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Public company info - Mansion International Holdings Limited , 08456.HK

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Mansion International Holdings Limited, 08456.HK - Company Profile
Chairman Cheung Desmond Lap Wai
Share Issued (share) 921,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The Group is principally engaged in the sale of baby and children garments by Original Equipment Manufacturing (“OEM”) and Original Brand Manufacturing (“OBM”). Performance for the year: The Group’s revenue declined by approximately 19.6% to approximately HK$185.7 million for FY2020 as compared to that of approximately HK$230.8 million for FY2019. The gross profit for FY2020 amounted to approximately HK$69.1 million (FY2019: approximately HK$92.1 million), representing a decrease of approximately HK$23.0 million or 25.0% as compared to FY2019. The Group recorded a loss before tax of approximately HK$59.2 million for FY2020 (FY2019: approximately HK$18.9 million), representing a further deterioration of approximately HK$40.3 million. Business Review: The Group is principally engaged in the sale of baby and children garments by OEM and OBM. Confronted by the slowdown in growth across most economies, US-China trade conflict and the uncertainties of Brexit, the business environment was exceptionally austere in FY2020. Since the beginning of 2020, the threat of the COVID-19 seriously disrupted a wide range of local economic activities and supply chains in the Asian region. The epidemic even evolved into a pandemic in March 2020, sending a severe shock to the global economy. For our OEM business, the Group exports its OEM goods to overseas mainly the United Kingdom (the “UK”) and the United States of America (the “US”). The OEM revenue continued to decline in FY2020 caused by the US-China trade conflict, the Brexit arrangement and the threat of the COVID-19. For our OBM business, the Group sells its OBM goods through the self-operated retail stores and department store counters in Hong Kong and the PRC. During the first three quarters of the FY2020, although OBM revenue in Hong Kong slightly dropped arising from local social unrest, the Group recorded the revenue growth contributed by the newly opened shop and wholesales to online shops in the PRC. However, due to the threat of the COVID-19, OBM revenue in Hong Kong and the PRC have declined since the fourth quarter of FY2020. Prospects: OEM exports to the US and the UK are expected to continue to decline in the next financial quarter as the COVID-19 situation remains serious in these markets. The global economy will remain sluggish until the COVID-19 pandemic is well contained. Besides, persistently tense economic, trade and political relations between the PRC and the US, geopolitical tensions, and global financial market volatility continue to warrant attention. OEM performance is thus expected to remain under pressure in the next financial year. OBM sales continued to drop in April 2020, as the COVID 19 pandemic and resulting anti-epidemic measures brought inbound tourism to a standstill and seriously disrupted consumption-related activities. The business environment for OBM will remain very difficult in the near term amid the deep economic recession. The potential impact of the COVID-19 on the global economy is tremendous but still uncertain. Concerns about the impact from the COVID-19 heighten and these weigh on the corporate earnings and the global economic outlook. The negative effect resulting from the COVID-19 is largely dependent on the situation and duration of the epidemic development. Future adverse changes in economic conditions would negatively affect the Group’s financial position and performance. The Group will continue to monitor the development and the volatile market conditions. In the current abnormal business conditions, the Group is conscious about the importance of liquidity of the Group’s ongoing operations. Managing cash flow is very critical during a period of crisis. The Group is considering actions to reduce inventories with a view to maintaining more cash and will increase the outsource of its production procedures to different sub-contractors in order to minimize the fixed costs incurred by our factory.

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