Vincent Medical Holdings Limited (“Vincent Medical” or together with its subsidiaries, the “Group”, stock code: 1612) has announced its annual results for the year ended 31 December 2017 (the “Year”).
During the Year, despite a 20.5% year on year (“yoy”) increase in revenue for i ts original brand manufacturing (“OBM”) business the Group’s total revenue recorded a slight decrease of 4.5% yoy to HK$446.3 million (2016: HK$467.3 million), as a result of a 8.7% decrease in revenue from its original equipment manufacturing (“OEM”) business as one of its customers has undergone shareholding change and operational restructuring. Gross profit increased by 3.1% yoy to HK$150.3 million (2016: HK$145.8 million), while gross profit margin improved to 33.7% (2016: 31.2%) attributable to lowered material costs. Profit attributable to owners of the Company decreased by 54.8 % yoy from HK$29.2 million in 2016 to HK$13.2 million in 2017 , due mainly to one of f impairment of assets during the Year in relation to a subsidiary and an associate.