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). Having considered the risk of financing and investment business, the income contribution to and the existing financial position of the Group, the management decided to close its wholly-owned subsidiary, HongDa Securities Limited, and deregistered with the Securities and Futures Commission (SFC) as a Type 1 licensed corporation. The Group will be more cautious in controlling business risks and reducing expansion in new business and will keep looking for an opportunity to divest. Prospects: Although a partial trade agreement between the United States and China was signed, it did not represent a definitive cooling of the trade war or a means of resolving continuing tensions between the two countries over technological and geopolitical issues. In terms of Hong Kong, the business environment is becoming more precarious in light of on-going social unrest, which will exacerbate the slowdown in all industries and exert pressure on economic growth. Looking forward, the Group expects that the market in 2020 will remain challenging and demanding. The competitive and volatile operating environment in the financial industry in Hong Kong will continue to exert pressure on the market. Despite the foregoing, the Group will continue to pursue long-term business and profitability growth in line with its corporate mission and goals. The Group will continue to adopt prudent capital management and liquidity risk management to preserve adequate buffer to meet the challenges ahead. We believe that the Group will create fruitful return for our shareholders in the long run. The scope and intensity of the recent outbreak of COVID-19 worldwide is expected to create disruptions and uncertainties in economic and business activities of population in the countries affected. The extent to which national and global economies and financial markets would be adversely impacted, would be difficult to predict with any accuracy at this stage. However, one encouraging sign has emerged that the incumbent governments of developed economies have implemented aggressive policies and measures to mitigate the unfavourable effects and to lend support to their respective economy. The Group will continue to monitor the situation closely and any financial impact on the operations of the Group, which would be reflected in the consolidated financial statements of the Group for the financial year 2020.

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