Financial Performance - For the three months ended March 31, 2019, the company reported total revenue of HKD 23,541,788, a decrease of 8.0% from HKD 25,593,523 in the same period of 2018[4] - The profit attributable to owners of the company for the period was HKD 4,384,441, a decrease of 72.6% compared to HKD 15,995,511 in the previous year[4] - Basic earnings per share for the period was HKD 0.12, down from HKD 0.44 in the same period last year, representing a decline of 72.7%[5] - The group recorded a pre-tax profit of HKD 4,384,441 for the three months ended March 31, 2019, compared to HKD 15,995,511 for the same period in 2018[24] - The group did not recommend any dividends for the three months ended March 31, 2019, and 2018[23] Expenses and Losses - The company's administrative expenses were HKD 7,478,843, down from HKD 8,044,626, reflecting a reduction of 7.0%[4] - The impairment loss on loans receivable increased significantly to HKD 7,352,850 from HKD 1,010,362, indicating a rise of 627.0%[4] - Other income decreased significantly from approximately HKD 5,580,000 to about HKD 200 due to the absence of a one-time compensation income from a former director[34] - Financial expenses significantly decreased from approximately HKD 1,120,000 to about HKD 70,000, as there were no loan interest expenses during the review period[40] - Other operating expenses remained stable at approximately HKD 3,300,000, compared to about HKD 3,730,000 in the same period last year[39] Revenue Sources - Interest income from loan financing was HKD 23,541,082, down from HKD 25,585,258, a decrease of 8.0%[11] - The company recorded other income of HKD 178, a substantial decline from HKD 5,576,594 in the same period last year, indicating a decrease of 96.8%[12] - The group's revenue decreased to approximately HKD 23,540,000 for the three months ended March 31, 2019, compared to HKD 25,590,000 for the same period in 2018, reflecting a decline in interest income from lending activities[32] Business Operations - The group continues to focus on its lending business, providing secured and unsecured loans to various customer segments[29] - The group has received approval to commence margin financing business, which is expected to provide new revenue sources in the future[29] - Average loan balances increased by approximately 5.38% to about HKD 963,490,000 during the review period, compared to approximately HKD 914,260,000 in the same period last year[32] - The average annual interest rate for lending decreased from approximately 11.19% for the three months ended March 31, 2018, to approximately 9.77% for the review period[32] - The net interest margin for the lending business was approximately 9.49% during the review period, down from approximately 10.56% for the same period in 2018, indicating a competitive low-interest environment[33] Corporate Governance - The Audit Committee, composed of four independent non-executive directors, reviewed the unaudited consolidated performance for the reporting period[57] - The financial data preparation complies with applicable accounting standards and GEM listing rules, ensuring adequate disclosure[57] Shareholder Information - As of March 31, 2019, major shareholders include Xiao Guoliang with 1,070,400,000 shares (29.50%) and Wu Jinlong with 1,013,040,000 shares (27.92%) of the company[44] - The company has not granted any stock options under the stock option plan since its adoption on November 24, 2011[48] - The company's shares have been suspended from trading since November 24, 2017, and will remain suspended until further notice[54] - The company received a letter from the Securities and Futures Commission (SFC) on February 27, 2019, requesting further information to assist in the review of the company's stock trading resumption[55] Regulatory Compliance - The company adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2019, which may impact future financial reporting[8] - The company has not reported any significant new product developments or market expansions during this period[4]
FIRST CREDIT(08215) - 2019 Q1 - 季度财报