Financial Performance - Revenue for the three months ended September 30, 2019, was HKD 94,423,000, representing a 12.5% increase from HKD 84,231,000 in the same period of 2018[6] - Gross profit for the nine months ended September 30, 2019, was HKD 21,517,000, up 48.3% from HKD 14,516,000 in the same period of 2018[6] - The company reported a net loss of HKD 15,604,000 for the nine months ended September 30, 2019, compared to a loss of HKD 16,731,000 in the same period of 2018, indicating a 6.7% improvement[6] - Basic loss per share for the three months ended September 30, 2019, was HKD 0.41, an improvement from HKD 1.06 in the same period of 2018[6] - Total comprehensive loss for the nine months ended September 30, 2019, was HKD 15,548,000, a slight decrease from HKD 16,731,000 in the same period of 2018[6] - Revenue for the nine months ended September 30, 2019, increased by approximately 22.1% to HKD 305.4 million from HKD 250.2 million for the same period in 2018[26] - Sales cost increased by approximately 20.4% from about HKD 235.7 million for the nine months ended September 30, 2018, to about HKD 283.9 million for the nine months ended September 30, 2019[27] - Gross profit rose by approximately 48.3% from about HKD 14.5 million to about HKD 21.5 million, with the gross margin increasing from approximately 5.8% to about 7.0%[27] - Other income and losses netted a loss of about HKD 2.8 million for the nine months ended September 30, 2019, compared to a gain of about HKD 88,000 for the same period in 2018, primarily due to a provision for trade receivables of about HKD 2.7 million[28] - Administrative expenses increased to HKD 32,183,000 for the nine months ended September 30, 2019, compared to HKD 27,478,000 in the same period of 2018, reflecting an increase of 17.5%[6] - Administrative expenses increased by approximately 17.1% from about HKD 27.5 million to about HKD 32.2 million, mainly due to an increase in legal and professional fees of about HKD 2.5 million[29] - The estimated tax expense for the nine months ended September 30, 2019, was HKD 67 thousand, calculated at a rate of 16.5%[18] Business Operations - The company continues to focus on expanding its logistics services, particularly in e-commerce and cross-border logistics[9] - Revenue from logistics services increased by approximately HKD 31.8 million, while revenue from e-commerce express services rose by approximately HKD 40.1 million for the nine months ended September 30, 2019[26] - The increase in revenue from sea freight forwarding services was primarily due to increased cargo volume from existing and new customers for the nine months ended September 30, 2019[26] - The company is expanding its e-commerce fulfillment business and logistics operations in Asia by establishing different warehouses[25] - The company aims to enhance its last-mile delivery times and streamline e-commerce processes to improve efficiency[25] - The company is strategically integrating logistics services into its core freight forwarding services to build a strong company image among shippers[22] Shareholder Information - The company’s total equity as of September 30, 2019, was HKD 48,112,000, down from HKD 71,523,000 as of September 30, 2018[7] - As of September 30, 2019, a director held 450 million shares, representing 75% of the issued share capital[44] - Mr. Zheng holds 100% beneficial ownership in Million Venture, with 1 share reported[46] - Million Venture owns 450,000,000 shares, representing 75% of the issued share capital[49] - Tai Choi Wan, spouse of Mr. Zheng, is also deemed to have a 75% interest in the same shares[49] - No options have been granted, exercised, canceled, or lapsed under the share option scheme since its adoption on September 23, 2016[50] - No arrangements were made for directors to benefit from purchasing shares or bonds of the company or any other entity during the nine months ended September 30, 2019[51] - There were no significant contracts in which directors had a substantial interest as of September 30, 2019[52] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO[56] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2019[59] Other Information - The company did not declare any interim dividends for the nine months ended September 30, 2019[21] - No interim dividend was recommended for the nine months ended September 30, 2019[33] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended September 30, 2019[34] - 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[40] - Following the report period, several executive directors resigned, and new executive directors were appointed on October 4, 2019[57] - The report will be available on the GEM website and the company's website for at least seven days from the publication date[59]
骏高控股(08035) - 2019 Q3 - 季度财报