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Public company info - PanAsialum Holdings Company Limited , 02078.HK
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PanAsialum Holdings Company Limited, 02078.HK - Company Profile
Chairman Cheung Wah Keung
Share Issued (share) 1,200,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Nonferrous Metal
Corporate Profile Business Summary: The Group is principally engaged in the manufacturing and trading of aluminium products. Performance for the year: The total operating revenue of the Group for the year ended December 31, 2019 (“Year”) was HK$1,717 million (year ended December 31, 2018: HK$1,642 million), representing an increase of 5% as compared with the year ended December 31, 2018. Net loss after tax attributable to shareholders had significantly increased from HK$233 million for the year ended December 31, 2018 to HK$496 million for the Year. Business Review Electronics Parts The Electronics Parts segment contributed approximately HK$408 million to the total revenue of the Group, representing a decrease of 43% as compared with HK$717 million for the year ended December 31, 2018. Gross profit margin decreased to 11% for the Year as compared with 16% for year ended December 31, 2018. The prevailing global market conditions in 2019, including the outbreak of the Sino-U.S. trade war, had generally adversely affected the market sentiment; and thus constituted one of the factors contributing to the deterioration in revenue and gross profit margin of the Electronics Parts segment. Construction and Industrial Products The revenue and gross profit margin of the Construction and Industrial Products segment were HK$1,218 million (year ended December 31, 2018: HK$789 million) and -2% (year ended December 31, 2018: 3%) respectively for the Year. There was a 174% increase in sales from PRC with revenue of HK$717 million for the year (year ended December 31, 2018: HK$262 million). The drop in gross profit margin was caused by a substantial increase in sales from PRC which has a lower profit margin. Door and Window Frames Systems The revenue and gross profit margin of the Door and Window Frame Systems segment were HK$91 million (year ended December 31, 2018: HK$136 million) and -21% (year ended December 31, 2018: 8%) respectively for the Year. In light of the uncertain business outlook of the doors and windows business, this business segment is under review by the Group. Prospects: At the beginning of 2020, the challenges arising from the COVID-19 are unprecedented, all the Group’s production facilities were disrupted, resulting in one more month delay of resuming production after Chinese New Year holiday. The management will keep monitoring the situation and adjusting the Group’s strategy accordingly. The Guangzhou Urban Renewal Bureau announced in late February 2018 that the Zengcheng land where the Group’s Zengcheng factory situated fell under the Zengcheng city’s redevelopment scheme. As such, the management has been implementing a relocation plan of moving manufacturing facility at Zengcheng in Guangdong to Nanyang in Henan. According to Suijian(2019)1802 issued by the Guangzhou Municipal Housing and Urban-Rural Development Bureau dated October 22, 2019, it was announced on February 26, 2020 by the Guangzhou Municipal Urban Planning and Resources Bureau that the Land Resumption of Zengcheng land has started. The Company will closely monitor the progress of the redevelopment and land resumption process concerning the Zengcheng land with an aim of attaining a favourable outcome towards the realisation of the value in the Zengcheng land. As disclosed in the announcement of the Company dated June 6, 2019, PanAsia Aluminum Limited, a wholly-owned subsidiary of the Company, entered into the investment agreement (“Investment Agreement”) with the Heshan City Government, pursuant to which the Heshan City Government agrees to carry out an open tender in respect of the land use right of a parcel of land situated in the Heshan City, Jiangmen, Guangdong Province area in the PRC. The Group conditionally agreed and intends to acquire the land use right in three phases through the open tender. Pursuant to the Investment Agreement, the Group intends to establish a new production base at the Heshan Industrial City District A (鶴山工業城A區)* for manufacture and production of high performance and high precision aluminium products including high-end aluminum alloys and moulds, hardware parts, heat sinks and other electronic parts mainly to fulfill the demand from the overseas market. Details of the Investment Agreement are set out in the announcement of the Company dated June 6, 2019. The management has changed the strategy of supply chain to melt Aluminium ingots into rods which is one of the principal raw material for the Group’s products. A newly established manufacturing facility for producing aluminium rods in Xinjiang also started production on June 4, 2019. With lower electricity charge on melting cost in Xinjiang, the Group could not only benefit from lower production costs but also enjoy a more stable supply of critical raw materials for the products of the Group in future. The Group will continue to develop the markets for the products, put emphasis on sales to overseas customers, and endeavor to improve the gross profit margin.

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