Financial Performance - Revenue for the nine months ended December 31, 2018, was HK$16,175,000, a decrease of 38.5% compared to HK$26,249,000 for the same period in 2017[10]. - Gross profit for the nine months ended December 31, 2018, was HK$4,922,000, down 29.4% from HK$6,977,000 in the previous year[10]. - Loss before tax for the nine months ended December 31, 2018, was HK$18,147,000, compared to a loss of HK$11,329,000 for the same period in 2017, representing a 60.5% increase in losses[13]. - Loss attributable to owners of the Company for the nine months ended December 31, 2018, was HK$18,147,000, compared to HK$11,552,000 in 2017, indicating a 57.3% increase in losses[13]. - Basic and diluted loss per share for the nine months ended December 31, 2018, was HK$4.87, compared to HK$3.18 for the same period in 2017, reflecting a 53.1% increase in loss per share[13]. - The total comprehensive expenses attributable to owners of the Company for the nine months ended December 31, 2018, were HK$18,258,000, compared to HK$11,336,000 in 2017, representing an increase of 61.2%[13]. - The company reported a loss for the period of HK$18,147,000, resulting in a total comprehensive expense of HK$18,258,000 for the nine months ended December 31, 2018[16]. - Loss for the nine months ended 31 December 2018 was approximately HK$18.1 million, representing an increase in loss of approximately HK$6.5 million or 57.1% compared to the previous year[129]. Revenue Breakdown - Revenue from fitting out and engineering services for the three months ended December 31, 2018, was HK$2,373,000, a decrease of 55.1% compared to HK$5,259,000 for the same period in 2017[78]. - Revenue from design and procurement of furnishings and related products services for the nine months ended December 31, 2018, was HK$5,081,000, an increase of 304.5% compared to HK$1,256,000 for the same period in 2017[78]. - Interest income from money lending for the nine months ended December 31, 2018, was HK$2,681,000, a decrease of 19.0% compared to HK$3,307,000 for the same period in 2017[78]. - Sales of fine and rare wines for the nine months ended December 31, 2018, were HK$301,000, a decrease of 97.8% compared to HK$13,514,000 for the same period in 2017[78]. - The Group's revenue is primarily generated from fitting out and engineering services, design and procurement of furnishings, money lending, and sourcing of fine wines, with no revenue from financial services during the period[112]. Expenses and Costs - Administrative expenses for the nine months ended December 31, 2018, were HK$24,214,000, an increase of 15.4% from HK$20,953,000 in the previous year[10]. - Total staff costs for the nine months ended December 31, 2018, amounted to HK$13,265,000, up from HK$12,570,000 in the same period of 2017[94]. - Depreciation expenses for the nine months ended December 31, 2018, were HK$1,652,000, compared to HK$811,000 in the previous year[94]. - The company reported a finance cost of HK$133,000 for the nine months ended December 31, 2018, slightly down from HK$129,000 in the same period in 2017[92]. - Administrative expenses increased by approximately HK$3.2 million or 15.6% to approximately HK$24.2 million, primarily due to increased rental expenses for a showroom and warehouse[128]. Share Capital and Dividends - The issued and fully paid share capital as of 31 December 2018 was HK$168,887,000, an increase from HK$154,851,000 as of 31 December 2017[110]. - No dividends were recommended for the nine months ended 31 December 2018, consistent with the previous year where no dividends were paid[107]. - The Group completed a placing of 72,600,000 shares at a price of HK$0.20 per share, raising approximately HK$13,800,000 intended for purchasing construction equipment for leasing purposes[110]. Business Operations and Strategy - The Group is primarily engaged in providing fitting out and engineering services, design and procurement of furnishings, money lending, and sourcing of fine wines[17]. - The Group is currently formulating a business plan to expand its financial services under the licenses held[18]. - The Group is actively seeking new business opportunities and customers to strengthen its revenue base and maximize shareholder returns[134]. - The Group's wine merchandising operations were scaled down due to staff turnover, but efforts are being made to restructure and identify suppliers and potential customers for future business[140]. - The Group acquired a company engaged in waterproofing works and maintenance in Hong Kong to further develop its fitting out and engineering services business[148]. Accounting Standards and Compliance - The unaudited financial statements are prepared in accordance with HKFRS and comply with GEM Listing Rules[20]. - The Group has adopted HKFRS 15 and HKFRS 9 for the first time, impacting the accounting for financial instruments and revenue recognition[24]. - The application of HKFRS 9 has had no material impact on the amounts reported in the unaudited condensed consolidated financial statements[43]. - HKFRS 15 establishes a comprehensive framework for recognizing revenue from contracts with customers, replacing HKAS 18 and HKAS 11[44]. - The adoption of HKFRS 15 does not have a significant impact on the timing of revenue recognition for the Group[52]. Market Risks and Future Outlook - The Company continues to face high market volatility risks associated with being listed on the GEM, which may affect its securities liquidity[4]. - The Group anticipates that the application of new and revised HKFRSs will have no material impact on its results and financial position, except as described[67]. - The Group has not yet generated any revenue from the financial services business during the period[76]. - The Group is in the process of formulating a business plan for its financial services business, which has not yet commenced regulated activities under the Securities and Futures Ordinance[141].
中新控股(08125) - 2019 Q3 - 季度财报