Heng Sheng Holding Group Ltd
KOSDAQ:900270
Income Statement
Earnings Waterfall
Heng Sheng Holding Group Ltd
Income Statement
Heng Sheng Holding Group Ltd
| Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
16
|
15
|
14
|
14
|
14
|
13
|
13
|
12
|
12
|
12
|
13
|
13
|
13
|
13
|
13
|
13
|
13
|
12
|
12
|
12
|
12
|
12
|
12
|
12
|
12
|
12
|
13
|
13
|
13
|
13
|
13
|
12
|
12
|
9
|
9
|
9
|
0
|
0
|
0
|
|
| Revenue |
1 124
N/A
|
1 111
-1%
|
1 103
-1%
|
1 106
+0%
|
1 142
+3%
|
1 162
+2%
|
1 167
+0%
|
1 207
+3%
|
1 199
-1%
|
1 190
-1%
|
1 200
+1%
|
1 191
-1%
|
1 205
+1%
|
1 239
+3%
|
1 273
+3%
|
1 303
+2%
|
1 312
+1%
|
1 221
-7%
|
1 138
-7%
|
998
-12%
|
840
-16%
|
802
-5%
|
715
-11%
|
643
-10%
|
687
+7%
|
721
+5%
|
764
+6%
|
731
-4%
|
687
-6%
|
630
-8%
|
574
-9%
|
573
0%
|
479
-16%
|
623
+30%
|
645
+3%
|
676
+5%
|
490
-27%
|
442
-10%
|
384
-13%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(808)
|
(801)
|
(792)
|
(795)
|
(821)
|
(835)
|
(838)
|
(864)
|
(862)
|
(861)
|
(879)
|
(878)
|
(894)
|
(918)
|
(933)
|
(954)
|
(959)
|
(895)
|
(844)
|
(757)
|
(720)
|
(705)
|
(654)
|
(607)
|
(577)
|
(591)
|
(608)
|
(585)
|
(555)
|
(526)
|
(499)
|
(493)
|
(412)
|
(527)
|
(539)
|
(559)
|
(402)
|
(373)
|
(336)
|
|
| Gross Profit |
316
N/A
|
310
-2%
|
311
+0%
|
311
+0%
|
322
+3%
|
328
+2%
|
328
+0%
|
342
+4%
|
337
-2%
|
329
-2%
|
321
-3%
|
313
-2%
|
310
-1%
|
321
+3%
|
340
+6%
|
349
+3%
|
353
+1%
|
326
-8%
|
295
-10%
|
241
-18%
|
119
-50%
|
97
-19%
|
61
-37%
|
36
-40%
|
110
+203%
|
131
+19%
|
156
+20%
|
146
-7%
|
132
-9%
|
104
-21%
|
75
-29%
|
80
+7%
|
67
-16%
|
96
+44%
|
106
+10%
|
118
+11%
|
88
-25%
|
69
-22%
|
48
-30%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(97)
|
(97)
|
(97)
|
(101)
|
(101)
|
(102)
|
(105)
|
(106)
|
(104)
|
(106)
|
(105)
|
(111)
|
(103)
|
(101)
|
(100)
|
(95)
|
(93)
|
(90)
|
(90)
|
(90)
|
(90)
|
(91)
|
(91)
|
(93)
|
(93)
|
(104)
|
(114)
|
(111)
|
(109)
|
(99)
|
(88)
|
(89)
|
(63)
|
(91)
|
(87)
|
(83)
|
(58)
|
(53)
|
(48)
|
|
| Selling, General & Administrative |
(87)
|
(87)
|
(87)
|
(91)
|
(91)
|
(92)
|
(96)
|
(96)
|
(94)
|
(96)
|
(95)
|
(101)
|
(93)
|
(91)
|
(90)
|
(85)
|
(83)
|
(80)
|
(80)
|
(80)
|
(80)
|
(81)
|
(81)
|
(83)
|
(83)
|
(96)
|
(107)
|
(106)
|
(106)
|
(97)
|
(86)
|
(87)
|
(60)
|
(88)
|
(84)
|
(78)
|
(53)
|
(48)
|
(45)
|
|
| Depreciation & Amortization |
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(8)
|
(7)
|
(5)
|
(4)
|
(2)
|
(2)
|
(2)
|
(4)
|
(3)
|
(3)
|
(5)
|
(5)
|
(5)
|
(4)
|
|
| Operating Income |
219
N/A
|
213
-3%
|
214
+0%
|
210
-2%
|
221
+5%
|
226
+2%
|
223
-1%
|
237
+6%
|
233
-2%
|
224
-4%
|
216
-3%
|
202
-7%
|
208
+3%
|
221
+6%
|
240
+9%
|
254
+6%
|
261
+2%
|
236
-9%
|
205
-13%
|
151
-26%
|
29
-81%
|
6
-79%
|
(30)
N/A
|
(57)
-87%
|
17
N/A
|
26
+59%
|
43
+61%
|
35
-18%
|
23
-35%
|
6
-75%
|
(13)
N/A
|
(9)
+28%
|
3
N/A
|
6
+70%
|
18
+209%
|
34
+86%
|
30
-12%
|
16
-47%
|
(0)
N/A
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(13)
|
(13)
|
(10)
|
(11)
|
(9)
|
(8)
|
(5)
|
(2)
|
1
|
7
|
(9)
|
(18)
|
(21)
|
(25)
|
(17)
|
(14)
|
(15)
|
(22)
|
(17)
|
(8)
|
2
|
5
|
8
|
2
|
0
|
2
|
(10)
|
(19)
|
(36)
|
(34)
|
(34)
|
(24)
|
(11)
|
(12)
|
(5)
|
(3)
|
1
|
8
|
4
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
10
|
10
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
(0)
|
|
| Total Other Income |
8
|
7
|
11
|
16
|
19
|
22
|
24
|
25
|
25
|
27
|
25
|
21
|
13
|
19
|
15
|
6
|
13
|
12
|
15
|
15
|
14
|
15
|
14
|
15
|
15
|
15
|
14
|
14
|
13
|
10
|
9
|
8
|
8
|
8
|
8
|
7
|
(0)
|
0
|
1
|
|
| Pre-Tax Income |
214
N/A
|
207
-3%
|
214
+3%
|
214
N/A
|
230
+8%
|
239
+4%
|
242
+1%
|
259
+7%
|
259
0%
|
257
-1%
|
232
-10%
|
215
-7%
|
209
-3%
|
215
+3%
|
238
+11%
|
247
+4%
|
258
+4%
|
226
-12%
|
203
-10%
|
157
-22%
|
46
-71%
|
26
-43%
|
(8)
N/A
|
(40)
-402%
|
32
N/A
|
44
+38%
|
46
+6%
|
30
-36%
|
(1)
N/A
|
(18)
-2 453%
|
(38)
-104%
|
(25)
+33%
|
0
N/A
|
2
+315%
|
22
+955%
|
38
+75%
|
30
-20%
|
24
-22%
|
5
-79%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(55)
|
(54)
|
(59)
|
(58)
|
(61)
|
(63)
|
(63)
|
(67)
|
(67)
|
(66)
|
(61)
|
(58)
|
(59)
|
(62)
|
(66)
|
(61)
|
(65)
|
(58)
|
(51)
|
(45)
|
(16)
|
(10)
|
(20)
|
(3)
|
(28)
|
(31)
|
(15)
|
(23)
|
(9)
|
(6)
|
1
|
1
|
(1)
|
(1)
|
(5)
|
(8)
|
(7)
|
(4)
|
(1)
|
|
| Income from Continuing Operations |
160
|
153
|
156
|
156
|
170
|
176
|
178
|
192
|
192
|
191
|
171
|
157
|
149
|
154
|
172
|
186
|
193
|
168
|
152
|
112
|
30
|
16
|
(28)
|
(43)
|
3
|
13
|
31
|
7
|
(10)
|
(25)
|
(37)
|
(24)
|
(1)
|
1
|
17
|
30
|
24
|
20
|
4
|
|
| Income to Minority Interest |
(3)
|
3
|
(2)
|
(2)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
156
N/A
|
157
+0%
|
153
-2%
|
154
+1%
|
170
+10%
|
176
+4%
|
179
+1%
|
192
+8%
|
192
0%
|
192
0%
|
171
-11%
|
157
-8%
|
149
-5%
|
154
+3%
|
172
+12%
|
186
+8%
|
193
+4%
|
168
-13%
|
152
-10%
|
112
-26%
|
30
-73%
|
16
-47%
|
(28)
N/A
|
(43)
-55%
|
3
N/A
|
13
+274%
|
31
+142%
|
7
-78%
|
(10)
N/A
|
(25)
-142%
|
(37)
-49%
|
(24)
+34%
|
(5)
+81%
|
1
N/A
|
17
+1 025%
|
30
+80%
|
24
-21%
|
20
-16%
|
4
-80%
|
|
| EPS (Diluted) |
2.6
N/A
|
2.62
+1%
|
2.05
-22%
|
2.17
+6%
|
2.51
+16%
|
2.2
-12%
|
2.23
+1%
|
2.41
+8%
|
2.4
0%
|
2.4
N/A
|
2.14
-11%
|
1.96
-8%
|
1.87
-5%
|
1.91
+2%
|
2.14
+12%
|
2.32
+8%
|
2.42
+4%
|
2.1
-13%
|
1.9
-10%
|
1.4
-26%
|
0.38
-73%
|
0.2
-47%
|
-0.35
N/A
|
-0.54
-54%
|
0.04
N/A
|
0.16
+300%
|
0.39
+144%
|
0.09
-77%
|
-0.12
N/A
|
-0.3
-150%
|
-0.44
-47%
|
-0.29
+34%
|
-0.05
+83%
|
0.01
N/A
|
0.12
+1 100%
|
0.2
+67%
|
0.15
-25%
|
0.12
-20%
|
0.02
-83%
|
|