Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 101

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 5
Chunk 101
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 year ended December 31, 2023. This increase was due mainly to the increase in staff costs and motor vehicles and travelling expenses
as the travel restrictions of China and Hong Kong were lifted gradually during the fiscal year ended December 31, 2023.

Income (loss) from operations

The loss from operations increased
by HK$13.4 million from the loss from operations of HK$0.4 million for the fiscal year ended December 31, 2023 to the loss from operation
of HK$13.8 million for the fiscal year ended December 31, 2024. The decline of the financial performance from operations was primarily
due to the increase of general and administrative expenses of HK$15.9 million, partially offset by the increase of gross profit of HK$2.7
million during the fiscal year ended December 31, 2024.

The loss from operations decreased
by HK$2.1 million from the loss from operations of HK$2.5 million for the fiscal year ended December 31, 2022 to HK$0.4 million for the
fiscal year ended December 31, 2023. The improvement in the financial performance from operations during the fiscal year ended December
31, 2023 was primarily due to the combined effects of the increase of gross profit of HK$3.3 million and the decrease of general and
administrative expenses of HK$1.3 million during the fiscal year ended December 31, 2023.

Other income (expense), net

Major components of other income
(expense) are exchange gain and loss, gain on disposal of property, plant and equipment, sundry income, government grant and bank interest
income. For the fiscal year ended December 31, 2024, net income was HK$0.6 million (US$0.1 million), which decreased by HK$0.2 million
from HK$0.8 million in the same period in 2023. The decrease was due mainly to the decrease in exchange gain recognized during the fiscal
year ended December 31, 2024.

For the fiscal year ended December
31, 2023, net income was HK$0.8 million (US$0.1 million), which decreased by HK$12.2 million from HK$13.0 million in the same period in
2022. The decrease was due mainly to the decrease in gain on disposal of property, plant and equipment recognized during the fiscal