Financial Performance - Revenue for the three months ended March 31, 2020, amounted to approximately HK$14.3 million, representing a decrease of approximately 20.6% compared to HK$18.0 million in the same period of 2019[11] - Net loss for the period was approximately HK$7.6 million, an improvement from a net loss of approximately HK$12.3 million in the corresponding period of last year[11] - Basic and diluted loss per share was approximately HK0.69 cents, compared to HK1.04 cents in the same period of 2019[11] - Gross profit for the period was approximately HK$3.43 million, down from HK$3.88 million in the same period of 2019[13] - Operating loss for the period was approximately HK$6.54 million, compared to an operating loss of HK$11.55 million in the same period of 2019[13] - Total comprehensive loss for the period was approximately HK$8.00 million, compared to HK$11.48 million in the same period of 2019[13] - Other income and net gains for the period were approximately HK$0.19 million, down from HK$0.72 million in the same period of 2019[13] - For the three months ended March 31, 2020, the total revenue was HK$14,287,000, a decrease of 20.5% from HK$17,992,000 in the same period of 2019[25] - The construction business generated revenue of HK$14,287,000, down from HK$17,929,000, reflecting a decline of 20.5% year-over-year[25] - The total comprehensive loss for the period was HK$8,002,000, compared to a loss of HK$11,482,000 in the same period of 2019[24] - Revenue decreased by approximately HK$3.7 million or 20.6% from approximately HK$18.0 million for the period ended 31 March 2019 to approximately HK$14.3 million for the Reporting Period[60] - Revenue from Construction Business was approximately HK$14.3 million, representing a decrease of approximately HK$3.7 million or 20.6% compared to approximately HK$18 million for PE2019[65] - Gross profit decreased by approximately HK$0.5 million or 12.8% from approximately HK$3.9 million for PE2019 to approximately HK$3.4 million for the Reporting Period[70] - Net loss attributable to the owners of the Company decreased by approximately HK$3.5 million from approximately HK$10.5 million for PE2019 to approximately HK$7.0 million for the Reporting Period[72] Expenses and Costs - Administrative and other operating expenses decreased to approximately HK$10.17 million from HK$16.15 million in the previous year[13] - Staff costs, including directors' remuneration, amounted to HK$7,869,000, a reduction of 14.4% compared to HK$9,203,000 in the previous year[29] - Finance costs increased to approximately HK$1.04 million from HK$0.75 million in the same period of 2019[13] - General and administrative expenses decreased by approximately HK$6.0 million from approximately HK$16.2 million for PE2019 to approximately HK$10.2 million for the Reporting Period[71] Dividend and Shareholder Information - The Board does not recommend the payment of a dividend for the three months ended March 31, 2020, consistent with the previous year[11] - The Group has not recommended any dividend payment for the three months ended 31 March 2020, consistent with the previous year[33] - As of March 31, 2020, Zhou Jin holds 284,500,000 shares, representing approximately 28.15% of the company's shareholding[79] - Lai Xiaoliang, the Chief Executive, has a beneficial interest in fixed rate bonds amounting to HK$5,800,000[81] - Huang Cheng is a beneficial owner of 188,620,000 shares, accounting for approximately 18.66% of the shareholding[83] - Zhu Zhou holds 129,000,000 shares, which is about 12.76% of the company's shareholding[83] - The company did not recommend any dividend payment for the three months ended March 31, 2020, consistent with the previous year[92] Business Strategy and Market Focus - The Group is focusing on prefabricated precast construction, which is expected to grow due to increasing infrastructure investment and industrialization in emerging markets[48] - The Company is negotiating a proposed investment to acquire 51% or more of Hubei Bio-great Agricultural Technology Co., Ltd, aiming to expand into the high-tech seed industry and agricultural products[53] - The Group is collaborating with a high-tech construction company in Guangzhou to explore construction projects along the Belt and Road initiative, with plans to expand into the PRC market[51] - The Company is formulating a business strategy for the Agriculture Business, anticipating a rise in demand for green food due to global health and food security concerns[52] - The Group is exploring the feasibility of developing agricultural products and has entered into a non-binding memorandum of understanding to invest in Hubei Kairui Baigu Agricultural Technology Co., Ltd.[56] - The Group's investment plans include developing cold chain logistics and distribution centers for agricultural products[56] Audit and Compliance - The financial statements for the three months ended March 31, 2020, have been reviewed by the company's audit committee but not audited by independent auditors[21] - The Audit Committee was established to oversee the financial reporting process and internal control system, consisting of three members[98] - The Audit Committee has reviewed the unaudited consolidated financial statements for the Reporting Period[99] - All directors confirmed compliance with the required standards of dealings regarding securities transactions during the reporting period[91] Market Conditions - The Covid-19 pandemic has impacted market sentiment, causing delays in project launches and negotiations for new projects, particularly in new markets[51] - The Group has no concrete plan to restart the clean coal trading business amid economic uncertainty in the PRC[58] - There were no mentions of market expansion or acquisitions in the financial statements for the reporting period[19] Other Information - The company was incorporated in the Cayman Islands and is listed under stock code 8059[102] - No share options were granted, exercised, lapsed, or cancelled during the reporting period[93] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the reporting period[85] - There were no short positions held by directors or their associates in any shares or debentures of the company as of March 31, 2020[81] - The diluted loss per share for the period is equal to the basic loss per share, as there were no dilutive potential ordinary shares in issue during the reporting periods[38] - The impairment loss on trade receivables was HK$29,000, significantly lower than HK$2,103,000 in the same period of 2019[29]
朝威控股(08059) - 2020 Q1 - 季度财报