Financial Performance - Revenue for the first quarter ended March 31, 2021, was HKD 130,070,000, representing a 23.3% increase from HKD 105,515,000 in the same period of 2020[4] - Gross profit for the first quarter was HKD 19,621,000, compared to HKD 9,555,000 in the previous year, indicating a significant improvement[4] - The company reported a profit before tax of HKD 6,345,000, a turnaround from a loss of HKD 3,082,000 in the first quarter of 2020[4] - Net profit for the period was HKD 5,592,000, compared to a loss of HKD 3,079,000 in the same quarter of the previous year[4] - Basic and diluted earnings per share for the first quarter were HKD 0.91, compared to a loss of HKD 0.51 per share in the prior year[4] - Total comprehensive income for the period was HKD 5,543,000, recovering from a total comprehensive loss of HKD 3,007,000 in the first quarter of 2020[4] - The group recorded a profit attributable to owners of approximately HKD 5.4 million for the three months ended March 31, 2021, compared to a loss of approximately HKD 3.1 million for the same period in 2020, primarily due to an increase in gross margin from e-commerce fulfillment and logistics businesses[32] Revenue Breakdown - Air freight agency service revenue rose by HKD 2.9 million, while sea freight agency service revenue increased by HKD 7.3 million, and e-commerce fulfillment service revenue grew by HKD 17.2 million[25] - The increase in air freight revenue was primarily due to an increase in cargo volume from existing and new customers[25] Expenses and Costs - The company’s administrative expenses increased slightly to HKD 12,312,000 from HKD 11,973,000 year-over-year[4] - Sales costs rose by approximately 15.0% to HKD 110.4 million, mainly due to increased sea freight costs and e-commerce fulfillment service costs[28] - The increase in administrative expenses was mainly due to higher depreciation and legal and professional fees incurred during the three months ended March 31, 2021[29] Taxation - The estimated taxable profits for the period were calculated at a rate of 16.5%, resulting in a current tax expense of HKD (753,000) compared to HKD 3,000 in the previous year[16] - The estimated taxable profit for the three months ended March 31, 2021, was subject to a Hong Kong profits tax provision calculated at 16.5%[30] Dividends - The company did not declare or recommend any dividends for the three months ended March 31, 2021[18] - No interim dividend was recommended for the three months ended March 31, 2021, consistent with the previous year[33] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are held by the same individual[49] - The company adopted a more lenient code of conduct for directors regarding securities transactions, in compliance with GEM Listing Rules[36] - There were no significant contracts exist where directors have a substantial interest as of March 31, 2021[46] Shareholder Information - As of March 31, 2021, the company’s major shareholder, Million Venture Holdings Limited, held 306,000,000 shares, representing 51% of the issued share capital[43] - The total number of share options granted to directors as of March 31, 2021, was 4,500,000, representing approximately 0.75% of the issued share capital[41] - The company granted a total of 10,500,000 stock options under the stock option plan as of June 24, 2020, with none exercised as of March 31, 2021[44] - The exercise price for the stock options is HKD 0.2066, with a validity period from June 24, 2021, to June 23, 2030[44] - 50% of the stock options will vest on June 24, 2021, and the remaining 50% will vest on June 24, 2022[44] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited financial statements for the three months ending March 31, 2021[52] - The company has not disclosed any significant events that occurred after March 31, 2021, up to the report date[51] Future Plans - The company plans to continue expanding its e-commerce and fulfillment business and is looking for opportunities to set up different warehouses to enhance logistics operations in Asia[24] - The company is enhancing its capabilities to improve last-mile delivery times and streamline e-commerce processes for greater efficiency[24] Other Information - The company did not purchase, redeem, or sell any shares during the three months ended March 31, 2021[35] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the three months ended March 31, 2021[34] - There were no known business interests that could potentially compete with the company's operations as of March 31, 2021[48] - Following the reporting period, several directors resigned and new independent non-executive directors were appointed on May 5 and May 7, 2021[50] - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2021, with no significant impact on its financial statements[13]
骏高控股(08035) - 2021 Q1 - 季度财报