Financial Performance - For the three months ended July 31, 2019, Bortex Global Limited reported revenue of approximately HKD 44.8 million, a significant increase of HKD 16.9 million or 60.6% compared to HKD 27.9 million for the same period in 2018[6]. - The gross profit for the same period was approximately HKD 11.5 million, up from HKD 7.4 million in the previous year[6]. - The profit for the period was approximately HKD 5.4 million, compared to HKD 2.0 million for the same period in 2018[6]. - Basic and diluted earnings per share for the period were HKD 1.09, compared to HKD 0.40 for the same period in 2018[16]. - The total comprehensive income for the period was HKD 2.9 million, compared to a total comprehensive loss of HKD 2.9 million in the same period last year[16]. - For the three months ended July 31, 2019, the company reported a profit attributable to equity holders of HKD 5,430,000, compared to HKD 2,015,000 for the same period in 2018, representing a significant increase of 169%[86]. - The total tax expense for the three months ended July 31, 2019, was HKD 1,039,000, up from HKD 719,000 in the same period of 2018, indicating a 44.5% increase[80]. Revenue Sources - The increase in revenue was primarily driven by higher sales from LED decorative lighting products to customers in Canada and Hong Kong[6]. - Revenue for the three months ended July 31, 2019, was HKD 44,837,000, a 60.8% increase from HKD 27,872,000 for the same period in 2018[71]. - Revenue from LED decorative lights was HKD 44,317,000, up from HKD 27,429,000 in the previous year[71]. - The company’s revenue from Canada increased to HKD 17,969,000 from HKD 13,744,000 year-over-year[63]. - Revenue from the United States decreased to HKD 1,171,000 from HKD 7,454,000 year-over-year[63]. Expenses and Costs - Administrative expenses increased to HKD 4.5 million from HKD 3.7 million in the previous year[16]. - The total cost of inventory recognized as an expense was HKD 33,309,000 for the three months ended July 31, 2019, compared to HKD 20,424,000 in the same period of 2018, representing an increase of 63%[77]. - Sales costs for the same period were approximately HKD 33.3 million, reflecting an increase of 63.2% from HKD 20.4 million year-on-year[115]. - Research and development expenses for the three months ended July 31, 2019, were HKD 28,000, a decrease from HKD 34,000 in the same period of 2018, reflecting a reduction of 17.6%[77]. - Financial costs for the three months ended July 31, 2019, were approximately HKD 144,000, an increase of about HKD 80,000 or 125.0% compared to the same period in 2018 (HKD 64,000)[122]. Assets and Liabilities - As of July 31, 2019, total assets amounted to HKD 124,659,000, a slight decrease from HKD 125,179,000 as of April 30, 2019[19]. - Non-current assets totaled HKD 48,126,000, compared to HKD 29,633,000 in the previous quarter, indicating a significant increase[19]. - Current liabilities decreased to HKD 30,512,000 from HKD 31,458,000, reflecting improved financial management[19]. - The company's trade receivables as of July 31, 2019, amounted to HKD 41,278,000, down from HKD 62,890,000 as of April 30, 2019, showing a decrease of 34.6%[91]. - The company's trade payables as of July 31, 2019, were HKD 8,698,000, a decrease from HKD 13,736,000 as of April 30, 2019, indicating a reduction of 36.7%[96]. Cash Flow - The net cash generated from operating activities for the three months ended July 31, 2019, was HKD 19,062,000, a turnaround from a cash outflow of HKD 14,743,000 in the same period last year[27]. - Cash and cash equivalents at the end of the period increased to HKD 29,163,000 from HKD 16,266,000, showing a strong liquidity position[27]. - The company reported a net cash inflow from financing activities of HKD (2,242,000), an improvement from HKD (3,001,000) in the previous year[27]. Accounting Standards - The company has adopted new accounting standards effective from May 1, 2019, which may impact future financial reporting[32]. - The group has adopted the Hong Kong Financial Reporting Standard 16 (HKFRS 16) for leases, which replaces HKAS 17 and related interpretations[38]. - The initial application of HKFRS 16 resulted in significant changes in accounting policies, particularly in the definition and recognition of leases[52]. - The group will recognize right-of-use assets at the commencement date of the lease, measured at cost less any accumulated depreciation and impairment losses[40]. - Lease liabilities are recognized at the present value of unpaid lease payments, using the incremental borrowing rate if the implicit rate is not determinable[44]. Corporate Governance - The company has appointed Prosperous Finance Limited as its compliance advisor[144]. - The board confirmed compliance with the trading rules during the three months ended July 31, 2019, with no non-compliance incidents reported[147]. - The company has adhered to the corporate governance code principles as per GEM Listing Rules during the reporting period[146]. - The audit committee was established on October 24, 2017, consisting of three independent non-executive directors[151]. - The audit committee's main responsibilities include reviewing financial information, risk management, and internal control systems[151].
濠亮环球(08118) - 2020 Q1 - 季度财报