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Public company info - TOMO Holdings Limited , 08463.HK

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TOMO Holdings Limited, 08463.HK - Company Profile
Chairman Siew Yew Khuen
Share Issued (share) 450,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Automobiles & Components
Corporate Profile Business Summary: The Group is principally engaged in the passenger vehicle, or PV, leather upholstery business and electronic accessories business in Singapore. Performance for the year: The revenue of the Group amounted to approximately S$17,818,000 for the year ended 31 December 2018, representing an increase of approximately S$3,284,000 or 22.6% as compared with the year ended 31 December 2017. The profit for the year of the Group was approximately S$4,242,000 for the year ended 31 December 2018 as compared to the profit of approximately S$401,000 for the year ended 31 December 2017. By excluding the listing expenses, the Group’s net profit for the year ended 31 December 2017 would be approximately S$2,972,000. Basic and diluted profit per share was 0.94 Singapore cents for the year ended 31 December 2018 compared to basic and diluted profit per share of 0.10 Singapore cents for the year ended 31 December 2017. Business Review The Group is principally engaged in the (i) sales and installation of passenger vehicle leather upholstery and electronic accessories; and (ii) sales of electronic accessories. The shares of the Company have been listed on the GEM of the Stock Exchange on 13 July 2017. To alleviate traffic congestion, Singapore government controls the total number of vehicles in use by limiting the Certificate of Entitlement (‘‘COE’’) quota. From 2011 to 2013, the COE quota was reduced due to declining numbers of deregistered passenger vehicles. From 2014 to 2018, there was a marked increase in the number of deregistered and newly registered passenger vehicles. In 2018, the number of newly registered passenger vehicles decreased by approximately 12.7% from 91,775 units in 2017 to 80,093 units. This is mainly due to the number of passenger vehicles reaching their ten-year COE period is decreasing as compared to the all time high in 2017. The Singapore government has implemented a zero growth rate for the population of the cars and motorcycles from February 2018 pared down from 0.25% in 2017 and introduced the Vehicular Emissions Scheme (‘‘VES’’) on 1 July 2018. The VES was introduced to reduce harmful vehicle emissions. The worst performing pollutant determines the vehicle’s band and its corresponding VES rebate or surcharge. The Directors understand that the zero growth rate and the VES will not have a significant impact on the COE quota and premium as COE quota is largely determined by the number of deregistered vehicles. The number of passenger vehicles reaching their ten-year COE period will remain high in 2019. Furthermore, the COE premiums have decreased to approximately S$26,000–S$37,000 in March 2019 from previous highs of 2018 ranging from approximately S$42,000–S$51,000 in January 2018. The Group achieved satisfactory results in 2018, showing improved revenue offset by administrative expenses including listed company compliance expenses, legal and professional fees. The Group’s revenue for the year ended 31 December 2018 increased by 22.6% to approximately S$17,818,000. Profit attributable to shareholders for the year ended 31 December 2018 was increased by 42.7% to approximately S$4,242,000 as compared to approximately S$2,972,000 in for the year ended 31 December 2017 after excluding the Listing expenses, primarily due to (i) an increase in the revenue from passenger vehicle electronic accessories segment of approximately 37.7%; (ii) a decrease in the warranty costs incurred from approximately S$146,000 to approximately S$85,000; (iii) an increase in finance income by approximately S$91,000; and (iv) foreign exchange gains position during the year ended 31 December 2018 as compared to a loss for the year ended 31 December 2017. Despite the uncertainty and increased competition in the industry, the Directors remain cautiously optimistic of the outlook for the Group in 2019. Prospects: Notwithstanding the economic downturn in Singapore and the global uncertainty, the Group and the Directors will continue to strive to achieve their business objectives as stated in our prospectus dated 30 June 2017. The Group will focus on maintaining its leading position in the Singapore market, while seeking new business opportunities to expand its product offerings and services.

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