Financial Performance - The Company reported a loss attributable to owners of approximately HK$10,392,000 for the three months ended 31 March 2020, compared to a loss of approximately HK$5,055,000 in the same period last year[3]. - Loss before tax for the three months ended 31 March 2020 was HK$11,032,000, compared to a loss of HK$4,445,000 in the same period last year[8]. - The Company’s total comprehensive expense for the period was HK$11,211,000, compared to HK$4,613,000 in the same period last year[8]. - For the three months ended March 31, 2020, the company reported a loss attributable to owners of the Company of HK$10,756,000, compared to a loss of HK$5,055,000 for the same period in 2019, representing an increase in loss of 112.5%[10]. - Total comprehensive expense for the period attributable to owners of the Company was HK$10,994,000, compared to HK$4,594,000 in the previous year, indicating a 139.5% increase[10]. - The loss per share for continuing and discontinued operations was HK(6.79) cents, compared to HK(3.30) cents in the same period last year[10]. - The loss attributable to owners of the Company for the period was HK$10,392,000, compared to a loss of HK$5,055,000 in the previous year, representing a 105.2% increase in loss[47]. - The loss from discontinued operations was HK$364,000, a decrease from a profit of HK$483,000 in the previous year[49]. - The loss from continuing operations attributable to owners of the Company was HK$10,756,000, compared to HK$4,572,000 in the previous year, indicating a 134.3% increase in loss[51]. - Basic loss per share for the period was HK$0.24, compared to a loss of HK$0.32 per share in the previous year[53]. Revenue and Profitability - Revenue from continuing operations was approximately HK$22,361,000 for the Period, representing an increase of approximately HK$4,806,000 compared to HK$17,555,000 in the same period last year[3]. - Gross profit from continuing operations for the Period was approximately HK$15,825,000, compared to gross profit of approximately HK$12,501,000 in the same period last year[3]. - The revenue breakdown included HK$18,268,000 from alcoholic beverage distribution, HK$2,115,000 from food and beverage business, and HK$1,019,000 from loan interest income[7]. - The Company’s gross profit margin from continuing operations improved to approximately 70.7% for the Period, compared to 71.0% in the same period last year[3]. - Revenue from the alcoholic beverage distribution business decreased to HK$213,000, down 81.3% from HK$1,137,000 in the previous year[21]. - Revenue from the food and beverage business increased to HK$18,268,000, up 51.8% from HK$12,047,000 in the same period last year[21]. - Loan interest income for the period was HK$2,115,000, a decrease of 7.2% from HK$2,279,000 in 2019[21]. - Other income for the period was HK$1,238,000, a decrease from HK$3,063,000 in the previous year, indicating a decline of 59.6%[22]. - Revenue for the first quarter of 2020 was HK$1,388,000, a decrease of 81.8% compared to HK$7,234,000 in the same period of 2019[34]. - Cost of sales for the first quarter of 2020 was HK$1,460,000, down from HK$7,299,000 in 2019, reflecting a decrease of 80%[34]. - Profit from discontinued operations for the first quarter of 2020 was HK$404,000, compared to a loss of HK$536,000 in the same period of 2019[34]. Business Operations and Changes - The company is engaged in multiple business segments including alcoholic beverage distribution, food and beverage, money lending, children education services, financial services, and securities investment[12]. - The company decided to temporarily suspend its agricultural business operations in February 2020 due to unsatisfactory financial performance and decreased demand[30]. - The agricultural business was fully disposed of on April 22, 2020, constituting a discloseable and connected transaction under GEM Listing Rules[30]. - The Company acquired 100% equity interest in Wala Wala Limited for a cash consideration of HK$2,300,000[71]. - The Group completed the disposal of its feedstock products business on April 22, 2020, ceasing to hold any equity interest in the Target Group[101]. - The Company entered into a sales and purchase agreement to sell all equity interest in Tony China Limited and East Shine Group Limited for a total consideration of HK$1,152,000[99]. Corporate Governance - The Company has adopted and complied with the Corporate Governance Code provisions, except for Code Provision A.2.1 regarding the separation of the roles of chairman and CEO[130]. - The Audit Committee consists of three independent non-executive Directors and has reviewed the first quarterly results for the three months ended March 31, 2020[131]. - The company aims to regularly review and update its corporate governance practices to comply with all Code Provisions[130]. - The company has confirmed that all directors have complied with the required standards of dealings as set out in the GEM Listing Rules during the period[130]. - The chairman of the company is responsible for overall leadership and strategic planning, while the CEO manages day-to-day operations[130]. Share Capital and Transactions - As of 31 March 2020, the issued and fully paid share capital was HK$1,530,000, with 153,029,000 shares outstanding[66]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share remained at 153,030,000 shares for both 2020 and 2019[40]. - As of March 31, 2020, the Company had 153,029,515 shares issued, with Mr. Ng Ting Kit holding 25,925,000 shares, representing approximately 16.94% of the share capital[122]. - No share options were granted or exercised during the period, and none remained outstanding as of March 31, 2020[103]. - There were no significant transactions or contracts involving Directors or their connected entities during the period[106]. - The Company did not purchase, redeem, or sell any of its listed securities or those of its subsidiaries during the period ended March 31, 2020[105]. - No pre-emptive rights provisions exist under the Company's bye-law or Bermuda laws[104]. Market Outlook and Future Plans - The Board expects the performance of the securities investment business to contribute positive returns in the near future[90]. - The Group expects steady development in the loan business this year based on the current market environment and sentiment[95]. - The Group plans to commit more resources to businesses with sustainability potential and continue seeking investment opportunities for growth[99].
国农金融投资(08120) - 2020 Q1 - 季度财报