但大快活更受惠于(三)税务。该集团于2020至21年度上半年出现税务抵免1,057万元，而2019至20年度同期要缴税1,338万元，来回2,395万元。Profit attributable to shareholders of Happy Life (00052-HK) reached 64.95 million yuan in the first half of the year from 2020 to 21 at the end of September 2020, an increase of 13.4% over the previous year, while revenue during the same period of the previous year decreased by 43.1% due to the new accounting standards.
It is important to note that Daxue's earnings in the middle of the current year are due to (1) the HKSAR Government's employment protection scheme with subsidies of $142.9 million, and the group also underwent asset impairment of $47.6 million, resulting in an actual loss of $30.3 million; if the amount of asset impairment was deducted, the operating business would have lost $77.9 million.
This can be seen from (2) Hong Kong's food and beverage business. The turnover of $1,235 million decreased by 15.87% year over year, while segment profit of $114 million rose by 4.26% in the same period last year, but segment profit of $114 million increased by 56.5%, not a decrease of 33.8%, due to the support of government employment protection subsidies. The group's management table uses all government subsidies for employee wages. This can be seen from a 12.63% year-on-year decrease in administrative expenses of 54.81 million yuan, a decrease of 3.77 percentage points from the 16.4% decrease in overall turnover of 1,287 billion yuan, which is the reason for the 17.2% decrease in profit before tax of 73.67 million yuan.
However, Happy would benefit more from (3) taxation. The group received a tax credit of 10.57 million yuan in the first half of the 2020-21 fiscal year, while in the same period from 2019 to 20 it had to pay 13.38 million yuan in tax, and 23.95 million yuan back and forth.
As for (4) the mainland China business, there is room for improvement: the turnover of 48.45 million yuan decreased by 27.14% year over year, and increased by 9.55% in the same period last year; while the segment results showed a loss of 12.22 million yuan and a slight profit of 187,000 yuan last year.
Lai Wai Shing Senior Financial Commentator
