Financial Performance - Turnover from continuing operations was approximately HK$84,016,000 for the three months and HK$135,768,000 for the nine months ended December 31, 2018, compared to HK$5,374,000 and HK$5,657,000 for the corresponding periods last year, representing an increase of 1,564% and 2,295% respectively[7] - Profit attributable to owners of the Company was approximately HK$2,654,000 for the three months ended December 31, 2018, compared to a loss of HK$3,980,000 for the same period last year, indicating a turnaround[7] - Loss attributable to owners of the Company for the nine months ended December 31, 2018, was approximately HK$4,681,000, an improvement from a loss of HK$7,717,000 for the corresponding period last year[7] - Gross profit from continuing operations was HK$578,000 for the three months and HK$864,000 for the nine months ended December 31, 2018, compared to HK$181,000 and HK$429,000 for the same periods last year, reflecting an increase of 219% and 101% respectively[12] - The profit for the period ended 31 December 2018 was HK$2,938,000, compared to a loss of HK$6,485,000 in the same period of 2017[15] - Total revenue from continuing operations for the three months ended 31 December 2018 was HK$84,029,000, significantly up from HK$5,377,000 in the same period of 2017[28] - The Group's total revenue for the nine months ended 31 December 2018 was HK$135,820,000, compared to HK$19,477,000 for the same period in 2017[28] - Total comprehensive income for the period was HK$3,005,000, compared to a total comprehensive loss of HK$1,647,000 in the previous year[15] - The profit from discontinued operations for the three months ended December 31, 2018, was HK$5,967,000, while for the nine months it was HK$5,304,000[57] Loss and Taxation - Loss before tax from continuing operations was HK$3,127,000 for the three months and HK$10,859,000 for the nine months ended December 31, 2018, compared to losses of HK$2,858,000 and HK$4,007,000 for the same periods last year[12] - The total loss for the period from continuing operations was HK$3,029,000 for the three months ended December 31, 2018, compared to HK$3,549,000 for the same period last year[12] - The Group has no assessable profit from its operations for the three months and nine months ended December 31, 2018, resulting in no provision for current tax[81] - The Hong Kong Profits Tax is calculated at a rate of 16.5% on the estimated assessable profit for the periods ended December 31, 2018, and 2017[82] Dividends - The board of directors does not recommend the payment of a quarterly dividend for the three months ended December 31, 2018, consistent with the previous year[7] - The Board does not recommend the payment of a dividend for the three months and nine months ended 31 December 2018[127] Business Operations - The Company experienced significant growth in turnover, indicating a positive trend in business operations and market performance[9] - The Group's operating lease rental income for the three months ended 31 December 2018 was HK$6,051,000, up from HK$4,563,000 in the same period of 2017[28] - The forestry business focuses on research and growing of forestry products for the clean energy sector[33] - The landscaping and earth-rock engineering business was discontinued on 1 November 2018[35] - The Group has ceased to have any interests in Best Sky and its subsidiaries after the completion of the disposal of 51% equity interest in Best Sky on November 1, 2018[140] - The Group is actively seeking new investment opportunities to further diversify its activities and strengthen its revenue base[149] - The Group expects to commence selling part of the residential portion of its property and leasing certain residential areas when the property market revives[138] Share Options and Capital - The 2012 Share Option Scheme allows for the issuance of share options up to a maximum of 10% of the company's issued share capital at the time of grant[158] - On February 4, 2016, the company granted share options to consultants and employees at an exercise price of HK$0.264 per share, totaling 112,000,000 shares[159] - As of December 31, 2018, there were no share options granted, cancelled, exercised, or lapsed under the 2012 Share Option Scheme, and no directors or executives exercised any rights to subscribe for equity or debt securities[184] - The total number of share options outstanding as of December 31, 2018, was 112,000,000[181] Governance and Management - The Board of Directors consists of two executive directors, one non-executive director, and three independent non-executive directors, with a recent resignation on September 21, 2018[189] - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to ensure effective governance[194] - The Audit Committee, comprising three independent non-executive directors, regularly reviews the effectiveness of the internal control system and the Group's quarterly, interim, and annual reports[195] - The Nomination Committee is responsible for reviewing the composition of the Board and nominating suitably qualified candidates, with a recent appointment made on September 21, 2018[196] - The company has complied with the Corporate Governance Code throughout the nine months ended December 31, 2018[188] Assets and Liabilities - As of December 31, 2018, the Group's cash and bank deposits amounted to approximately HK$36,170,000, a decrease of about 38.82% from HK$59,116,000 as of March 31, 2018[147] - The Group had net current assets of approximately HK$134,870,000 as of December 31, 2018, compared to HK$112,986,000 as of March 31, 2018[147] - At the end of the reporting period, the Group had commitments for future minimum lease payments under non-cancelable operating leases amounting to HK$694,000[118] - The Group had no outstanding commitments in respect of capital expenditure contracted for but not provided for in the financial statements[120] Key Management Compensation - The Group's remuneration for key management personnel for the nine months ended 31 December 2018 was approximately HK$1,659,000[126]
世大控股(08003) - 2019 Q3 - 季度财报