Hong Kong retailer Glorious Sun's turnover at HK$454.2 mn in H1 FY23

29 Aug '23

1 min read

Pic: Glorious Sun Enterprises

Insights

Hong-Kong-based company Glorious Sun Enterprises reported a 20.31 per cent YoY decrease in H1 FY23 turnover to HK$454.2 million ($57.88 million).
Despite this, gross profit climbed to HK$97.2 million and profit before tax nearly doubled to HK$20.9 million.
The company's earnings per share also increased from HK$1.05 to HK$1.15 in H1 FY23.

Glorious Sun Enterprises Limited, a Hong-Kong-based investment holding company engaged in apparel retailing, has reported a 20.31 per cent year-over-year (YoY) decrease in turnover for the first half of the fiscal 2023 (H1 FY23), recording HK$454.2 million (approximately $57.88 million), down from HK$569.9 million in H1 FY22.

Despite the decline in turnover, the company reported a gross profit of HK$97.2 million, a noticeable increase from last year's HK$86.8 million. Additionally, other income and gains for the group rose sharply, amounting to HK$58.3 million, compared to HK$26.2 million in H1 FY22, the company said in a press release.

Selling and distribution expenses were HK$9.4 million in H1 FY23, down from HK$10.2 million in H1 FY22. Administrative expenses stood at HK$39 million, a slight increase from HK$35.5 million in the previous year.

Profit before tax was HK$20.9 million in H1 FY23, nearly doubling from HK$11.7 million in the same period last year. The period closed with a profit of HK$17.5 million, up from HK$14.7 million in H1 FY22. Earnings per share (EPS) for ordinary equity holders of the company also increased, standing at a basic and diluted HK$1.15, compared to HK$1.05 in the previous year.

Fibre2Fashion News Desk (DP)