Annual Report 2018

20 SHOUGANG CONCORD CENTURY HOLDINGS LIMITED 首長寶佳集團有限公司 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS Discernible operating loss of the Group incurred during the first half of 2018 which mainly came from the latter half of first quarter and early part of second quarter in 2018. Lower sales volume and turnover attributable to the unexpected decrease in demand from some of our major domestic customers during this year and relatively high inventory level of the tyre industry in general. Owi ng to the e f for t of our management , sa l es team and employees of the Group, the Steel cord segment successfully managed to achieve growth in both sales volume and selling price in a steady pace starting from May and June till the end of 2018. The overall growth of sales revenue and gross profit of this segment was hence achieved for the full year of 2018. Steel cord segment incurred operating loss of HK$47,106,000 last year as opposed to operating profit of HK$93,264,000 during this year. Its gross profit margin increased to 12.5% as compared to 10.3% last year. In respect of Copper and brass products segment, sales volume and revenue declined during this year in both the PRC and Hong Kong as the business has begun retracting since the latter part of 2017 and PRC operation had been decided to cease in September 2018. Despite that management had adopted strict operating cost control, the decrease in sales revenue volume and cost of closure of PRC manufacturing plant in September 2018 caused this segment to incur an operating loss of HK$3,860,000 versus an operating profit of HK$2,127,000 last year. Combined with the strong sales revenue growth in Steel cord segment, cost savings in purchase of raw materials and reduction mainly in Hong Kong Headquarter operation expenses, all these major factors contributed to increase i n EB I TDA o f t he Gr oup t o HK$179 , 293 , 000 ( 2017 : HK$104,096,000) this year. 本集團於二零一八年上半年產生顯著經營虧 損，主要來自二零一八年第一季度後期及第二 季度初期。在本年度，由於我們一些主要國內 客戶的需求未能預期地下降，及一般來說輪胎 行業的庫存水平相對較高，導致銷售量和營業 額減少。 基於我們的管理層、銷售團隊和本集團僱員的 努力，鋼簾線分部成功取得了自五月及六月至 二零一八年底銷售量及銷售價格兩者穩定的增 長。因此，該分部於二零一八年全年的整體銷 售營業額及毛利實現增長。鋼簾線分部去年錄 得經營虧損港幣 47,106,000 元，而本年度則 錄得經營溢利港幣 93,264,000 元。其毛利率 上升至 12.5% ，而去年則為 10.3% 。 至於銅及黃銅材料分部方面，由於業務自二零 一七年後期開始收縮及中國營運於二零一八年 九月決定終止，因此中國及香港的銷售量及營 業額於本年度均有所下降，儘管管理層已採取 了嚴格的運營成本控制措施，銷售量減少及於 二零一八年九月關閉中國生產廠房的成本導致 該分部產生經營虧損港幣 3,860,000 元，而去 年經營溢利為港幣 2,127,000 元。 綜合鋼簾線分部銷售營業額的增長、節約採 購原材料的成本及主要減少香港總部的營運 開支，所有這些主要因素導致今年本集團的 EBITDA 增加至港幣 179,293,000 元（二零一七 年：港幣 104,096,000 元）。