Financial Performance - The Company reported a loss attributable to owners of approximately HK$5,055,000 for the three months ended 31 March 2019, compared to a loss of approximately HK$309,000 in the same period last year[3]. - The revenue of the Group was approximately HK$24,789,000 for the Period, representing an increase of approximately HK$12,418,000 from HK$12,371,000 in the same period last year[3]. - Gross profit for the Period was approximately HK$12,436,000, compared to gross profit of approximately HK$3,543,000 in the same period last year[3]. - Total comprehensive loss for the period attributable to owners of the Company was HK$4,594,000, compared to a profit of HK$509,000 in the same period last year[12]. - Basic loss per share was HK$0.41, compared to HK$0.03 in the previous year[12]. - Total comprehensive expense for the period was approximately HK$4,613,000, compared to a total comprehensive income of HK$646,000 in the same period last year[10]. - Loss for the period before tax was approximately HK$4,981,000, with an income tax expense of HK$142,000[10]. - Other income for the period was HK$3,063,000, compared to a loss of HK$212,000 in the previous year[28]. - The company recorded a net loss attributable to owners of approximately HK$5,055,000 for the three months ended 31 March 2019, compared to a loss of HK$309,000 for the same period in 2018[58]. - Revenue for the period increased by approximately 100% to approximately HK$24,789,000, up from HK$12,371,000 in the previous year[58]. Revenue Breakdown - The total revenue included sales from feedstock products, alcoholic beverage distribution, food and beverage business, loan interest income, and provision of children education services[9]. - Revenue from feedstock products and alcoholic beverage distribution was HK$7,234,000, down from HK$9,217,000 year-on-year[26]. - Loan interest income increased significantly to HK$12,047,000 from HK$2,531,000 in the previous year[26]. - Revenue from the food and beverage business was approximately HK$12,047,000, also compared to nil in the previous year[72]. - Revenue from the provision of children education services amounted to approximately HK$1,501,000, with no revenue reported in the previous year[75]. - Revenue from the distribution of alcoholic beverages amounted to approximately HK$1,137,000, compared to nil in the previous year[70]. Expenses and Costs - The Company incurred selling and distribution costs of approximately HK$21,575,000 during the period[9]. - General and administrative expenses increased by approximately HK$14,062,000 during the period[58]. - General and administrative expenses for the period amounted to approximately HK$21,575,000, an increase from HK$7,513,000 in the same period last year, primarily due to the inclusion of operating expenses from newly acquired businesses[60]. Taxation - Total income tax expense recognized in profit or loss was HK$142,000, down from HK$804,000 in the previous year[33]. - The Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of estimated assessable profits and at 16.5% on profits above HK$2 million[36]. - The tax rate for PRC subsidiaries is set at 25% for both periods under the EIT Law[36]. - The company continues to monitor its tax obligations across different jurisdictions, ensuring compliance with local tax rates[36]. Acquisitions and Investments - The company acquired 100% equity interest in Wala Wala Limited for a cash consideration of HK$2,300,000 on 18 February 2019[54]. - The fair value of identifiable net liabilities at the date of acquisition was approximately HK$551,000, resulting in a gain on bargain purchase of approximately HK$1,903,000[57]. - The Group entered into a subscription agreement to acquire 51% of Nobel Education Organisation Limited for HK$3,000,000, targeting growth in the kindergarten and pre-school education market[74]. - The acquisition of Belicious is anticipated to have a positive impact on the Group's operations, financial results, and profitability[70]. Business Strategy and Outlook - The Group aims to develop a business strategy for expanding in the food and beverage market, particularly in Japanese and Hong Kong style restaurants[72]. - The Group will continue to seek business and investment opportunities to provide growth potential and higher returns to shareholders[83]. - The loan business is expected to have steady and positive development this year, with a focus on improving operational efficiency and strengthening revenue[79]. - The Group will review markets for its businesses with a forward-looking perspective, committing more resources to sustainable business opportunities[83]. Corporate Governance - The company has adopted and complied with the Corporate Governance Code as set out in the GEM Listing Rules during the reporting period[124]. - The Audit Committee consists of three independent non-executive Directors and has reviewed the first quarterly results for the three months ended March 31, 2019[124]. - No Directors or their associates have any business that competes or may compete with the business of the Group[119]. - The company has confirmed compliance with the required standards of dealings regarding securities transactions by Directors during the reporting period[120]. Share Capital and Structure - A capital reorganization is proposed, including a share consolidation where every 8 existing shares of HK$0.01 will be consolidated into 1 share of HK$0.08[97]. - The par value of each issued Consolidated Share has been reduced from HK$0.08 to HK$0.01, resulting in a capital reduction of HK$0.07 per share[100]. - The board lot size for trading in the Shares will change from 20,000 existing shares to 10,000 new shares following the Capital Reorganisation[102]. - As of March 31, 2019, the Company had 1,224,236,125 shares issued, with directors holding approximately 0.63% each[111].
国农金融投资(08120) - 2019 Q1 - 季度财报