Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 141

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 141
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 or charged directly to equity. Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all
of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing
authorities.

Although we believe that
our estimates, assumptions and judgments are reasonable, they are based upon information presently available. Actual results may differ
significantly from these estimates under different assumptions, judgments or conditions.

Year ended June 30, 2024 compared to year ended
June 30, 2023

Results of Operations

The following table sets
forth a summary of the consolidated results of operations of the Group for the periods indicated, both in absolute amount and as a percentage
of its total revenues.

                                                                   For the years ended June 30,                                                                                
                                                                   2023                                                        2024                                            
                                                                   HKD                                                         HKD                                             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                                                                                                                                                     
  Employment services                                              $                                  14,485,440       46      $          12,529,119       1,604,590       42  
  Payroll outsourcing services                                                                        16,981,233       54                 17,595,833       2,253,478       58  
  Total revenues                                                                                      31,466,673      100                 30,124,952       3,858,068      100  
  Cost of revenues                                                                                   (12,999,672      -41                (13,951,669      (1,786,774      -46  
  Operating expenses                                                                                                                                                           
  Selling, general and administrative expenses                                                        (8,178,103      -26                 (9,047,204      (1,158,665      -30  
  Reversal of provision for (provision for) doubtful accounts                                             61,357        0                   (101,598         (13,012        0  
  Total operating expenses                                                                            (8,116,746      -26                 (9,148,802      (1,171,677      -30  
  Income from operations                                                                              10,350,255       33                  7,024,481         899,617       23  
  Interest income                                                                                        186,390        1                    221