Company: GINT
Filing Date: 2025-03-12
Form Type: DRS/A
Source: 0001213900-25-022887
Chunk: 113

Company: Gifts International Holdings Ltd
Filing Date: 2025-03-12
Form: DRS/A
Chunk 113
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 database systems; and (iii) costs associated with repair maintenance, or the development of website content are expensed as incurred. The technology and development costs increased from HK$0.3 million for 6M2023 to HK$0.5 million (US$67,016) for 6M2024. An increase was primarily driven by expenses related to system upgrades and enhancements to the backend payment portal. Personnel and benefit costs Personnel and benefit costs consist primarily of salaries and benefits for our operating staff. The personnel and benefit costs were HK$3.5 million and HK$3.5 million (US$0.4 million) for 6M2023 and 6M2024 respectively. General and administrative costs General and administrative costs consist primarily of (i) salaries and benefits for our general and administrative staff; (ii) retirement plan costs; and (iii) other expenses primarily including general office expenses. The general and administrative costs increased from HK$1.5 million for 6M2023 to HK$3.2million (US$0.4million) for 6M2024. Such increase was mainly attributable to legal and professional fees in relation to the Company’s initial public offering. Other (expense) income, net Interest expense Our interest expense mainly comprised interest expense on bank borrowings. The interest expense remained relatively stable at HK$111,670 and HK$170,506 (US$21,946) for 6M2023 and 6M2024, respectively. Income tax expense We are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which the Company and its subsidiaries domicile or operate. Income tax expense is mainly the Hong Kong income tax. Our income tax expense amounted to approximately HK$0.3 million and HK$0.4 million (US$47,742) for the 6M2023 and 6M2024, respectively. Net income We recorded a net income of HK$1.7million (US$0.2 million) for 6M2024, as compared to a net income of HK$2.7 million for 6M2023. Such decrease was mainly attributable to the increase in general and administrative costs as described above. 61

Comparison of Years ended March 31, 2024 and 2023 The following table sets forth the combined results of our operations for the years ended March 31, 2024 and 2023, respectively:

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