Financial Performance - The company's loss for the nine months ended December 31, 2020, increased by 19.6% to approximately HKD 12.8 million compared to the same period in 2019[10] - Revenue and gross profit for the nine months ended December 31, 2020, decreased by 98.8% and 99.3%, respectively, compared to the same period in 2019[10] - Total revenue for the nine months ended December 31, 2020, was approximately HKD 2.5 million, a significant decrease from HKD 204.8 million in the same period of 2019, representing a decline of 98.8%[11] - The group recorded a gross loss of approximately HKD 1.4 million from tour groups due to the cancellation or suspension of all tours amid the Covid-19 pandemic[12] - There were no sales from the self-guided travel products for the nine months ended December 31, 2020, resulting in a gross loss of HKD 0.1 million due to refunds for canceled bookings[13] - Revenue from travel-related products and services primarily came from new business activities involving imported masks and health-related products, contributing to a total of HKD 1.7 million[14] - The total loss and comprehensive loss for the nine months ended December 31, 2020, decreased by 19.6% to approximately HKD 12.8 million, primarily due to reduced expenses and government subsidies[18] - The ongoing Covid-19 pandemic continues to severely impact the travel industry, with significant operational and financial challenges expected to persist into the fiscal year ending March 31, 2021, or longer[19] - The company reported a total loss of HKD 12,739,000 for the nine months ended December 31, 2020, compared to a loss of HKD 10,589,000 for the same period in 2019, representing an increase in loss of approximately 20.4%[39] - For the nine months ended December 31, 2020, the company reported a loss attributable to shareholders of HKD 12,739,000, compared to a loss of HKD 10,589,000 for the same period in 2019, representing an increase in loss of approximately 10.8%[67] Cost Management - The company implemented cost-saving measures including director salary reductions, streamlining workflows, and encouraging employees to take unpaid leave[10] - Selling expenses decreased by 90.6% to approximately HKD 1.0 million for the nine months ended December 31, 2020, mainly due to reduced credit card fees and advertising expenses[16] - Administrative expenses decreased by 61.4% to approximately HKD 11.8 million, attributed to reduced depreciation and cost-saving measures including salary cuts and unpaid leave[17] - The company received subsidies amounting to HKD 1,067 thousand from local governments during the nine months ended December 31, 2020[59] - Total remuneration for key management personnel for the nine months ended December 31, 2020, was HKD 2,881,000, down from HKD 5,140,000 in the same period of 2019, indicating a reduction of approximately 44.0%[71] Impact of COVID-19 - The unprecedented COVID-19 pandemic severely impacted the company's operating environment, leading to significant disruptions in business operations[10] - The company began canceling overseas travel tours starting January 26, 2020, with tours to Japan canceled from March 9, 2020[10] - The company applied for the Hong Kong government's employment support schemes to mitigate losses during the pandemic[10] - The company is closely monitoring the pandemic's developments and is committed to controlling costs and enhancing cash flow and operational efficiency[19] - The company operates primarily in the travel-related products and services sector, which has been severely impacted by the COVID-19 pandemic[42] Shareholder Information - The company holds a 69.19% stake in its shares through its controlled entities, indicating strong insider ownership and alignment with shareholder interests[21] - The major shareholder, Zongheng You Investment, holds 69.19% of the company's shares, with significant ownership by Ms. Chen and Mr. Yuan[25] - The basic and diluted loss per share for the nine months ended December 31, 2020, was HKD 3.18, compared to HKD 2.65 for the same period in 2019[37] - The company had no potential dilutive ordinary shares as of December 31, 2020, resulting in diluted loss per share being equal to basic loss per share[67] - The average number of ordinary shares outstanding remained constant at 400,000,000 shares for both the nine-month periods ended December 31, 2020, and 2019[67] Governance and Compliance - The company has complied with all corporate governance code provisions during the nine months ended December 31, 2020[30] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[35] Operational Segments - The company’s organizational structure is divided into two reportable segments, with performance evaluated based on profit before interest and tax[52] - Reported segment revenue for the nine months ended December 31, 2020, was HKD 2,527 thousand, a significant decrease from HKD 204,826 thousand in the same period of 2019[53] - The reported segment loss for the nine months ended December 31, 2020, was HKD (8,460) thousand, compared to a loss of HKD (9,228) thousand in the same period of 2019, indicating a slight improvement[53] Other Financial Metrics - The company incurred a total loss before tax of HKD (12,844) thousand for the nine months ended December 31, 2020, compared to a loss of HKD (10,669) thousand in the same period of 2019[53] - Financial income for the nine months ended December 31, 2020, was HKD 50 thousand, slightly up from HKD 48 thousand in the same period of 2019[63] - The company reported a total expense of HKD 15,069 thousand for the nine months ended December 31, 2020, compared to HKD 215,742 thousand in the same period of 2019, reflecting a significant reduction in expenses[61] - Depreciation of property, plant, and equipment for the nine months ended December 31, 2020, was HKD 1,141 thousand, down from HKD 2,144 thousand in the same period of 2019[53] - The company recognized a reduction in lease liabilities of HKD 1,548,000 due to rent concessions related to COVID-19, which was accounted for as a decrease in variable lease payments[49]
飞道旅游科技(08069) - 2021 Q3 - 季度财报