Financial Performance - The company reported revenue of HKD 110,950,000 for the first quarter of 2019, representing a 45% increase compared to HKD 76,625,000 in the same period of 2018[7]. - Gross profit for the first quarter was HKD 2,960,000, with a gross margin of approximately 2.67%, down from HKD 7,720,000 and a gross margin of 10.08% in the previous year[7]. - The company incurred a loss before tax of HKD 8,145,000, compared to a loss of HKD 4,861,000 in Q1 2018, indicating a deterioration in financial performance[7]. - The net loss for the period was HKD 8,147,000, which is a 54% increase from the net loss of HKD 5,277,000 in the same quarter of the previous year[7]. - Basic loss per share was HKD 1.36, compared to HKD 0.88 in Q1 2018, reflecting a significant increase in losses per share[7]. - The total comprehensive loss for the period amounted to HKD 8,189,000, compared to HKD 5,277,000 in the prior year, indicating a worsening overall financial position[7]. - The company reported other income of HKD 845,000, which is an increase from HKD 336,000 in the previous year, suggesting some improvement in non-operational income sources[7]. - Total sales costs increased by approximately 56.7% to HKD 108.0 million from HKD 68.9 million, primarily due to rising costs in logistics and e-commerce express services[29]. - The total loss and comprehensive expenses increased by approximately 54.7% from about HKD 5.3 million for the three months ended March 31, 2018, to about HKD 8.2 million for the three months ended March 31, 2019, primarily due to a decrease in gross margins from logistics, e-commerce express services, and shipping operations[32]. Revenue Breakdown - Air freight agency service revenue rose to HKD 30.51 million, up from HKD 20.27 million, while sea freight agency service revenue increased to HKD 38.65 million from HKD 26.73 million[19]. - Logistics service revenue grew to HKD 24.24 million from HKD 15.47 million, and e-commerce express service revenue surged to HKD 17.56 million from HKD 2.65 million[19]. - Revenue for the three months ended March 31, 2019, increased by approximately 44.9% to HKD 110.95 million from HKD 76.63 million for the same period in 2018[28]. - The increase in e-commerce express service revenue is attributed to higher order volumes from existing major e-commerce clients[28]. Cost Management - Administrative expenses decreased to HKD 10,242,000 from HKD 12,376,000 year-over-year, indicating cost control efforts[7]. - Administrative expenses decreased by approximately 17.7% from about HKD 12.4 million for the three months ended March 31, 2018, to about HKD 10.2 million for the three months ended March 31, 2019[30]. Future Outlook - The company has not disclosed specific future outlook or guidance in the report, focusing instead on current performance metrics[5]. - Future plans include expanding e-commerce and fulfillment services, as well as establishing additional warehouses to enhance logistics operations in Asia[27]. - The company aims to become a major logistics service provider in the region, focusing on improving last-mile delivery times and streamlining e-commerce processes[27]. Corporate Governance - The company has complied with the GEM Listing Rules regarding corporate governance, except for the separation of the roles of Chairman and CEO[54]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the three months ending March 31, 2019[58]. - The company has adopted a code of conduct for directors that is less stringent than the GEM Listing Rules regarding securities transactions[41]. Shareholder Information - As of March 31, 2019, the company’s major shareholder, Mr. Cheng, held 75% of the shares through a controlled corporation[45]. - The company has issued a total of 450 million shares, with a 75% ownership held by major shareholders[47]. - The company did not purchase, redeem, or sell any shares during the three months ended March 31, 2019[40]. - No stock options have been granted, exercised, canceled, or expired under the stock option plan since the listing date[48]. - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the reporting period[49]. - No significant contracts exist where directors have a substantial interest as of March 31, 2019[50]. Trading and Compliance - Trading of shares was suspended from April 1, 2019, due to delays in the announcement of the financial results for the fiscal year 2018[35]. - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and believes it has met the resumption guidance[37]. - The company has engaged Ernst & Young to conduct a follow-up review of the remedial measures taken, which has been completed[37]. - The company appointed a new compliance advisor, Da You, effective April 12, 2019, after terminating the agreement with the previous advisor[52]. - The company has not disclosed any significant events that occurred after March 31, 2019, up to the report date[56]. - The company has not reported any business or interests that may compete with its operations as of March 31, 2019[51].
骏高控股(08035) - 2019 Q3 - 季度财报