Income Statement Top Standard Corporation

Stocks

8510

KYG894351124

Restaurants & Bars

Market Closed - Hong Kong S.E. 01:38:55 11/09/2026 pm IST			5-day change	1st Jan Change
0.2600 ^HKD	+7.88%		+47.73%	+48.57%

31/08	Top Standard Corporation Reports Earnings Results for the Half Year Ended June 30, 2026	CI
31/03	Top Standard Corporation Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: TOP STANDARD CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (HKD)	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)
Revenues	66.47L	1.25Cr	90.72L	1.43Cr	1.97Cr
Other Revenues, Total	2L	10.57L	-	-	-
Total Revenues	68.47L	1.35Cr	90.72L	1.43Cr	1.97Cr
Cost of Goods Sold, Total	56.67L	1.07Cr	94.56L	1.19Cr	1.59Cr
Gross Profit	11.8L	28.29L	-4L	24.07L	37.96L
Provision for Bad Debts	-	-	-	-	1L
Depreciation & Amortization - (IS)	5L	17.94L	30.67L	33.82L	5L
Other Operating Expenses	43.58L	77.7L	43.19L	44.32L	22.01L
Other Operating Expenses, Total	48.33L	95.64L	73.86L	78.14L	27.8L
Operating Income	-36.53L	-67.35L	-77.7L	-54.07L	10.16L
Interest Expense, Total	-94T	-6L	-6L	-10.61L	-9L
Interest And Investment Income	17T	90T	92T	2T	-
Net Interest Expenses	-77T	-5L	-5L	-10.59L	-9L
Income (Loss) On Equity Invest.	-	-	87T	-71T	-2L
Currency Exchange Gains (Loss)	-	8T	-	-77T	-
Other Non Operating Income (Expenses)	-17.15L	-	-	1L	72T
EBT, Excl. Unusual Items	-54.45L	-72.6L	-82.17L	-65.12L	27T
Impairment of Goodwill	-	-	-1L	-	-
Gain (Loss) On Sale Of Assets	-	-	1.34Cr	-3L	12T
Asset Writedown	-66.13L	-15.46L	-24.29L	-96.86L	-10L
Other Unusual Items	-	23T	13.77L	14.18L	-
EBT, Incl. Unusual Items	-1.21Cr	-87.83L	40.22L	-1.51Cr	-9L
Income Tax Expense	-	-	-	3L	-
Earnings From Continuing Operations	-1.21Cr	-87.83L	40.22L	-1.54Cr	-9L
Earnings Of Discontinued Operations	89.36L	-36T	-	-	-
Net Income to Company	-31.22L	-88.19L	40.22L	-1.54Cr	-9L
Minority Interest	93T	13.14L	19.87L	55.75L	-83T
Net Income - (IS)	-30.29L	-75.05L	60.09L	-98.01L	-10.07L
Net Income to Common Incl Extra Items	-30.29L	-75.05L	60.09L	-98.01L	-10.07L
Net Income to Common Excl. Extra Items	-1.2Cr	-74.69L	60.09L	-98.01L	-10.07L
Per Share Items
Net EPS - Basic	-0.03	-0.05	0.04	-0.06	-0.01
Basic EPS - Continuing Operations	-0.1	-0.05	0.04	-0.06	-0.01
Basic Weighted Average Shares Outstanding	12Cr	14Cr	14Cr	17Cr	20Cr
Net EPS - Diluted	-0.03	-0.05	0.04	-0.06	-0.01
Diluted EPS - Continuing Operations	-0.1	-0.05	0.04	-0.06	-0.01
Diluted Weighted Average Shares Outstanding	12Cr	14Cr	14Cr	17Cr	20Cr
Normalized Basic EPS	-0.03	-0.02	-0.02	0.01	-0
Normalized Diluted EPS	-0.03	-0.02	-0.02	0.01	-0
Supplemental Items
EBITDA	-36.24L	-57.63L	-59.12L	-35.81L	12.22L
EBITA	-36.53L	-67.35L	-77.7L	-54.07L	10.16L
EBIT	-36.53L	-67.35L	-77.7L	-54.07L	10.16L
EBITDAR	-26.47L	-47.74L	-51.5L	-28.19L	20.03L
Effective Tax Rate - (Ratio)	-	-	-	-2.1	-
Current Domestic Taxes	-	-	-	-	-
Current Foreign Taxes	-	-	-	-	3L
Total Current Taxes	-	-	-	-	3L
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	3L	-3L
Normalized Net Income	-33.1L	-32.24L	-31.49L	15.05L	-66.12T
Interest on Long-Term Debt	93T	6L	6L	10.61L	9L
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Net Rental Expense, Total	10L	10L	8L	8L	8L
Imputed Operating Lease Interest Expense	68.56T	7L	4L	6L	5L
Imputed Operating Lease Depreciation	9L	3L	4L	2L	2L
Maintenance & Repair Expenses, Total	-	-	-	-	-

Fiscal Period: December	2021 (HKD)	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)
Assets
Cash And Equivalents	29.83L	11.79L	24.16L	25.85L	16.8L
Total Cash And Short Term Investments	29.83L	11.79L	24.16L	25.85L	16.8L
Accounts Receivable, Total	30T	2L	2L	6L	16.22L
Other Receivables	-	89T	34T	84T	43.4L
Total Receivables	30T	3L	2L	7L	59.62L
Inventory	2L	6L	4L	8L	7L
Prepaid Expenses	2L	4L	3L	3L	2L
Restricted Cash	1.18Cr	-	-	-	-
Other Current Assets, Total	3L	5L	3L	2L	11.88L
Total Current Assets	1.56Cr	30.11L	36.62L	45.95L	97.72L
Gross Property Plant And Equipment	2L	90.85L	1.57Cr	1.06Cr	1.15Cr
Accumulated Depreciation	-2L	-33.68L	-59.12L	-99.7L	-1.09Cr
Net Property Plant And Equipment	0	57.17L	97.41L	7L	6L
Long-term Investments	-	-	2L	2L	-
Goodwill	1L	1L	-	-	-
Deferred Tax Assets Long-Term	-	-	3L	-	-
Other Long-Term Assets, Total	10.41L	12.75L	15.03L	10L	2L
Total Assets	1.67Cr	1.01Cr	1.55Cr	64.12L	1.05Cr
Liabilities
Accounts Payable, Total	15.44L	21.5L	24.19L	39.14L	43.38L
Accrued Expenses, Total	1.04Cr	1.25Cr	45.46L	62.39L	77.36L
Short-term Borrowings	50T	3L	27.19L	36.34L	46.33L
Current Portion of Long-Term Debt	-	-	15.95L	17.18L	-
Current Portion of Leases	19.07L	30.01L	24.25L	15.12L	12.7L
Current Income Taxes Payable	-	-	-	-	-
Other Current Liabilities	50.51L	35.27L	42.98L	60.51L	75.72L
Total Current Liabilities	1.9Cr	2.16Cr	1.8Cr	2.31Cr	2.55Cr
Long-Term Debt	-	-	16.81L	-	-
Long-Term Leases	45.88L	41.11L	37.21L	34.98L	39.12L
Deferred Tax Liability Non Current	-	-	3L	3L	29T
Other Non Current Liabilities	2L	2L	21T	21T	21T
Total Liabilities	2.37Cr	2.59Cr	2.37Cr	2.69Cr	2.95Cr
Common Stock, Total	1.38Cr	1.38Cr	1.66Cr	1.99Cr	2.39Cr
Additional Paid In Capital	9.87Cr	9.87Cr	9.94Cr	9.94Cr	9.93Cr
Retained Earnings	-12Cr	-13Cr	-12Cr	-13Cr	-13Cr
Comprehensive Income and Other	6L	6L	6L	5L	-16.9L
Total Common Equity	-68.88L	-1.44Cr	-48.77L	-1.15Cr	-1.07Cr
Minority Interest	-96T	-14.1L	-33.92L	-89.64L	-82.36L
Total Equity	-69.84L	-1.58Cr	-82.69L	-2.05Cr	-1.9Cr
Total Liabilities And Equity	1.67Cr	1.01Cr	1.55Cr	64.12L	1.05Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14Cr	14Cr	17Cr	20Cr	24Cr
ECS Total Common Shares Outstanding	14Cr	14Cr	17Cr	20Cr	24Cr
Book Value / Share	-0.05	-0.1	-0.03	-0.06	-0.04
Tangible Book Value	-69.97L	-1.45Cr	-48.77L	-1.15Cr	-1.07Cr
Tangible Book Value Per Share	-0.05	-0.1	-0.03	-0.06	-0.04
Total Debt	65.45L	74.55L	1.21Cr	1.04Cr	98.15L
Net Debt	35.62L	62.76L	97.25L	77.77L	81.35L
Debt Equivalent Oper. Leases	78.16L	79.12L	60.96L	60.96L	62.48L
Minority Interest, Total (Incl. Fin. Div)	-96T	-14.1L	-33.92L	-89.64L	-82.36L
Equity Method Investments, Total	-	-	2L	2L	-
Account Code - Inventory Valuation	5	5	5	5	5
Machinery, Total	2L	27.15L	46.11L	49.61L	53.62L
Full Time Employees	20	31	25	48	52
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	1L

Fiscal Period: December	2021 (HKD)	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)
Net Income	-30.29L	-75.05L	60.09L	-98.01L	-10.07L
Depreciation & Amortization - CF	5L	17.94L	30.67L	33.82L	5L
Depreciation & Amortization, Total	5L	17.94L	30.67L	33.82L	5L
(Gain) Loss From Sale Of Asset	-	-	-	3L	-12T
Asset Writedown & Restructuring Costs	66.13L	15.46L	25.38L	96.86L	10L
(Income) Loss On Equity Investments - (CF)	-	-	-87T	71T	2L
Provision and Write-off of Bad Debts	-	-	-	-	1L
Net Cash From Discontinued Operations	-34.61L	-	-1.34Cr	-	-
Other Operating Activities, Total	-78.36L	-8L	-28.57L	-56.18L	6L
Change In Accounts Receivable	4L	-10L	2L	2L	-10.74L
Change In Inventories	-69T	-3L	2L	-4L	2L
Change In Accounts Payable	39.36L	13.78L	22.1L	32.31L	9L
Change in Other Net Operating Assets	-1.18Cr	1.18Cr	-	-	-
Cash from Operations	-1.48Cr	68.71L	-21.11L	10.61L	12.98L
Capital Expenditure	-1L	-57.66L	-63.81L	-23.08L	-31T
Sale of Property, Plant, and Equipment	-	-	-	-	12T
Cash Acquisitions	-42T	-	-	-	-
Divestitures	-15T	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-2L	-	-
Other Investing Activities, Total	-	-88T	62T	-48T	-3L
Cash from Investing	-2L	-58.54L	-64.92L	-23.56L	-3L
Short Term Debt Issued, Total	3L	88T	27.19L	9L	9L
Long-Term Debt Issued, Total	-	-	36.54L	-	-
Total Debt Issued	3L	88T	63.73L	9L	9L
Short Term Debt Repaid, Total	-3L	-1L	-3L	-	-
Long-Term Debt Repaid, Total	-31.76L	-23.86L	-32.77L	-30.32L	-25.63L
Total Debt Repaid	-35.11L	-25.23L	-35.32L	-30.32L	-25.63L
Issuance of Common Stock	1.26Cr	-	35.04L	32.67L	-
Other Financing Activities, Total	-6L	-6L	34.87L	3L	-2L
Cash from Financing	88.84L	-30.58L	98.32L	14.59L	-18.24L
Foreign Exchange Rate Adjustments	-	-6T	8T	5T	-61T
Net Change in Cash	-60.41L	-20.47L	12.37L	2L	-9L
Supplemental Items
Cash Interest Paid	6L	6L	6L	10.03L	8L
Cash Income Tax Paid (Refund)	-	-	-	-	3L
Levered Free Cash Flow	-1Cr	33.84L	-1.49Cr	12.08L	-21.25L
Unlevered Free Cash Flow	-99.85L	37.74L	-1.45Cr	18.72L	-15.76L
Change In Net Working Capital	80.61L	-1.2Cr	63.6L	-41.77L	26.4L
Net Debt Issued / Repaid	-31.63L	-24.35L	28.41L	-21.17L	-16.29L

Fiscal Period: December	2021 (HKD)	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)
Profitability
Return on Assets	-15.52	-31.39	-37.96	-30.88	7.49
Return on Total Capital	227.52	96.14	218.45	108.02	-6.58
Return On Equity %	102.9	77.19	-33.46	106.93	4.68
Return on Common Equity	102.52	70.29	-62.46	119.5	9.05
Margin Analysis
Gross Profit Margin %	17.23	20.9	-4.23	16.8	19.26
EBITDA Margin %	-52.93	-42.57	-65.17	-25	6.2
EBITA Margin %	-53.35	-49.75	-85.65	-37.74	5.16
EBIT Margin %	-53.35	-49.75	-85.65	-37.74	5.16
Income From Continuing Operations Margin %	-176.11	-64.88	44.33	-107.33	-4.69
Net Income Margin %	-44.24	-55.44	66.24	-68.41	-5.11
Net Avail. For Common Margin %	-174.75	-55.17	66.24	-68.41	-5.11
Normalized Net Income Margin	-48.34	-23.81	-34.71	10.51	-0.34
Levered Free Cash Flow Margin	-146.69	25	-164.48	8.44	-10.78
Unlevered Free Cash Flow Margin	-145.83	27.88	-160.17	13.06	-8
Asset Turnover
Asset Turnover	0.47	1.01	0.71	1.31	2.33
Fixed Assets Turnover	-	4.74	1.17	2.75	32.18
Receivables Turnover (Average Receivables)	103.86	98.66	44.15	34.6	17.43
Inventory Turnover (Average Inventory)	33.04	25.86	19.22	19.82	20.92
Short Term Liquidity
Current Ratio	0.82	0.14	0.2	0.2	0.38
Quick Ratio	0.16	0.07	0.15	0.14	0.3
Operating Cash Flow to Current Liabilities	-0.78	0.32	-0.12	0.05	0.05
Days Sales Outstanding (Average Receivables)	3.51	3.7	8.27	10.58	20.95
Days Outstanding Inventory (Average Inventory)	11.05	14.11	18.99	18.47	17.44
Average Days Payable Outstanding	121.56	61.04	89.89	94.08	95.13
Cash Conversion Cycle (Average Days)	-107	-43.23	-62.63	-65.04	-56.74
Long Term Solvency
Total Debt/Equity	-93.71	-47.26	-146.83	-50.57	-51.73
Total Debt / Total Capital	-1.49T	-89.62	313.56	-102.3	-107.16
LT Debt/Equity	-65.69	-26.06	-65.33	-17.07	-20.62
Long-Term Debt / Total Capital	-1.05T	-49.42	139.51	-34.53	-42.71
Total Liabilities / Total Assets	141.8	255.98	153.44	419.57	280.07
EBIT / Interest Expense	-38.86	-10.81	-12.41	-5.1	1.16
EBITDA / Interest Expense	-33.81	-7.93	-7.51	-1.91	1.68
(EBITDA - Capex) / Interest Expense	-35.04	-17.19	-17.71	-4.08	1.65
Total Debt / EBITDA	-2.06	-1.51	-2.58	-5.12	6.65
Net Debt / EBITDA	-1.12	-1.27	-2.07	-3.84	5.51
Total Debt / (EBITDA - Capex)	-1.99	-0.7	-1.1	-2.39	6.79
Net Debt / (EBITDA - Capex)	-1.08	-0.59	-0.88	-1.79	5.63
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	1.18	97.71	-27.31	57.91	37.57
Gross Profit, 1 Yr. Growth %	-304.15	139.75	-121.67	-726.82	57.71
EBITDA, 1 Yr. Growth %	-61.64	59.02	2.59	-39.43	-134.12
EBITA, 1 Yr. Growth %	-61.34	84.37	15.37	-30.41	-118.79
EBIT, 1 Yr. Growth %	-61.34	84.37	15.37	-30.41	-118.79
Earnings From Cont. Operations, 1 Yr. Growth %	-63.07	-27.16	-145.79	-482.3	-93.99
Net Income, 1 Yr. Growth %	-94.27	147.77	-180.07	-263.11	-89.73
Normalized Net Income, 1 Yr. Growth %	-53.91	-2.62	-2.32	-147.8	-104.39
Diluted EPS Before Extra, 1 Yr. Growth %	-72.47	-45.79	-179.93	-240.97	-91.2
Accounts Receivable, 1 Yr. Growth %	-69.39	643.33	-15.7	240.43	153.44
Inventory, 1 Yr. Growth %	153.61	136.59	-30.93	99.25	-10.11
Net Property, Plant and Equip., 1 Yr. Growth %	-	-	70.39	-93.07	-18.52
Total Assets, 1 Yr. Growth %	31.45	-39.47	53.01	-58.56	64.33
Tangible Book Value, 1 Yr. Growth %	-57.47	106.83	-66.3	136.35	-6.84
Common Equity, 1 Yr. Growth %	-58.14	108.52	-66.04	136.35	-6.84
Cash From Operations, 1 Yr. Growth %	39.13	-146.58	-130.72	-150.26	22.34
Capital Expenditures, 1 Yr. Growth %	-	4.87T	10.67	-63.83	-98.66
Levered Free Cash Flow, 1 Yr. Growth %	-	-133.69	-540.91	-108.1	-275.82
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-137.79	-485.05	-112.88	-184.2
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	41.44	15.11	7.14	47.39
Gross Profit, 2 Yr. CAGR %	-	121.23	-42.95	16.55	214.41
EBITDA, 2 Yr. CAGR %	-	-21.89	27.72	-21.17	-54.54
EBITA, 2 Yr. CAGR %	-	-15.57	45.84	-10.4	-63.84
EBIT, 2 Yr. CAGR %	-	-15.57	45.84	-10.4	-63.84
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-48.14	-42.25	32.31	-52.07
Net Income, 2 Yr. CAGR %	-	-62.33	40.85	14.28	-59.06
Normalized Net Income, 2 Yr. CAGR %	-	-33	-2.47	-31.67	-85.51
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-61.37	-34.17	2.89	-64.77
Accounts Receivable, 2 Yr. CAGR %	-	50.85	150.33	69.41	193.73
Inventory, 2 Yr. CAGR %	-	144.95	27.83	17.32	33.83
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-	-65.64	-76.24
Total Assets, 2 Yr. CAGR %	-	-10.8	-3.77	-20.37	-17.48
Tangible Book Value, 2 Yr. CAGR %	-	-6.21	-16.51	-10.75	48.38
Common Equity, 2 Yr. CAGR %	-	-6.57	-15.85	-10.42	48.38
Cash From Operations, 2 Yr. CAGR %	-	-19.5	-62.17	-60.7	-21.59
Capital Expenditures, 2 Yr. CAGR %	-	-	641.68	-36.73	-93.03
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	21.89	-40.24	-62.26
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	20.63	-29.57	-67.07
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	10.26	27.9	16.45
Gross Profit, 3 Yr. CAGR %	-	-	-12.74	26.82	28.91
EBITDA, 3 Yr. CAGR %	-	-	-14.46	-0.4	-40.37
EBITA, 3 Yr. CAGR %	-	-	-6.31	13.96	-46.77
EBIT, 3 Yr. CAGR %	-	-	-6.31	13.96	-46.77
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-50.24	8.44	-52.79
Net Income, 3 Yr. CAGR %	-	-	-51.57	47.91	-48.81
Normalized Net Income, 3 Yr. CAGR %	-	-	-24.03	-23.11	-72.63
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-50.78	-16.89	-54.66
Accounts Receivable, 3 Yr. CAGR %	-	-	24.25	177.34	93.75
Inventory, 3 Yr. CAGR %	-	-	60.63	48.22	7.35
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	-	-54.18
Total Assets, 3 Yr. CAGR %	-	-	6.77	-27.33	1.38
Tangible Book Value, 3 Yr. CAGR %	-	-	-33.32	18.1	-9.47
Common Equity, 3 Yr. CAGR %	-	-	-33.32	18.72	-9.24
Cash From Operations, 3 Yr. CAGR %	-	-	-41.61	-58.41	-42.62
Capital Expenditures, 3 Yr. CAGR %	-	-	-	170.97	-82.48
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-50.63	-14.37
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-42.77	-25.25
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	23.84
Gross Profit, 5 Yr. CAGR %	-	-	-	-	45.71
EBITDA, 5 Yr. CAGR %	-	-	-	-	-33.57
EBITA, 5 Yr. CAGR %	-	-	-	-	-35.98
EBIT, 5 Yr. CAGR %	-	-	-	-	-35.98
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	-50.98
Net Income, 5 Yr. CAGR %	-	-	-	-	-54.72
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	-60.84
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	-57.47
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	75.29
Inventory, 5 Yr. CAGR %	-	-	-	-	49.32
Total Assets, 5 Yr. CAGR %	-	-	-	-	-3.68
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	-8.18
Common Equity, 5 Yr. CAGR %	-	-	-	-	-8.18
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	-34.3