Financial Performance - For the period ending September 30, 2020, Cornerstone Financial Holdings Limited reported total revenue of approximately HKD 38,000,000 and a loss attributable to shareholders of approximately HKD 21,000,000[11]. - Revenue from continuing operations for the nine months ended September 30, 2020, was approximately HKD 37,800,000, a decrease of about 48% compared to the same period last year[35]. - The group recorded a net loss attributable to owners of the parent of approximately HKD 21,000,000 for the nine months ended September 30, 2020, compared to a loss of approximately HKD 6,300,000 in the same period last year[36]. - The company reported a loss before tax of HKD 19,707,465 for the nine months ended September 30, 2020, compared to a loss of HKD 3,914,025 in the same period of 2019[53]. - The total comprehensive loss for the nine months ended September 30, 2020, was HKD 21,359,804, compared to HKD 5,812,632 in the previous year[56]. - The company reported a loss attributable to owners of the parent of HKD 20,974,393 for the nine months ended September 30, 2020, compared to a loss of HKD 6,340,633 for the same period in 2019[85]. - Basic and diluted loss per share for the nine months ended September 30, 2020, was HKD 0.37, compared to HKD 0.11 for the same period in 2019[56]. - Total revenue for the nine months ended September 30, 2020, was HKD 37,766,238, a decrease from HKD 73,149,829 for the same period in 2019, representing a decline of approximately 48.3%[75]. Business Segments - The financial services segment generated total revenue of approximately HKD 10,000,000, with a pre-tax operating profit of about HKD 1,000,000, primarily impacted by changes in the fair value of listed equity investments[11]. - The advertising and media business remains the primary source of revenue for the group, with a well-established digital outdoor media network operating in Hong Kong and Singapore[11]. - The segment profit from advertising and media services was HKD 10,596,681, while the financial services segment reported a profit of HKD 19,861,130, contributing to the overall performance[75]. - The company plans to continue focusing on financial services, including securities trading and brokerage services, as well as advertising and media services[61]. Operational Developments - The number of selected locations for digital outdoor media screens increased to 1,562 as of September 30, 2020, compared to 1,460 in the same period last year[17]. - The company has initiated a large outdoor media network in Hong Kong, which includes ten locations, eight of which are large LED panels[18]. - The company has expanded its digital media panel operations by adding two larger LED panels, bringing the total to eight strategically located panels in key areas such as Central, Causeway Bay, Tsim Sha Tsui, Mong Kok, and Kwun Tong[20]. - Exclusive advertising sales rights have been secured for LED panels at Hilton Tower in Tsim Sha Tsui and at 655 Nathan Road in Mong Kok, both of which are positioned in high-traffic areas attracting thousands of pedestrians daily[20][21]. - The company has established a partnership for outdoor advertising locations in Singapore, including three key sites in the Raffles Green area, enhancing its presence in the financial district[25]. - The company is targeting small and medium enterprises with large static screens in strategic locations like AZ @ Paya Lebar and Ark @ KB, which are situated in busy commercial and industrial centers[26]. - The company anticipates a gradual recovery in its advertising and media business following the COVID-19 pandemic, with expectations for improvement in Q4 2020 if no further large-scale outbreaks occur in Singapore and Hong Kong[30]. Financial Position - As of September 30, 2020, the group's current assets net value was approximately HKD 198,000,000, compared to HKD 219,000,000 as of December 31, 2019[37]. - The group's debt ratio as of September 30, 2020, was approximately 0.7%, unchanged from December 31, 2019[38]. - The company’s total equity as of September 30, 2020, was HKD 222,870,078, a decrease from HKD 259,310,982 at the end of 2019[58]. - The group had a total employee cost of approximately HKD 28,000,000 for the nine months ended September 30, 2020, down from HKD 32,000,000 in the same period last year[46]. - The group held listed investments of approximately HKD 700,000 as of September 30, 2020, down from HKD 7,100,000 as of December 31, 2019[47]. Governance and Compliance - The company has adhered to the corporate governance code as per GEM listing rules throughout the nine months ending September 30, 2020[111]. - The audit committee has reviewed the unaudited consolidated financial information for the nine months ending September 30, 2020, ensuring compliance with applicable accounting standards[112]. - No directors or major shareholders engaged in any business that competes with the group during the nine months ending September 30, 2020[108]. - The company is committed to improving corporate governance principles and practices continuously[111]. Future Outlook - Management maintains a cautiously optimistic outlook for business recovery post-COVID-19, supported by an experienced management team and a good industry reputation[15]. - The company plans to explore financing opportunities to enhance the capital base for its securities brokerage and margin financing businesses[15]. - Management will closely monitor market conditions and may adjust the development strategy for its asset management business accordingly[12]. - The company has not initiated any asset management business following the approval from the Securities and Futures Commission due to the uncertain global economic environment[12].
基石金融(08112) - 2020 Q3 - 季度财报