88IV - Public company info - Pegasus International Holdings Ltd.

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Pegasus International Holdings Ltd., 00676.HK - Company Profile
Chairman	Wu Chen San Thomas
Share Issued (share)	731,000,000
Par Currency	Hong Kong Dollar
Par Value	0.1
Industry	Footwears
Corporate Profile	Business Summary: The Group is engaged principally in the manufacture and sale of footwear products. Performance for the year: Profit before taxation of the Group for the year ended 31 December 2020 was US$320,000 (2019: loss before taxation US$21,945,000), an increase of US$22,265,000 as compared to the corresponding period in 2019. After accounting for income taxes expense of US$945,000 (2019: US$25,000), resulted a loss after taxation of US$625,000 (2019: US$21,970,000). Basic loss per share for the year ended 31 December 2020 was 0.08 US cents (2019: 3.01 US cents). Business Review The business conditions throughout 2020 have been the greatest challenge over the last ten years, as the COVID-19 ravaged the world during the year, causing a far-reaching impact and even posing a threat against the entire global community. To control the spread of the COVID-19 pandemic, governments around the world introduced precautionary measures, including the strict control on crowds and unnecessary economic activities and the prohibition of store operations. Despite the relaxation of the restrictions following the improvement of the pandemic, the sentiment of outdoor spending among citizens was subdued due to their fear in viral infection and pessimism about the potential economic recession. As a footwear exporter, the Group was inevitably and materially affected in a hard-hit consumer goods market. Despite our ongoing commitments to the expansion of our customer base during the year, unfortunately no noticeable results were achieved due to the travel- restrictions and potential customers’ concerns over future economic uncertainty under the pandemic. In response to the changing economic environment in recent years, however, the Group has taken advantage of its existing resources to develop new sources of income. During the year, the Group entered into contracts with various third parties in relation to the lease of several idle plants in the PRC, ensuring that it will be able to generate certain stable cash flow in the coming years. Prospects: The management will closely monitor the impact of the changing external environment on the Group so as to make strategic adjustments accordingly, which are prepared to address a possible economic downturn and continue identifying potential business development opportunities.

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