Examples of Agri-Products Business in a sentence
The Group’s income was derived from four business units: (i) the FMCG Trading Business;(ii) the Agri-Products Business; (iii) the Logistics Services Business; and (iv) the other business primarily arising from the securities brokerage business and the tourist retailing business.
First of all, for the FMCG Trading Business and the Agri-Products Business, the Group will expand the sales network of second and third-tier cities in China, where the growth of the residents’ disposal income is generally higher than the national average.
As a result, an impairment loss of approximately HK$4,808,000 against right-of-use assets included in Agri-Products Business was recognised (included in other operating expenses).
Th e t e r m EDGAR ( E lec t r o n ic D a t a G a t h e r i n g, A na l y sis, an d R e- t r iev a l) m e an s t h e co m p u t e r s y s t e m fo r t h e r eceip t , a ccep t an ce, r eview an d dis-se m i na t io n of doc u m e n t s s u b m i tt ed i n elec t r o n ic fo r m a t .EDGAR Filer M anual.
The gross profit margin of the Logistics Services Business also increased in line with the FMCG Trading Business while the Agri-Products Business remained stable compared to the same period last year.
Impairment losses of approximately HK$18,986,000 (2020: HK$2,774,000) (included in other operating expenses) against right-of-use assets included in Agri-Products Business segment of approximately HK$Nil (2020: HK$2,774,000) and Logistics Services Business segment of approximately HK$18,986,000 (2020: HK$Nil) were recognised in profit or loss during the year.
Agri-Products BusinessThe Agri-Products Business contains trading fresh produce imported from countries like Australasia and South East Asia as well as upstream cultivations in China.
Although the Chinese authorities have been slowly easing lockdown and restrictive measures brought in to tackle the coronavirus pandemic, the Group is still facing poor market sentiment and disruptions caused, where our FMCG Trading Business segment and Agri-Products Business segment have been adversely affected.
These assets are used in the Group’s FMCG Trading Business and Agri-Products Business segments.
The decline in revenue was mainly attributable to the decline in revenue of the Agri-Products Business by approximately 21.9% as a result of the negative impact on the agri-products trading business stemmed from the weak market demand caused by the anti-extravagance atmosphere in China, the shortage of imported fruit products due to Thailand’s drought, as well as the trimming of the Group’s upstream farming business.