Company: GINT
Filing Date: 2025-08-04
Form Type: F-1/A
Source: 0001213900-25-070836
Chunk: 106

Company: Gifts International Holdings Ltd
Filing Date: 2025-08-04
Form: F-1/A
Chunk 106
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 and benefits for our general and administrative staff; (ii) pension costs; and (iii) other expenses primarily including general office expenses. The general and administrative costs increased from approximately HK$3.2 million for FY2024 to approximately HK$5.7million (US$0.7million) for FY2025. The increase in general and administrative costs of approximately HK$2.5million was mainly attributable to the PCAOB audit incurred in connection with the Company’s initial public offering. Other (expense) income, net Interest income For FY2024 and FY2025, we received interest income of HK$30,454 and HK$14,391 (US$1,850), respectively. Interest expense Our interest expense mainly comprised interest expense on bank borrowings. The interest expense remained relatively stable at HK$0.2 million and HK$0.3 million (US$34,744) for FY2024 and FY2025 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 remained relatively stable at approximately HK$1.0 million and HK$1.1million (US$140,911) for FY2024 and FY2025, respectively. Net income We recorded net income of HK$5.9million (US$0.8 million) for FY2025, as compared to net income of HK$6.3million for FY2024. Such decrease was mainly attributable to the increase in general and administrative costs as described above. Liquidity and Capital Resources We have financed our operations primarily through cash flows from operations and loans from banks, if necessary. As of March31, 2025, we had cash and cash equivalents of HK$2.3million (US$0.3million) and outstanding bank borrowings of HK$5.8million (US$0.7million). The bank borrowings bore an annual effective interest rate ranging from 2.76% to 3.00% per annum. Our accounts receivable increased from approximately HK$1.2million as of March31, 2024 to approximately HK$8.4million (US$1.1million) as of March31, 2025, which was mainly attributable to bulk sales of products to corporate clients under the credit terms of up to 90 days. As of the date of