Company: GINT
Filing Date: 2025-06-06
Form Type: F-1
Source: 0001213900-25-052213
Chunk: 110

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-06
Form: F-1
Chunk 110
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. 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$7.3 million and HK$6.6 million (US$0.6 million) for the years ended March 31, 2023 and 2024 respectively. The decrease in personnel and benefit costs was due to the internal costs control measures aimed at reducing the number of part -timeoperating staff. 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 remained relatively stable at HK$3.2 million and HK$3.2 million (US$0.4 million) for the years ended March 31, 2023 and 2024 respectively.

62 Other (expense) income, net Government subsidies For the years ended March 31, 2023 and 2024, we received aggregated government subsidies of HK$1.0 million and HK$0 (US$0), respectively from government grants in Hong Kong. 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$0.2 million (US$27,455) for the years ended March 31, 2023 and 2024 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$1.0 million (US$0.1 million) for the years ended March 31, 2023 and 2024, respectively. The increase was mainly due to the increase in net income before provision for income taxes. Net income We recorded a net income of HK$6.3 million (US$0.8 million) for the year ended March 31, 2024, as compared to a net income of HK$3.7 million for the year ended March 31, 2023. Such increase was mainly attributable to the increase in income from operations. Liquidity and Capital Resources We have financed our operations primarily through cash flows from operations and loans from banks, if necessary. As of September 30, 2024, we had cash and