Revenue Performance - The group's revenue decreased by approximately HKD 18.02 million or 41.92%, from about HKD 42.97 million for the three months ended March 31, 2019, to approximately HKD 24.96 million for the three months ended March 31, 2020[14]. - Revenue for the three months ended March 31, 2020, was HKD 24.96 million, a decrease from HKD 42.97 million for the same period in 2019, representing a decline of approximately 41.93%[22]. - The group reported revenue of HKD 24,956,000 for the three months ended March 31, 2020, a decrease of 42.0% compared to HKD 42,972,000 in the same period of 2019[30]. - The group’s revenue from customers in China was HKD 8,586,000, down 32.5% from HKD 12,717,000 in the previous year[32]. Profitability - Gross profit decreased by approximately HKD 5.35 million or 59.09%, from about HKD 9.06 million for the three months ended March 31, 2019, to approximately HKD 3.70 million for the three months ended March 31, 2020[15]. - Gross profit for the three months ended March 31, 2020, was HKD 3.70 million, down from HKD 9.06 million for the same period in 2019, reflecting a decrease of approximately 59.14%[22]. - The group recorded a loss of approximately HKD 2.17 million for the three months ended March 31, 2020, compared to a profit of approximately HKD 1.44 million for the same period in 2019[18]. - The total comprehensive loss for the three months ended March 31, 2020, was approximately HKD 2.34 million, compared to a total comprehensive income of HKD 1.61 million for the same period in 2019[22]. - The group incurred a pre-tax loss of HKD 1,170,000 for the three months ended March 31, 2020, compared to a profit of HKD 1,445,000 in the same period of 2019[39]. Cost Management - Sales cost decreased by approximately HKD 12.66 million or 37.34%, from about HKD 33.92 million for the three months ended March 31, 2019, to approximately HKD 21.25 million for the three months ended March 31, 2020[14]. - Sales and distribution expenses decreased by approximately HKD 0.14 million or 9.09% to about HKD 1.40 million for the three months ended March 31, 2020, compared to HKD 1.54 million for the same period in 2019[16]. - Administrative expenses decreased by approximately HKD 1.20 million or 21.31% to about HKD 4.42 million for the three months ended March 31, 2020, compared to HKD 5.61 million for the same period in 2019[16]. - Financing costs decreased by approximately HKD 19,000 or 4.71% to about HKD 391,000 for the three months ended March 31, 2020, compared to HKD 411,000 for the same period in 2019[18]. - The group did not incur any income tax expenses for the three months ended March 31, 2020, compared to HKD 200,000 for the same period in 2019, due to losses recorded during the period[18]. Product Line Performance - The transformer product line accounted for approximately 56.40% of total sales for the three months ended March 31, 2020, compared to 50.43% for the same period in 2019[10]. - The sales percentage of switching power supplies was approximately 1.11% for the three months ended March 31, 2020, compared to 1.09% for the same period in 2019[10]. - The electronic health product series accounted for approximately 1.31% of total sales for the three months ended March 31, 2020, down from 12.13% for the same period in 2019[10]. - Transformer sales generated HKD 14,076,000, down 35.0% from HKD 21,672,000 year-on-year[30]. - Sales of electronic components decreased by 34.5% to HKD 10,276,000 from HKD 15,621,000 in the previous year[30]. Strategic Initiatives - The group continued its advertising and marketing activities to promote its products despite the cancellation of most exhibitions and physical marketing activities due to COVID-19 restrictions[11]. - The management is focused on maintaining business relationships through digital channels amid economic uncertainties caused by the COVID-19 pandemic[19]. - The group remains confident in its performance resilience supported by a diversified product portfolio, particularly in electronic health products[19]. Other Financial Information - Total employee costs, including directors' remuneration, were HKD 2,881,000, a decrease of 2.2% from HKD 2,945,000 in the previous year[35]. - The group did not recommend an interim dividend for the three months ended March 31, 2020, consistent with the previous year[38]. - The group’s non-current assets as of March 31, 2020, amounted to HKD 12,637,000, slightly up from HKD 12,101,000 in 2019[32]. - Bank interest income increased to HKD 24,000 from HKD 22,000 year-on-year[33]. - The group’s financing costs totaled HKD 391,000, a decrease of 4.9% from HKD 411,000 in the same period of 2019[33]. - No dividends were recommended for the three months ended March 31, 2020, consistent with the previous year[46]. - No share options were granted, exercised, or cancelled under the share option scheme during the period from January 1, 2020, to March 31, 2020[47]. - The company did not purchase, sell, or redeem any of its listed securities during the period from January 1, 2020, to March 31, 2020[48]. - The audit committee reviewed the unaudited condensed consolidated financial results for the three months ended March 31, 2020, and found no disagreement with the accounting treatment adopted by the company[53]. - The company has complied with the corporate governance code during the reporting period[57].
侨洋国际控股(08070) - 2020 Q1 - 季度财报