Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 151

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 151
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discussed, the Group recorded a net income of HKD5,505,489 (US$705,081) for the year ended June 30, 2024, representing a decline of HKD3,505,191
or -39% from a net income of HKD9,010,680 for the year ended June 30, 2023. A substantial decrease in its net income in the year ended
June 30, 2024 resulted from the increase in our cost of revenues and selling, general and administrative expenses as previously discussed.

Supplemental pro forma earnings per share for
the year ended June 30, 2024

Pursuant to SAB Topic 1:B.3,
an unaudited pro forma basic earnings per share is disclosed to reflect the accrual of the HKD9,384,000 (US$1,201,798) of dividends declared
in excess of current earnings during the year ended June 30, 2024.

Pursuant to SAB Topic
1:B.3, pro forma earnings per share gives effect to 12,418 additional ordinary shares issued in the IPO that would be necessary to
fund the excess of the dividend payment over the current-period earnings of HKD5,505,489 (US$705,081) after the retroactive effect
of reverse share split on September 8, 2025.

The additional ordinary
shares were calculated assuming an initial public offering price of US$40.00 per share after the retroactive effect of reverse share
split on September 8, 2025.

The following table sets
forth the computation of pro forma basic earnings per share for the year ended June 30, 2024 with applying pro forma adjustment on basic
earnings per share:

                                                                                                                               For the year ended                                                 
                                                                                                                               June 30, 2024                                                      
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                               HKD                                    US$                         
  Net Income                                                                                                                   $                       5,505,489      $                  705,081  
  Basic weighted average ordinary shares outstanding*                                                                                                  1,600,000                       1,600,000  
  Earnings per share, basic*                                                                                                   $                            3.44      $                     0.44  
  Pro forma adjustment to reflect ordinary shares sold in the IPO to fund dividend payments in excess of current