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Tradelink Electronic Commerce Limited
貿易通電子貿易有限公司
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
The Group’s unaudited profit from operations for the six months ended 30
June 2016 was HK$37.4 million, a decrease of HK$2.0 million or 5.1% as
compared to the first half result of 2015.
During the first half of 2016, the Group’s share of results from its investments in
the PRC associates was a net loss of HK$7.5 million as compared to a share
of profit of HK$3.4 million for the same period last year, a swing of HK$10.9
million. The reasons of the swing were that, firstly, the cessation of sharing
Guofurui’s profit after the disposal of our stake in December 2015. The amount
of profit shared from Guofurui in the first half of 2015 was HK$4.7 million.
Secondly, U-Link, our PRC associate operating 4PL business in Shanghai, was
still in its business development mode and incurred losses during the first half of
2016. Our share of U-Link’s loss during the review period was higher than the
amount of loss shared in same period last year by HK$5.1 million. Thirdly, the
Group made a provision for Nanfang’s loss in a legal case. The amount of loss
shared from Nanfang for the period under review was higher than the results
shared in the same period last year by HK$1.1 million.
As at 30 June 2016, our wholly-owned subsidiary, DTTNCo providing
e-solutions to its customers has unused tax losses of HK$70.8 million. DTTNCo
has developed a suite of supply-chain e-solutions to customers in logistics,
warehousing, 3PL and retail industries and is expected to grow its revenue as
well as its profit. There is evidence of sufficient taxable profit to utilise the tax
losses. DTTNCo has recognised the deferred tax assets in accordance with the
current accounting standards. The amount of deferred tax credit is calculated to
be HK$11.7 million and is used to off-set the profits tax provision of HK$4.9
million. The net taxation in the consolidated profit and loss account becomes a
tax credit of HK$6.8 million.
The Group’s unaudited after tax profit for the six months ended 30 June 2016
came to HK$36.7 million, a slight decline of 0.8% year-on-year. By excluding
the effect of the deferred tax credit of HK$11.7 million, the Group’s profit for the
period would be HK$25.0 million.
Basic earnings per share for the first six months of 2016 were HK 4.61 cents as
compared to HK 4.66 cents per share for the same period last year.
The Board has resolved to declare an interim dividend of HK 2.4 cents per
share (2015: HK 3.6 cents per share) for the six months ended 30 June 2016
to shareholders. The interim dividend payout ratio is about 76% of the Group’s
profit for the period after excluding the deferred tax credit of HK$11.7 million.
The interim dividend payout ratio is consistent with the ratios for previous years
at about 75%.
截至二零一六年六月三十日止六個月，本集團未經審核經營
溢利為港幣
37,400,000
元，較二零一五年上半年業績下降
港幣
2,000,000
元或
5.1%
。
於二零一六年上半年，本集團就其於中國聯營公司的投資所
佔業績錄得虧損淨額港幣
7,500,000
元，而去年同期則分佔
溢利港幣
3,400,000
元，變動港幣
10,900,000
元。該變動
的原因如下：首先，於二零一五年十二月出售所持國富瑞的
股權後我們不再分佔其溢利。於二零一五年上半年，分佔國
富瑞溢利金額為港幣
4,700,000
元。第二，我們在上海提供
第四方物流服務的聯營公司上海匯通仍處於業務擴充階段，
並於二零一六年上半年產生虧損。我們於回顧期內分佔上海
匯通的虧損較去年同期分佔虧損高出港幣
5,100,000
元。第
三，本集團就南方於法律案件的損失作出撥備。回顧期內分
佔南方的虧損金額較去年同期所佔業績高出港幣
1,100,000
元。
於二零一六年六月三十日，我們的全資附屬公司
DTTNCo
（向其客戶提供電子解決方案）有未經使用的稅項虧損港幣
70,800,000
元。
DTTNCo
為物流、倉儲、第三方物流及零
售業客戶開發電子商貿供應鏈解決方案，預期將令其收益及
溢利有所增長。有證據顯示，應課稅溢利足以動用稅項虧
損。
DTTNCo
已根據目前會計標準確認遞延稅項資產。遞延
稅項抵免金額計算得出為港幣
11,700,000
元，並用作抵銷
利得稅撥備港幣
4,900,000
元。綜合損益賬的稅項淨額成為
稅項抵免港幣
6,800,000
元。
截至二零一六年六月三十日止六個月，本集團未經審核除稅
後溢利為港幣
36,700,000
元，按年輕微下降
0.8%
。倘不計
及遞延稅項抵免的影響港幣
11,700,000
元，則本集團期內
溢利將為港幣
25,000,000
元。
二零一六年首六個月的每股基本盈利為
4.61
港仙，而去年
同期為每股
4.66
港仙。
董事會已議決，向股東宣派截至二零一六年六月三十日止
六個月的中期股息每股
2.4
港仙（二零一五年：每股
3.6
港
仙），中期派息率約為本集團期內溢利（經扣除遞延稅項抵免
港幣
11,700,000
元）的
76%
。中期派息率與過往年度一致，
約為
75%
。