Company: CHOW
Filing Date: 2025-02-10
Form Type: DRS/A
Source: 0001493152-25-005658
Chunk: 103

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-10
Form: DRS/A
Chunk 103
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 |     |   |       |     |     |  32,614 |     |     |  4,181 |     |   |   9.1 |     |   |    100 |   |
| Sundry income        |     |                         | 158,168 |     |   |  36.1 |     |     | 177,271 |     |     | 22,727 |     |   |  49.5 |     |   |   12.1 |   |
| Total                |     |                         | 438,168 |     |   | 100.0 |     |     | 358,441 |     |     | 45,954 |     |   | 100.0 |     |   |  (18.2 | ) |

Other income decreased by HK$0.08 million or 18.2% from HK$0.44 million for the year ended December 31, 2022 to HK$0.36 million (US$0.05 million) for the year ended December 31, 2023 mainly driven by the drop of subsidy under the Employment Support Scheme we received from the Hong Kong government during the year ended December 31, 2023.

Income tax expenses

Income tax expenses was HK$ 2.2million (US$ 0.3million) for the year ended December 31, 2023, as compared to HK$ 0.7million for the same period of 2022. The significant increase in income tax expenses by HK$ 1.5million or 205.1% was due to increase in gross profit during the year ended December 31, 2023.

Net income

As a result of the above discussed, we recorded a net income of HK$12.1 million (US$ 1.6million) for the year ended December 31, 2023, representing a significant increase of HK$ 7.2million or 147.5% from a net income of HK$4.9 million for the year ended December 31, 2022.

| 63 |

Liquidity and Capital Resources

We financed our daily operations and business development through cash generated from the operations of SCS. As of June 30, 2023 and 2024, our cash and cash equivalents balance were HK$ 5.1million and HK$ 11.4million (US$