Hong Kong firm YGM Trading reports FY21 revenue of HK$216 mn

05 Jul '21

2 min read

Pic: YGM Trading Limited/ Ashworth

YGM Trading Limited, a Hong Kong-based investment holding company engaged in garment and printing business, has reported 19.9 per cent revenue decline to HK$216.2 million during fiscal 2021 ended on March 31, 2021, against revenue of HK$269.8 million in the prior fiscal. The company’s loss for the year reduced to HK$11.7 million (FY20: HK$89.5 million).

Gross profit for FY21 marginally decreased to HK$136.2 (HK$139.3 million), while loss from operations minimised to HK$6.9 million (HK$154.5 million).

Sales of YGM's garments category which includes wholesaling and retailing, slipped to HK$160.4 million (HK$201.5 million). Whereas income from printing and related services were HK$30.4 million (HK$33.5 million).

“As at the end of March 2021, the group has a distribution network of 81 points of sales (POSs) in the group’s operating market comprising 38 POSs in Hong Kong, 5 in Macau, 31 in China and 7 in Taiwan. A net decrease of 5 POSs in total POSs from the end of March 2020. The group will remain prudent with regard to store network expansion,” according to the company’s press release.

“Despite the group’s principal business market of sales of garments shows sign of improvement, further expansion in store network will depend on lease negotiation and the group is conservative in such. The management anticipate that resumption of business activities and gradual recovery of consumer sentiment will lead to positive economic growth in Mainland China in turn will be beneficial to the consumer sector,” the company added.

Fibre2Fashion News Desk (JL)