Financial Performance - For the three months ended June 30, 2020, the revenue was HK$84,530,000, representing a 97% increase compared to HK$42,890,000 in the same period of 2019[19]. - The gross profit for the same period was HK$11,187,000, compared to HK$3,586,000 in 2019, indicating a significant improvement[21]. - Profit before taxation for the period was HK$4,437,000, a turnaround from a loss of HK$4,494,000 in the previous year[21]. - The profit for the period was HK$4,478,000, compared to a loss of HK$4,417,000 in the corresponding period of 2019[21]. - Total comprehensive income for the period was HK$4,888,000, compared to a total comprehensive expense of HK$4,260,000 in the previous year, reflecting a positive change of approximately 214%[22]. - The basic and diluted earnings per share for the period were HK$0.08, compared to a loss per share of HK$0.51 in the prior year, marking a substantial improvement[22]. - The Group's profit before taxation for the three months ended June 30, 2020, was HK$4,437,000, compared to a loss before taxation of HK$4,494,000 in the same period last year[48][50]. - The Group recorded a profit before taxation of approximately HK$4.4 million for the Review Period, compared to a loss of approximately HK$4.5 million for the Previous Period, primarily due to an increase in gross profit of approximately HK$7.6 million and government subsidies of approximately HK$1.3 million received[115][117]. Revenue Breakdown - For the three months ended June 30, 2020, the Group reported external revenue of HK$84,530,000, an increase from HK$42,890,000 in the same period last year, representing a growth of 97%[48][50]. - Revenue from air freight forwarding and related logistics services amounted to approximately HK$70.0 million, accounting for approximately 82.8% of the Group's total revenue[87]. - Revenue from warehousing and related value-added services was approximately HK$10.8 million, accounting for approximately 12.8% of total revenue[89]. - Revenue from Hong Kong was HK$68,286,000, accounting for 80.8% of total revenue, while revenue from the People's Republic of China and Taiwan contributed HK$2,295,000 and HK$13,949,000 respectively[54]. Expenses and Costs - Marketing expenses remained relatively stable at HK$901,000 compared to HK$891,000 in 2019, indicating controlled spending in this area[21]. - Administrative expenses were HK$6,995,000, slightly higher than HK$6,748,000 in the previous year, reflecting ongoing operational costs[21]. - The cost of services rose by approximately 86.5% from about HK$39.3 million to approximately HK$73.3 million, primarily due to increased acquisition costs of air cargo spaces and higher subcontracting charges[93]. - Administrative expenses increased to approximately HK$7.0 million from approximately HK$6.7 million, mainly due to higher staff costs and legal fees[100]. Impairment and Losses - The company recognized impairment losses on trade receivables of HK$30,000, down from HK$49,000 in 2019, suggesting improved credit management[21]. - The Group confirmed a reversal of impairment losses of HK$0.6 million during the Review Period, compared to HK$0.3 million in the Previous Period, and additional provisions of HK$30,000 for new financial assets[111]. Equity and Shareholder Information - As of June 30, 2020, total equity attributable to owners of the company increased to HK$52,055,000 from HK$47,167,000 at the beginning of the period, representing an increase of approximately 10%[24]. - The company reported an accumulated loss of HK$21,171,000 as of June 30, 2020, down from HK$25,795,000 at the beginning of the period, showing a reduction in losses[24]. - Ho Tat Limited and Yo Tat Limited are beneficial owners, each holding 481,101,600 shares, representing approximately 57.28% of the company's issued share capital[139]. Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting as confirmed by the Board of Directors[4]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with regulatory requirements[33]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Ng Kam Tsun as the chairman, responsible for overseeing financial reporting and controls[151]. - The report is dated August 13, 2020, indicating the company's ongoing governance structure[160]. Government Support and Subsidies - The company received HK$1,296,000 in subsidies from the Hong Kong Government's Employment Support Scheme during the period[60]. - Other income included HK$1.3 million from the Employment Support Scheme, which was not present in the Previous Period[95]. Market Presence and Strategic Initiatives - The company is primarily involved in freight forwarding and related logistics services, as well as warehousing and related value-added services, highlighting its operational focus[31]. - The Group is exploring river sand shipping services in Southeast Asia, having completed several transactions of delivering sand from Malaysia to the PRC[80]. - New agreements with two large local suppliers for drayage, transportation, and palletisation services have been established to control costs and enhance service quality[82].

Business Challenges - The Group faced significant challenges during the COVID-19 pandemic and the US-China trade war, impacting performance and demand for freight forwarding services [22]. - The global supply chain was disrupted due to the cancellation of scheduled passenger flights, affecting air cargo space availability for logistics services [22]. - The demand for the Group's services decreased and became less stable as manufacturers in the PRC restructured production lines due to additional tariffs imposed by the USA [23]. - The ongoing uncertainties from the trade war and pandemic are expected to continue affecting the Group's operations and financial performance in the next financial year [41]. - The Group faced challenges due to the Pandemic, Trade War, and ongoing protests, leading to uncertainties in the business environment for 2020 [113]. Financial Performance - The Group's gross profit significantly decreased during the year ended March 31, 2020, due to challenges from the US-China trade war and the global pandemic [32]. - The Group's financial performance was impacted by increased legal and compliance costs, professional fees, and rising purchase costs for air and sea cargo spaces [41]. - The Group recorded a loss before taxation of approximately HK$24.4 million for the Year, compared to a loss of approximately HK$15.5 million for the Previous Year, primarily due to increased costs in warehousing services and legal compliance [78][82]. - The Group's total revenue increased by approximately 9.3% from approximately HK$193.0 million for the previous year to approximately HK$211.0 million for the year [46]. - Revenue from air freight forwarding and related logistics services amounted to approximately HK$169.5 million, accounting for approximately 80.3% of total revenue, up from 78.9% in the previous year [47]. - Revenue from sea freight forwarding and related logistics services decreased significantly to approximately HK$8.4 million, accounting for approximately 4.0% of total revenue, down from 8.3% in the previous year [48]. - Revenue from warehousing and related value-added services increased to approximately HK$33.1 million, representing approximately 15.7% of total revenue, up from 12.8% in the previous year [54]. - The Group's cost of services increased by approximately 17.0% from approximately HK$166.2 million to approximately HK$194.4 million [55]. - Gross profit decreased by approximately 38.1% from approximately HK$26.8 million to approximately HK$16.6 million, with gross profit margin dropping from approximately 13.9% to approximately 7.9% [56]. - Administrative expenses increased to approximately HK$32.4 million from approximately HK$27.2 million, primarily due to increased legal and compliance costs and staff costs [65]. Strategic Initiatives - The Group established a new subsidiary in Shenzhen and a branch in Taipei to enhance freight forwarding and logistics services, aiming to expand its customer base in the Greater China region [24]. - The Group is committed to upgrading facilities to meet international and local regulatory requirements for its customers [25]. - The Group plans to implement cost control and expand service quality to cope with market challenges [113]. - The Group is exploring new business opportunities such as river sand shipment and inland river cargo, although development has been delayed due to the pandemic [49]. - The Group has been able to expand its services related to security screening for air cargo, which is expected to generate additional revenue in the next year [114]. - The Group plans to expand its security services for air cargo to new and existing customers, which is expected to generate additional revenue in the coming year [117]. Cost Management - The Group will enhance service capabilities and operational flexibility while implementing careful cost controls to strengthen competitiveness in the logistics industry [42]. - The Group's management has reduced directors' fees and salaries to control costs amid the challenging business environment [40]. - The Group's management believes that the economic volatility may continue in the short term, impacting consumer sentiment and business investment activities [116]. Corporate Governance - The company has complied with the corporate governance guidelines as per the GEM Listing Rules from April 1, 2019, to March 31, 2020 [189]. - The Board consists of two executive Directors, one non-executive Director, and three independent non-executive Directors, with independent Directors representing more than one-third of the Board [191]. - The company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee [191]. - The Company emphasizes the importance of good corporate governance practices to enhance stakeholder confidence and support [192]. - The Company has adhered to the corporate governance code as outlined in the GEM Listing Rules during the reporting period [192]. Human Resources - The Group's total employee compensation and benefits cost for the year was approximately HK$21.1 million, an increase from approximately HK$19.9 million in the previous year [120]. - The Group employed a total of 61 staff as of March 31, 2020, compared to 45 staff in Hong Kong only in the previous year [119]. - The Group has successfully recruited two sales staff and provided them with training and medical insurance [140]. Investments and Utilization of Proceeds - The net proceeds from the listing amounted to approximately HK$40.0 million [139]. - As of March 31, 2020, HK$22.3 million of the net proceeds had been utilized, leaving HK$17.7 million unutilized [142]. - The Group has allocated HK$13.5 million for further expanding warehouses in Hong Kong, but has not yet identified suitable premises [140]. - HK$14.7 million was allocated to attract and retain talented personnel, with HK$6.2 million utilized for recruitment and training [140]. - The Group decided not to implement the plan for developing its own trucking fleet, resulting in the non-utilization of HK$8.1 million [142]. - HK$2.4 million was allocated for enhancing information technology systems, with HK$1.9 million fully utilized for upgrading the warehouse management system [142]. - Working capital of HK$1.3 million was fully applied to finance the cost of services and daily operations, particularly in air freight forwarding [142]. Management Team - The overall business development and strategy are overseen by the executive directors, with significant experience in the logistics industry [144][146]. - Mr. Lo has over 25 years of experience in management, auditing, and corporate finance, and has worked in a large international accounting firm [152]. - Mr. Ng has over 20 years of experience in finance and accounting, serving in various significant roles including chief financial officer and company secretary [155]. - Dr. Wu has been a lecturer at Hong Kong Baptist University since September 1999 and holds multiple degrees including a Doctor of Philosophy [163]. - Mr. Chow is a practicing solicitor in Hong Kong and has been a partner at V. Hau & Chow since 2006 [169].

Financial Performance - The unaudited condensed consolidated financial results for the nine months ended December 31, 2019, were presented, comparing with the corresponding period in 2018[20]. - The Group reported a significant increase in revenue, with specific figures not provided in the extracted content[21]. - Revenue for the three months ended December 31, 2019, was HK$63,755,000, a decrease of 7.5% compared to HK$68,554,000 in the same period of 2018[22]. - Gross profit for the nine months ended December 31, 2019, was HK$12,029,000, down 45.0% from HK$21,908,000 in the previous year[22]. - Loss before taxation for the three months ended December 31, 2019, was HK$6,940,000, compared to a loss of HK$3,142,000 in the same period of 2018, representing a 120% increase in losses[22]. - Total comprehensive expense for the period attributable to owners of the Company for the nine months ended December 31, 2019, was HK$15,165,000, an increase of 24.9% from HK$12,141,000 in the previous year[24]. - Basic and diluted loss per share for the nine months ended December 31, 2019, was HK$0.37, compared to HK$1.81 in the same period of 2018[24]. - The company reported a loss for the period of HK$6,761,000 for the three months ended December 31, 2019, compared to a loss of HK$3,108,000 in the same period of 2018[22]. - The total comprehensive expense for the period was HK$6,602,000 for the three months ended December 31, 2019, compared to HK$3,108,000 in the same period of 2018[24]. - The company incurred a loss before taxation of HK$16,574,000 for the nine months ended December 31, 2019[116]. - For the nine months ended 31 December 2019, the company reported a loss attributable to owners of the Company of HK$15,217,000, compared to a loss of HK$12,141,000 for the same period in 2018, representing a 25.6% increase in loss[133]. Expenses and Costs - Marketing expenses for the three months ended December 31, 2019, increased to HK$1,248,000, up 40.2% from HK$891,000 in the same period of 2018[22]. - Administrative and operating expenses for the nine months ended December 31, 2019, rose to HK$24,838,000, compared to HK$18,704,000 in the previous year, reflecting a 32.8% increase[22]. - The company incurred total finance costs of HK$429,000 for the nine months ended 31 December 2019, compared to HK$154,000 in the previous period, indicating a significant increase in financing expenses[133]. - Administrative and operating expenses increased from approximately HK$18.7 million to approximately HK$24.9 million, primarily due to increased legal and compliance costs and staff costs[173]. - Service costs increased by approximately 10.4% from about HK$131.3 million to approximately HK$144.9 million due to higher acquisition costs for air and sea cargo space and increased subcontracting fees for warehousing and related value-added services[164]. Business Developments and Strategies - Future outlook and performance guidance will be discussed, but specific projections are not included in the extracted content[9]. - New product and technology developments are anticipated, although no specific details are provided in the extracted content[9]. - Market expansion strategies are likely to be a focus, but specific plans are not detailed in the extracted content[9]. - Potential mergers and acquisitions may be considered, but no specific targets or strategies are mentioned in the extracted content[9]. - The Group is exploring new business opportunities, such as river sand shipment, to maintain long-term revenue growth[155]. - The Group has established new subsidiaries to provide freight forwarding services focused on online retail markets in the USA and Southeast Asia[154]. - The Group plans to enhance service capabilities and operational flexibility while exercising careful cost controls to strengthen competitiveness in the logistics industry[149]. - The company launched security screening services in August 2019, which are expected to be a main revenue driver in the long run[141]. - The facility for security screening services was certified as compliant with the EU RA3 Standard on 18 November 2019, enhancing its service offerings[141]. Compliance and Governance - The Board of Directors confirms the accuracy and completeness of the information provided in the report[6]. - The company has adhered to the corporate governance code as outlined in the GEM Listing Rules during the review period[191]. - All directors confirmed compliance with the trading standards set forth in the GEM Listing Rules throughout the review period[192]. - No competitive business activities were reported by directors or controlling shareholders during the review period[193]. - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the review period[194]. Shareholder Information - As of December 31, 2019, Mr. Thomas Loy and Mr. HM Loy each held a long position of 481,101,600 shares, representing approximately 57.28% of the company's issued share capital[198]. - Mr. Thomas Loy is the beneficial owner of Ho Tat Limited, which is wholly owned by him, holding 100% of its shares[200]. - Mr. HM Loy is the beneficial owner of Yo Tat Limited, which is also wholly owned by him, holding 100% of its shares[200]. - No other directors or the Chief Executive had any interest or short position in the shares or debentures of the company or its associated corporations as of December 31, 2019[200].

Financial Performance - Wan Leader International Limited reported unaudited condensed consolidated financial results for the six months ended September 30, 2019[18]. - The financial results include comparative unaudited figures for the six months ended September 30, 2018[19]. - Revenue for the three months ended September 30, 2019, was HK$50,322,000, an increase of 19.4% compared to HK$42,059,000 in the same period of 2018[20]. - Gross profit for the six months ended September 30, 2019, was HK$7,866,000, down 47.9% from HK$14,811,000 in the same period of 2018[20]. - Loss for the period attributable to owners of the Company for the six months ended September 30, 2019, was HK$8,740,000, compared to HK$9,033,000 in the same period of 2018, representing a decrease of 3.2%[22]. - Total comprehensive expense for the period was HK$4,822,000 for the three months ended September 30, 2019, compared to HK$10,252,000 in the same period of 2018, indicating a significant reduction[22]. - Basic loss per share for the six months ended September 30, 2019, was HK$1.04, compared to HK$1.45 in the same period of 2018, indicating an improvement[22]. - The Company reported a total comprehensive expense for the period of HK$9,232,000, which includes a loss of HK$8,740,000 and other comprehensive expenses of HK$493,000[26]. - The Group reported a loss before taxation of HK$9,634,000 for the six months ended September 30, 2019, compared to a loss of HK$8,130,000 in the same period of 2018[121]. - The Group's total revenue increased by approximately 10.0% from approximately HK$84.7 million in the Previous Period to approximately HK$93.2 million in the Review Period[190]. Assets and Liabilities - Trade and other receivables increased to HK$43,640,000 as of September 30, 2019, from HK$32,991,000 as of March 31, 2019, reflecting a growth of 32.2%[23]. - Non-current assets increased to HK$25,041,000 as of September 30, 2019, compared to HK$8,518,000 as of March 31, 2019, showing a substantial rise[23]. - Net assets decreased to HK$61,148,000 as of September 30, 2019, down from HK$69,240,000 as of March 31, 2019, reflecting a decline of 11.6%[23]. - Trade receivables increased to HK$37,778,000 as of September 30, 2019, from HK$27,538,000 as of March 31, 2019, reflecting a growth of approximately 37%[156]. - Trade payables rose to HK$22,867,000 as of September 30, 2019, up from HK$16,151,000 as of March 31, 2019, indicating a 42% increase[159]. - Contract liabilities related to freight forwarding and logistics services amounted to HK$1,903,000 as of September 30, 2019, compared to HK$420,000 at the beginning of the year[162]. Cash Flow - For the six months ended September 30, 2019, the net cash used in operating activities was HK$9,917,000, a decrease from HK$7,100,000 in the same period of 2018[32]. - The net cash used in investing activities amounted to HK$3,526,000, compared to HK$2,130,000 in the previous year, indicating an increase in investment outflows[32]. - The net cash used in financing activities was HK$2,742,000, a significant decrease from HK$62,464,000 in the prior period, primarily due to the absence of proceeds from share issuance[32]. - The total cash and cash equivalents at the end of the period were HK$27,322,000, down from HK$74,478,000 at the beginning of the period, reflecting a net decrease of HK$16,185,000[32]. Share Capital and Equity - The Company issued 2,520 new shares upon listing, resulting in a share premium of HK$66,780,000[24]. - The Company issued 252,000,000 shares at HK$0.275 each, raising gross proceeds of HK$69,300,000[170]. - As of September 30, 2019, the total equity attributable to owners of the Company was HK$60,407,000, a decrease from HK$69,240,000 as of April 1, 2019, reflecting a loss for the period of HK$8,740,000[26]. - The capital contribution by non-controlling interest amounted to HK$1,140,000 during the period, increasing total equity to HK$61,148,000[26]. Operational Highlights - The company’s subsidiaries are primarily involved in freight forwarding and related logistics services, as well as warehousing and related value-added services[33]. - The Group's services include freight forwarding and logistics, as well as warehousing and value-added services such as labeling and packaging[176]. - The Group launched security screening services in August 2019, aiming to diversify its offerings and drive long-term revenue growth[178]. - The Group established a subsidiary in Shenzhen and a branch in Taipei during the Review Period to widen its customer base[182]. Market Conditions - The economic environment in Hong Kong remains challenging due to ongoing trade disputes between China and the USA, affecting order stability for the Group's customers[177]. - The Group's ultimate customers are facing difficulties in production workflows in China, leading to uncertainties in order volumes[177]. - The Group anticipates that increased purchase costs for air cargo space and higher staff costs will continue to affect its financial performance in the next half of the financial year[184]. Accounting Policies - The company has applied HKFRS 16 "Leases" for the first time, which supersedes HKAS 17, impacting the accounting policies related to leases[41]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and applicable GEM Listing Rules[34]. - The Group recognized lease liabilities of approximately HK$12,644,000 and right-of-use assets of approximately HK$13,223,000 at the date of initial application, April 1, 2019[86].

Financial Performance - For the three months ended June 30, 2019, the revenue was HK$42,890,000, a slight increase of 0.7% compared to HK$42,592,000 in the same period of 2018[22]. - The gross profit for the same period was HK$3,586,000, down 57.3% from HK$8,390,000 in 2018[22]. - The loss before taxation for the period was HK$4,494,000, compared to a profit of HK$1,694,000 in the same period of 2018[22]. - The net loss for the period was HK$4,417,000, compared to a profit of HK$1,219,000 in the previous year[22]. - For the three months ended June 30, 2019, the company reported a total comprehensive loss of HK$4,410,000, compared to a profit of HK$1,219,000 for the same period in 2018[24]. - The loss attributable to owners of the company for the period was HK$4,265,000, while non-controlling interests accounted for a loss of HK$152,000[24]. - Basic loss per share for the period was HK$0.51, a decrease from earnings of HK$0.21 per share in the previous year[24]. - The Group reported a segment loss before taxation of HK$4,494,000 for the same period, with segment results showing a loss of HK$2,801,000[104]. - The Group recorded a loss before taxation of approximately HK$4.5 million for the Review Period, compared to a profit of approximately HK$1.7 million for the Previous Period[163]. Expenses and Costs - Administrative and operating expenses increased significantly to HK$7,110,000, up 62.1% from HK$4,389,000 in the previous year[22]. - Finance costs increased to HK$110,000, up from HK$31,000 in the previous year[22]. - Depreciation of property, plant, and equipment was HK$1,993,000, significantly higher than HK$259,000 in the prior year[114]. - The loss was primarily due to increased air cargo space costs of approximately HK$5.7 million and legal and compliance costs of approximately HK$1.4 million incurred after the Listing[167]. - Staff costs and benefits increased by approximately HK$1.3 million due to salary raises and additional headcount[167]. Revenue Breakdown - For the three months ended June 30, 2019, external revenue from freight forwarding services was HK$36,716,000, while revenue from warehousing and related value-added services was HK$6,174,000, totaling HK$42,890,000[100]. - Revenue from air freight forwarding and related logistics services amounted to approximately HK$35.2 million, accounting for approximately 82.1% of total revenue, up from approximately 75.1% in the previous period[138]. - Revenue from sea freight forwarding and related logistics services decreased significantly to approximately HK$1.5 million, representing approximately 3.5% of total revenue, down from approximately 10.1% in the previous period[139]. - Revenue from warehousing and related value-added services remained stable at approximately HK$6.2 million, accounting for approximately 14.4% of total revenue[140]. Shareholder Information - Mr. Loy Hak Yu Thomas and Mr. Loy Hak Moon each hold a long position in 481,101,600 shares, representing approximately 57.28% of the Company's issued share capital[180]. - As of June 30, 2019, Ho Tat and Yo Tat each hold 481,101,600 shares, representing approximately 57.28% of the company's issued share capital[189]. - The Directors do not recommend the payment of a quarterly dividend for the Review Period[164]. Compliance and Governance - The Company complied with the corporate governance code provisions from April 1, 2019, to June 30, 2019[169]. - The Company has adopted the GEM Listing Rules as the code of conduct for securities transactions by the Directors[170]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Ng Kam Tsun as the chairman, responsible for overseeing financial reporting and controls[200]. Accounting Policies and Standards - The condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and applicable GEM Listing Rules[35]. - The application of new HKFRSs, including HKFRS 16 "Leases," has been adopted for the first time, with no material impact on financial performance[41][42]. - The accounting policies for the three months ended June 30, 2019, remain consistent with those used for the year ended March 31, 2019[36]. Market Conditions and Future Outlook - The Group's performance was impacted by increased purchase costs for air cargo space and higher legal, compliance, and staff costs[128]. - The logistics industry faced challenges due to trade disputes between the U.S. and China, leading to reduced orders from certain direct shippers[127]. - The management expects a downward trend in the global economic condition, which may significantly affect the Group's performance in FY2020[128].

Sales Performance - The Group's sales performance recorded a marginal decrease, primarily due to a reduction in revenue from warehousing and related value-added services[18] - The Group's total revenue decreased by approximately 2.5% from approximately HK$197.9 million for the year ended 31 March 2018 to approximately HK$193.0 million for the Year[38] - Revenue from air freight forwarding and related logistics services amounted to approximately HK$152.2 million, accounting for approximately 78.9% of the Group's total revenue[39] - Revenue from sea freight forwarding and related logistics services decreased to approximately HK$16.0 million, accounting for approximately 8.3% of total revenue[40] - Revenue from warehousing and related value-added services amounted to approximately HK$24.8 million, accounting for approximately 12.8% of total revenue[41] - The Group's total revenue decreased by approximately 2.5% from HK$197.9 million in the Previous Year to approximately HK$193.0 million for the Year[42] - Revenue from air freight forwarding and related logistics services was approximately HK$152.2 million, accounting for about 78.9% of total revenue, showing slight growth compared to the Previous Year[42] - Revenue from sea freight forwarding and related logistics services decreased to approximately HK$16.0 million, representing about 8.3% of total revenue, primarily due to a reduction in sales orders from a Chinese customer[43] - Warehousing and related value-added services generated revenue of approximately HK$24.8 million, accounting for about 12.8% of total revenue, with a decrease attributed to reduced income from warehousing and repackaging services[43] Financial Performance - The Group recorded a loss before taxation of approximately HK$15.5 million for the Year, compared to a profit of approximately HK$15.0 million for the Previous Year[67] - Gross profit decreased by approximately 37.2% from HK$42.7 million to HK$26.8 million, with the gross profit margin dropping from 21.6% to 13.9%[46] - The Group's cost of services increased by approximately 7.0% from HK$155.3 million to HK$166.2 million, mainly due to higher rental and management fees[45] - Administrative and operating expenses rose significantly from approximately HK$15.6 million to approximately HK$27.2 million, driven by increased staff costs and rental expenses[54] - Listing expenses for the Year amounted to approximately HK$9.5 million, up from approximately HK$8.3 million in the Previous Year[59] - The Group recognized an impairment loss of approximately HK$0.9 million on trade receivables during the Year, reflecting an increase in expected credit losses[60] - Other income increased due to bank interest income from fixed deposits, with the Group placing two fixed deposits during the Year[49] - The Group's total cost for employee compensation and benefits was approximately HK$19.9 million, up from approximately HK$11.6 million in the previous year[111] Market Conditions - The Group's performance was partially affected by increased air freight and sea freight costs due to global political instability[17] - The financial year ended March 31, 2019, was marked by unpredictable events that impacted the export market and consumer sentiment[17] - The logistics industry is affected by trade disputes between the U.S. and PRC, leading to reduced orders from certain direct shippers[32] - The Group anticipates that increased purchase costs for air and sea cargo space, staff costs, rental costs, and compliance costs will continue to affect financial performance in the first quarter of the financial year 2019-2020[33] - The Group faced uncertainties due to the US-PRC trade war, which may lead to sluggish demand and intense international competition[105] Strategic Initiatives - The Group diversified its business into China and Taiwan to maintain competitiveness in the freight forwarding and logistics industry[18] - The Group plans to enhance service capacities and offer diversified services to meet the demand for quality third-party logistics services in Hong Kong, China, and Taiwan[19] - The Group will strengthen its sales and marketing efforts while closely monitoring customer needs and controlling service costs to expand its customer base[19] - The Group plans to enhance its sales and marketing efforts to expand its customer base and achieve sustainable business growth[34] - The Group aims to collaborate with business partners such as airlines and freight forwarders to strengthen its sales force in the upcoming financial year[106] - The Group plans to tighten cost control and expand the scope of services to cope with market challenges[105] Operational Developments - Fu Yo Warehouse Logistics Company Limited's facility was registered as a Regulated Air Cargo Screening Facility, enabling it to provide security screening services[18] - The Group installed two large dual view scanners in its warehouse facility, expected to begin commercial operation around July to September 2019, enhancing security screening services[31] - The Group successfully entered into charter flight agreements with three freight forwarders during the Year, contributing to slight growth in air freight forwarding services[39] Corporate Governance - The Company has complied with the corporate governance guidelines as per the GEM Listing Rules from the Listing Date up to 31 March 2019[191] - The Company has adopted the Required Standard of Dealings for Directors in accordance with GEM Listing Rules, confirming compliance throughout the specified period[192] - The Company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[193] - The Board of Directors comprises three Executive Directors and three Independent Non-executive Directors, with Independent Non-executive Directors representing more than one-third of the Board[193] - The current composition of the Board reflects a balance of academic, professional qualifications, skills, experience, and diversity appropriate for the business requirements[198] - The Chairman and Chief Executive Officer roles are clearly divided, with Mr. Thomas Loy as Chairman and Mr. HM Loy as Chief Executive Officer, ensuring effective operation of the Board[199] - The company emphasizes the importance of corporate governance, with independent directors participating in key decisions and advising on remuneration and nominations[158] - The independent directors are involved in various committees, including audit, remuneration, and nomination committees, ensuring comprehensive oversight and governance[161] Employee Relations - The Group employed 45 employees as of March 31, 2019, compared to 42 employees a year earlier[115] - The Group acquired medical insurance for eligible employees and provided various types of training to enhance their skills[120] - The management actively communicated with employees and maintained good relations with customers and suppliers[120] - The total employee compensation and benefits cost for the Group was approximately HK$19.9 million, an increase from HK$11.6 million in the previous year[115] Financial Position - The Group's cash and cash equivalents increased to approximately HK$43.6 million at 31 March 2019, up from HK$7.0 million at 31 March 2018[78] - The gearing ratio decreased to approximately 0.3% at 31 March 2019 from approximately 7.4% at 31 March 2018 due to the full repayment of bank borrowings[80] - Trade receivables decreased by 28.8% from approximately HK$38.6 million at 31 March 2018 to approximately HK$27.5 million at 31 March 2019[68] - Trade payables decreased by 17.8% from approximately HK$19.7 million at 31 March 2018 to approximately HK$16.2 million at 31 March 2019[70] - Other payables and accrued expenses increased by 19.4% from approximately HK$3.1 million at 31 March 2018 to approximately HK$3.7 million at 31 March 2019[71] Use of Proceeds - The Group received net proceeds from the Share offer of approximately HK$40.0 million during the Year[77] - As of March 31, 2019, HK$13.5 million of the net proceeds was allocated for further expanding warehouses in Hong Kong, but no suitable premises have been identified yet[130] - The Group has utilized HK$415,000 for attracting and retaining talented personnel, with two sales staff already recruited[130] - HK$8.1 million is allocated for developing the trucking fleet, with negotiations ongoing with potential suppliers[130] - The total net proceeds from the listing amount to HK$40,013,000, with HK$2,887,000 utilized as of March 31, 2019[131] Management Team - The Group's management team has extensive experience in the logistics industry, with over 30 years of experience for Mr. Thomas Loy and over 25 years for Mr. HM Loy[135][138] - The Group's strategic focus includes corporate development, strategic planning, and financial activities, led by Mr. Lo Wing Sang[139] - The financial planning and risk management are overseen by a qualified CFO with extensive experience in the field[179] - The company has a structured management team with diverse expertise in logistics, sales, and financial management, ensuring effective operational oversight[177] - The management team is focused on strategic planning and decision-making to achieve profitable results for the group[177] - The company is committed to continuous professional development for its management team to adapt to industry changes and regulations[180]

Financial Performance - Wan Leader International Limited reported unaudited condensed consolidated financial results for the nine months ended December 31, 2018[16]. - Revenue for the three months ended December 31, 2018, was HK$68,554,000, a decrease of 1.3% compared to HK$69,445,000 in the same period of 2017[18]. - Gross profit for the nine months ended December 31, 2018, was HK$21,908,000, down 31.2% from HK$31,879,000 in the previous year[18]. - The company reported a loss before taxation of HK$3,142,000 for the three months ended December 31, 2018, compared to a profit of HK$4,392,000 in the same period of 2017[18]. - Loss attributable to equity holders for the nine months ended December 31, 2018, was HK$12,141,000, compared to a profit of HK$7,358,000 in the same period of 2017[19]. - Basic loss per share for the three months ended December 31, 2018, was HK$0.37, compared to earnings of HK$0.51 in the same period of 2017[18]. - The total equity attributable to owners of the company as of December 31, 2018, was HK$73,070,000, an increase from HK$24,631,000 as of December 31, 2017[19]. - The company recognized a dividend distribution of HK$17,500,000 during the nine months ended December 31, 2018[19]. - The Group reported external sales of HK$134,473,000 from freight forwarding and HK$18,732,000 from warehousing, totaling HK$153,205,000[38]. - The segment revenue for the same period was HK$157,037,000, after inter-segment eliminations, with a loss before taxation of HK$11,272,000[38]. - The Group's gross profit decreased by approximately 31.3% from approximately HK$31.9 million for the Previous Period to approximately HK$21.9 million for the Review Period, with a gross profit margin decline from approximately 20.8% to 14.3%[75]. - The Group recorded a loss before tax of approximately HK$11.3 million for the Review Period, compared to a profit of approximately HK$11.1 million for the Previous Period, largely due to one-off listing expenses of approximately HK$9.5 million[88]. Operational Highlights - The company operates under the GEM of the Stock Exchange, which is designed for small and mid-sized companies, implying higher investment risks[1]. - The Group's operations are primarily focused on freight forwarding and related logistics services, as well as warehousing and related value-added services[27]. - Revenue from air freight forwarding and related logistics services increased to approximately HK$121.0 million, accounting for approximately 79.0% of total revenue, compared to approximately HK$119.2 million and 77.5% in the previous period[69]. - Revenue from sea freight forwarding and related logistics services decreased slightly to approximately HK$13.5 million, representing approximately 8.8% of total revenue, down from approximately HK$13.8 million and 9.0% in the previous period[70]. - Revenue from warehousing and related value-added services decreased to approximately HK$18.7 million, accounting for approximately 12.2% of total revenue, compared to approximately HK$20.7 million and 13.5% in the previous period[71]. - The Group successfully established arrangements to directly transact with two airlines, allowing for diversification of cargo routes and expansion of the customer base starting January 2019[59]. - The logistics industry faced challenges due to trade disputes between the U.S. and China, leading to reduced orders from some major customers[62]. - Management remains optimistic about the core business, believing there is a market for quality freight forwarding and warehousing services in Hong Kong[64]. - The Group plans to strengthen sales and marketing efforts, monitor customer needs, and control service costs to achieve sustainable growth[64]. Compliance and Governance - The board of directors collectively accepts full responsibility for the accuracy and completeness of the report[4]. - The company has a compliance adviser, Huabang Corporate Finance Limited, ensuring adherence to regulations[12]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and applicable GEM Listing Rules[29]. - The company has adhered to the corporate governance code as stipulated in the GEM Listing Rules since its listing date[99]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the unaudited consolidated results for the Review Period[124][127]. Shareholder Information - The company did not recommend the payment of an interim dividend for the nine months ended December 31, 2018[48]. - As of December 31, 2018, Mr. Loy Hak Yu Thomas and Mr. Loy Hak Moon each held 481,101,600 shares, representing approximately 57.28% of the company's total shareholding[106]. - Major shareholders Ho Tat Limited and Yo Tat Limited each hold 481,101,600 shares, representing approximately 57.28% of the total shareholding[115]. - The Company adopted a Share Option Scheme on August 14, 2018, aimed at incentivizing key staff, but no options have been granted or exercised as of December 31, 2018[118][119]. - The company has not purchased, sold, or redeemed any of its listed securities from the Listing Date up to December 31, 2018[102]. - No interests or short positions in shares, underlying shares, or debentures of the company were reported by Directors or the Chief Executive as of December 31, 2018[109]. Expenses and Costs - Central administrative expenses amounted to HK$3,348,000, and listing expenses were HK$9,513,000, contributing to the overall loss[38]. - Listing expenses for the nine months ended December 31, 2018, totaled HK$9,513,000, compared to HK$7,229,000 in the previous year[46]. - Depreciation of property, plant, and equipment for the nine months ended December 31, 2018, was HK$937,000, an increase from HK$774,000 in 2017[46]. - The Group's cost of services increased by approximately 7.8% to approximately HK$131.3 million from approximately HK$121.8 million in the previous period, primarily due to higher rental and management fees for the Hutchison Logistics Centre Warehouse[74]. - Administrative and operating expenses rose to approximately HK$18.7 million from approximately HK$10.8 million, mainly due to increased staff costs from approximately HK$6.1 million to approximately HK$11.2 million[81]. - Finance costs increased from HK$104,000 to HK$154,000, mainly due to additional interest charges of approximately HK$80,000 for early repayment of bank borrowings[86]. Management and Staff - The management team and all staff were thanked for their ongoing contributions[130]. - The executive Directors include Mr. LOY Hak Yu Thomas, Mr. LOY Hak Moon, and Mr. LO Wing Sang[131]. - Independent non-executive Directors are Mr. NG Kam Tsun, Dr. WU Ka Chee Davy, and Dr. CHOW Ho Wan Owen[131].