Financial Performance - For the three months ended March 31, 2020, the group's revenue was approximately HKD 2.4 million, a decrease of about 70.1% compared to approximately HKD 8.0 million for the same period in 2019[8]. - The group recorded a total comprehensive loss of approximately HKD 4.1 million for the period, an increase of about 115% compared to a loss of approximately HKD 1.9 million for the same period last year[8]. - Revenue from technical sales and distribution of electronic gaming equipment decreased by approximately 84.6% compared to the same period last year[8]. - The group's gross profit for the period was HKD 683,160, down from HKD 2,865,192 in the same period last year[9]. - The company reported a net loss attributable to shareholders of HKD 4,086,313 for the three months ended March 31, 2020, compared to a loss of HKD 1,916,431 in the same period of 2019[26]. - The company generated HKD 1,007,107 from technical sales and distribution of electronic gaming equipment, a significant drop from HKD 6,539,281 in the previous year[18]. - The gross profit margin decreased from approximately 35.9% in the same period last year to about 28.7% this period[40]. - The group recorded a net loss attributable to shareholders of approximately HKD 4.1 million, compared to a net loss of HKD 1.9 million in the same period last year[44]. Operating Expenses - Operating expenses for the period were HKD 5,364,551, slightly decreased from HKD 5,399,453 in the same period last year[9]. - Operating expenses remained stable at HKD 5.4 million, consistent with the same period last year[42]. - The group had a total of 41 employees as of March 31, 2020, with employee costs amounting to approximately HKD 3.5 million[55]. Impact of COVID-19 - The decline in revenue and increase in losses were primarily attributed to the impact of COVID-19 on major customers, particularly the temporary closure of casinos in Macau[8]. - The company experienced a delay or cancellation of some electronic gaming equipment orders due to the impact of COVID-19[31]. - The management expects that the impact of COVID-19 is temporary and anticipates a recovery in business levels by mid-2020[33]. - The company aims to expand its business into Southeast Asia while facing challenges from government-mandated closures in Cambodia and the Philippines[34]. - The company has decided to delay new operating leases with Glimex in the Philippines due to the impact of the pandemic[34]. Revenue Breakdown - Total revenue for the three months ended March 31, 2020, was HKD 2,380,381, down from HKD 7,964,619 in the same period of 2019[18]. - Revenue from electronic gaming equipment sales and distribution was HKD 1,007,107, down 84.6% from HKD 6,539,281 year-on-year[36]. - Consulting and technical services revenue increased to HKD 879,825 from HKD 647,642 year-on-year[18]. - Consulting and technical services revenue increased by 35.9% to HKD 879,825 from HKD 647,642 in the previous year[36]. Equity and Assets - The group's total equity as of March 31, 2020, was HKD 84,033,053, down from HKD 89,251,957 as of March 31, 2019[12]. - As of March 31, 2020, the group's current assets net value was approximately HKD 60.2 million, a decrease from HKD 62.4 million as of December 31, 2019[51]. - The company had no bank borrowings or overdrafts as of March 31, 2020[51]. - The net proceeds from the listing, after deducting underwriting fees and other expenses, amounted to approximately HKD 40 million, with HKD 1.16 million remaining unutilized as of March 31, 2020[46]. Governance and Compliance - The board of directors resolved not to declare any dividend for the period, consistent with the same period last year[8]. - The board has decided not to declare any dividends for the current period, consistent with the previous period[63]. - The company has adhered to the principles of the Corporate Governance Code and complied with all applicable provisions during the period[72]. - There were no interests or potential conflicts of interest reported by directors or controlling shareholders in competing businesses[71]. - The audit committee reviewed the unaudited condensed consolidated financial statements and found them to comply with applicable accounting standards and legal requirements[78]. Relationships and Market Position - The company maintained long-term stable business relationships with major customers, primarily casino operators listed on the Hong Kong Stock Exchange[61]. - The group has established long-term relationships with several carefully selected suppliers[61]. - There were no significant events requiring disclosure from March 31, 2020, to the report date[75]. - The company has not repurchased any of its listed securities during the period[74]. - As of March 31, 2020, the beneficial owners, including Mr. Xu, Mr. Wu, and Mr. Chen, collectively hold 725,100,000 shares, representing 72.51% of the issued shares[65].
亚洲先锋娱乐(08400) - 2020 Q1 - 季度财报