Top Form International Limited Provides Earnings Guidance for the Eleven Months Ended 31 May 2019
Top Form International Limited provided earnings guidance for the eleven months ended 31 May 2019. The company expected that the group will record a substantial loss for the year ending 30 June 2019 as compared to a profit after tax of HKD 12,347,000 for the year ended 30 June 2018. The estimated loss in the results of the Group is mainly attributable to (i) one-off restructuring expenses associated with the acceleration of capacity shift from China to
overseas; (ii) decrease in revenue and a change in product mix where a higher portion of sales was from lower priced products, which also resulted in a lower average selling price as compared with the corresponding period of fiscal 2018; and (iii) increase in general and administrative expenses as the group continued its transformation effort to adapt to the digital era which has reshaped the global apparel industry.