Tradelink 2018 Annual Report

Management Discussion and Analysis (Continued) 管理層討論及分析 （續） Tradelink Electronic Commerce Limited Annual Report 2018 12 Business Review E-Commerce Business Review For reasons explained in the 2018 Interim Report, we have combined the reporting of the GETS and Commercial Services previously separately as two sub-segments under E-Commerce into one set of figures under E-Commerce starting this year. For the trade and logistics industry in Hong Kong, 2018 was full of challenges and more so towards the latter part of the year with the trade conflicts between Hong Kong’s two biggest markets — China and the US — escalating. With such headwind affecting the operating environment of our E-Commerce users in the trade and logistics industry, the E-Commerce business in 2018 was still overall able to achieve commendable results, with revenue up by 4.9%, or HK$9.0 million, from HK$182.7 million in 2017 to HK$191.7 million in 2018 and segment profit also increased from HK$61.5 million in 2017 to HK$72.7 million, 18.2% increase year-on-year. The top line increase was attributable mainly to the good performance of Commercial Services business, whereas the segment profit increase was largely due to the effective control of GETS operating costs. Growth of the GETS market slowed down notably in the second half year against the first half year. Nevertheless the GETS market in 2018 overall grew by about 1.95% year-on-year. Constrained by the price ceiling freeze in the last two GETS licence extension years in 2017/18 as in 2016, our overall Import/Export Declaration (“TDEC”) average price in 2018 dropped slightly and correspondingly TDEC revenue had a mild dip in 2018. Yet compensated by other non-TDEC GETS revenue which recorded moderate growth, overall GETS revenue in 2018 was at almost the same level as in 2017. Total GETS revenue amounted to HK$168.6 million in 2018, only down by a slight 0.3% compared to the HK$169.1 million made in 2017. As for our Commercial Services business, it caught up significantly in the second half of 2018, with projects delayed in the first half year completed and a couple of major new projects secured in the second half year completed or partially completed with revenue recognised or partially recognised in 2018. As a result, the revenue from Commercial Services recorded a handsome growth of 70.6% from HK$13.6 million in 2017 to HK$23.1 million in 2018. 業務回顧 電子商貿業務回顧 自二零一八年起，我們已將過往屬電子商貿下兩 個子分部的 GETS 及商業服務，合併為電子商貿下 的一個分部以進行財務匯報，有關原因已於二零 一八年中期報告闡釋。對香港的貿易及物流業而 言，二零一八年挑戰重重，而中國和美國這兩個 香港最大市場之間的貿易糾紛於年底時日趨激 烈，為兩個行業帶來更多挑戰。儘管存在影響貿 易及物流業電子商貿用戶群經營環境的不利因 素，但實際上，於二零一八年我們的電子商貿業 務整體仍取得頗令人欣喜的業績，收益由二零 一 七 年 的 港 幣 182,700,000 元 增 長 4.9% 或 港 幣 9,000,000 元，至二零一八年的港幣 191,700,000 元，分部溢利亦由二零一七年的港幣 61,500,000 元上升至港幣 72,700,000 元，按年上升 18.2% 。 商業服務業務表現理想，為收益增長作出貢獻， 而 GETS 經營成本得到有效控制，是分部溢利增加 的主因。 GETS 市場於下半年的增長明顯較上半年有所放 緩，惟按年計其二零一八年錄得約 1.95% 的整體 增長。於過去兩個 GETS 牌照延長年度（二零一七 年及二零一八年）， GETS 價格上限被凍結於二零 一六年的水平，因此進╱出口報關服務（「 TDEC 」） 整體平均價格於二零一八年輕微下降，導致 TDEC 收益於二零一八年亦出現輕微跌幅。不過，我們 其他非 TDEC GETS 收益錄得溫和增長，因而對二 零一八年整體 GETS 收益作出彌補，使之維持與二 零一七年相若的水平。二零一八年的 GETS 收益總 額為港幣 168,600,000 元，相比二零一七年錄得的 港幣 169,100,000 元收益，僅略為下跌 0.3% 。另 一方面，於上半年出現延誤的商業服務業務項目 已於下半年完成，同時多項於下半年登記的主要 新項目已告完成或大致已完成，有關收益於二零 一八年全部或部份得到確認，令商業服務業務於 二零一八年下半年追回落後的進程。因此，商業 服務自二零一七年的港幣 13,600,000 元大幅增長 70.6% 至二零一八年的港幣 23,100,000 元。