Company: JL
Filing Date: 2025-05-20
Form Type: 20-F/A
Source: 0001213900-25-045507
Chunk: 115

Company: J-Long Group Ltd
Filing Date: 2025-05-20
Form: 20-F/A
Chunk 115
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 administrative expenses increased by 166% to $4,348,458 from $1,635,222 for the fiscal year ended March 31, 2023 primarily due to increases in officers’ and directors’ remuneration, which together account for approximately 69% of general and administrative expenses, and professional fees which account for approximately 4% of general and administrative expenses. All three of these increases were due to our initial public offering, which closed in January 2024. Other Income/expenses and currency exchange gain/loss We recorded an other income and exchange gain of $676,154 for the fiscal year ended March 31, 2024, as compared to an other income and exchange gain of $1,656,640 for the fiscal year ended March 31, 2023. Other income and exchange gain for the fiscal year ended March 31, 2024 was mainly comprised of a foreign exchange gain of $503,101 and rental income of $110,128. Other income and exchange gain for the year ended March 31, 2023 was mainly comprised of exchange gain of $443,831, a subsidy of $177,356 from the Employment Support Scheme launched by the Hong Kong government and a gain from disposal of property of $987,532. 71 Interest Expense Our interest expense increased by 8% to $145,951 for the fiscal year ended March 31, 2024, from $135,616 for the fiscal year ended March 31, 2023. The increase was primarily due to the rise in interest rates. Income Tax Expense Our income tax expense decreased by 88% to $126,841 for the fiscal year ended March 31, 2024 from $1,097,726 for the fiscal year ended March 31, 2023. The decrease was due to our decrease in profit before income tax. Our effective tax rate was 14.2% for the year ended March 31, 2023 and 13.9% for the year ended March 31, 2024, respectively. For information on taxes imposed by the Cayman Islands and Hong Kong, please see Item 10. “Additional Information - Material Income Tax Considerations.” Net Income As a result of the foregoing, our net profit decreased by 88% to $783,660 for the fiscal year ended March 31, 2024 from $6,656,151 for the fiscal year ended March 31, 2023. Our net profit margin