Company: JL
Filing Date: 2025-04-03
Form Type: 20-F/A
Source: 0001213900-25-028675
Chunk: 107

Company: J-Long Group Ltd
Filing Date: 2025-04-03
Form: 20-F/A
Chunk 107
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 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. 66 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 for the fiscal year ended March 31, 2024 declined to 2.8% from 17.4% for the fiscal year ended March 31, 2023 as a result of our decreased gross profit margin and increased general and administrative expenses during our 2024 fiscal year. Fiscal year ended March 31, 2023 compared to fiscal year ended March 31, 2022 Revenue Our revenues remained approximately the same at $38,292,397 for the fiscal year ended March 31, 2023, from $38,292,412 for the fiscal year ended March 31, 2022. Heat transfer products are our major offering and contributed 66% and 69% of our revenues for the fiscal years ended March 31, 2022 and 2023, followed by fabric products, which contributed 11% and 13%, respectively. For the fiscal year ended March 31, 2023, we experienced a decrease in sales of woven label and tape products and