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Website : http://www.hkstarlite.com
ANNOUNCEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31ST MARCH, 2022
The Directors of Starlite Holdings Limited (the "Company") are pleased to announce the consolidated results of the Company and its subsidiaries (together the "Group") for the year ended 31st March, 2022 together with the comparative figures for the previous year, as follows:
Consolidated Income Statement
For the year ended 31st March, 2022
Note | 2022 | 2021 | |
HK$'000 | HK$'000 | ||
Revenue | 3 | 1,048,700 | 1,057,477 |
Cost of sales | (950,020) | (888,364) | |
─────────── | ─────────── | ||
Gross profit | 98,680 | 169,113 | |
Other income and gains/(losses) - net | 4 | 468,781 | (65,852) |
Selling and distribution costs | (65,465) | (66,055) | |
General and administrative expenses | (131,031) | (137,476) | |
(Impairment loss)/reversal of impairment losses on | |||
financial assets | (3,544) | 1,557 | |
─────────── | ─────────── | ||
Operating profit/(loss) | 5 | 367,421 | (98,713) |
-------------------- | -------------------- | ||
*For identification purpose only. | |||
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Consolidated Income Statement (Continued)
For the year ended 31st March, 2022
Note | 2022 | 2021 | |
HK$'000 | HK$'000 | ||
Finance income | 465 | 16,072 | |
Finance costs | (17,545) | (10,623) | |
─────────── | ────────── | ||
Finance (costs)/income - net | 6 | (17,080) | 5,449 |
------------------- | ------------------ | ||
Profit/(loss) before income tax | 350,341 | (93,264) | |
Income tax credit/(expense) | 7 | 7,132 | (5,261) |
─────────── | ────────── | ||
Profit/(loss) for the year attributable to the owners of | |||
the Company | 357,473 | (98,525) | |
═══════════ | ══════════ | ||
Earnings/(losses) per share attributable to the | |||
owners of the Company for the year | |||
(expressed in HK cents per share) | 8 | ||
- Basic | 68.10 | (18.76) | |
═══════════ | ══════════ | ||
- Diluted | 68.10 | (18.76) | |
═══════════ | ══════════ |
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Consolidated Statement of Comprehensive Income
For the year ended 31st March, 2022
2022 | 2021 | |
HK$'000 | HK$'000 | |
Profit/(loss) for the year | 357,473 | (98,525) |
Other comprehensive income/(loss): | ||
Items that may be reclassified to profit or loss | ||
Currency translation differences | 19,895 | 34,569 |
Items that will not be reclassified to profit or loss | ||
(Decrease)/increase in fair value of financial assets at fair | ||
value through other comprehensive income | (75) | 92 |
────── | ────── | |
Other comprehensive income for the year, net of tax | 19,820 | 34,661 |
----------- | ----------- | |
Total comprehensive income/(loss) for the year | ||
attributable to the owners of the Company | 377,293 | (63,864) |
══════ | ══════ |
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Consolidated Statement of Financial Position
As at 31st March, 2022
As at | As at | ||
31st March, | 31st March, | ||
Note | 2022 | 2021 | |
ASSETS | HK$'000 | HK$'000 | |
Non-current assets | |||
Property, plant and equipment | 361,213 | 333,095 | |
Investment properties | 17,463 | - | |
Right-of-use assets | 25,735 | 33,337 | |
Prepayments for non-current assets | 9,130 | 48,737 | |
Deferred income tax assets | 11,169 | 1,769 | |
Financial assets at fair value through other | |||
comprehensive income | 1,435 | 1,510 | |
Financial assets at fair value through profit or loss | 8,571 | 8,332 | |
─────── | ─────── | ||
434,716 | 426,780 | ||
Current assets | ------------- | ------------- | |
Inventories | 115,330 | 104,139 | |
Trade and bill receivables | 10 | 172,461 | 179,671 |
Prepayments and deposits | 28,743 | 29,672 | |
Tax recoverable | 2,602 | 3,992 | |
Bank deposits with maturity over 3 months | |||
from date of deposits | 202 | 201 | |
Cash and cash equivalents | 285,422 | 275,047 | |
─────── | ─────── | ||
604,760 | 592,722 | ||
Total assets | ------------- | ------------- | |
1,039,476 | 1,019,502 | ||
EQUITY | ═══════ | ═══════ | |
Equity attributable to the owners of the Company | |||
Share capital | 51,864 | 52,514 | |
Reserves | 618,781 | 300,705 | |
─────── | ─────── | ||
Total equity | 670,645 | 353,219 | |
LIABILITIES | ------------- | ------------- | |
Non-current liabilities | |||
Amount due to a purchaser of a subsidiary | 12 | - | 154,065 |
Lease liabilities | 1,371 | 1,885 | |
Deferred income tax liabilities | 890 | 1,688 | |
─────── | ─────── | ||
2,261 | 157,638 | ||
Current liabilities | ------------- | ------------- | |
Trade and bill payables | 11 | 99,734 | 136,842 |
Other payables and accruals | 89,519 | 102,802 | |
Contract liabilities | 4,851 | 4,904 | |
Current income tax liabilities | 26,449 | 30,422 | |
Borrowings | 141,357 | 158,728 | |
Amount due to a purchaser of a subsidiary | 12 | - | 69,692 |
Lease liabilities | 4,660 | 5,255 | |
─────── | ─────── | ||
366,570 | 508,645 | ||
------------- | ---------------- | ||
Total liabilities | 368,831 | 666,283 | |
Total equity and liabilities | ------------- | ------------- | |
1,039,476 | 1,019,502 | ||
═══════ | ═══════ | ||
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Notes:
1. General information
Starlite Holdings Limited (the "Company") is an investment holding company. Its subsidiaries are principally engaged in the printing and manufacturing of packaging materials, labels and paper products, including environmentally friendly paper products. The Company and its subsidiaries are collectively referred to the "Group".
The Company was incorporated in Bermuda on 3rd November, 1992, as an exempted company with limited liability under the Companies Act 1981 of Bermuda. The address of its registered office is Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda and its principal place of business is 3/F, Perfect Industrial Building, 31 Tai Yau Street, Sanpokong, Kowloon, Hong Kong. The Company's shares have been listed on The Stock Exchange of Hong Kong Limited since 1993.
These consolidated financial statements are presented in Hong Kong dollars ("HK$"), unless otherwise stated.
2. Basis of preparation
The consolidated financial statements of the Company have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") and the disclosure requirements of the Hong Kong Companies Ordinance Cap. 622. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income which are carried at fair value.
The preparation of consolidated financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.
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Starlite Holdings Limited published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 04:36:04 UTC.