Revenue Performance - During the Reporting Period, the Group's revenue was approximately HK$63,672,000, representing an increase of approximately 15.1% from approximately HK$55,298,000 in the corresponding period last year[21]. - Revenue from the retail chain business in lighting and designer label furniture was approximately HK$57,790,000, representing an increase of approximately 9.1% from approximately HK$52,957,000 in the corresponding period last year[22]. - Revenue from tableware, giftware, and other business was approximately HK$5,882,000, accounting for approximately 9.2% of the Group's total revenue[11]. - The Group's total revenue for the Reporting Period was approximately HK$63,672,000, an increase of approximately 15.1% from HK$55,298,000 in the same period last year, attributed to timely product strategy adjustments and active promotional activities[26]. - Revenue for the three months ended December 31, 2020, was HK$22,603,000, representing a 17.8% increase from HK$19,325,000 in the same period of 2019[79]. - For the three months ended December 31, 2020, the sales of goods amounted to HK$22,603,000, representing an increase of 11.8% compared to HK$19,325,000 for the same period in 2019[100]. - For the nine months ended December 31, 2020, total sales reached HK$63,672,000, up 15.1% from HK$55,298,000 in the previous year[100]. Profitability - The Group recorded a profit of approximately HK$6,119,000 during the Reporting Period, compared to a loss of approximately HK$811,000 in the same period last year[33]. - Profit before tax for the nine months ended December 31, 2020, was HK$6,926,000, compared to a loss of HK$944,000 in the same period of 2019[79]. - The profit attributable to owners of the Company for the nine months ended December 31, 2020, was HK$6,119,000, a significant recovery from a loss of HK$811,000 in the previous year[79]. - For the three months ended 31 December 2020, the profit was HK$3,462,000 compared to HK$229,000 for the same period in 2019, indicating a significant increase[117]. - For the nine months ended 31 December 2020, the profit was HK$6,119,000, a turnaround from a loss of HK$811,000 in the same period in 2019[117]. Cost Management - Selling and distribution expenses decreased to approximately HK$19,031,000, down approximately 4.3% from HK$19,884,000 in the previous year, primarily due to reduced rental and related expenses for retail outlets[25]. - Administrative and other expenses were approximately HK$9,632,000, a decrease of approximately 7.7% from HK$10,436,000 in the same period last year, mainly due to reduced emoluments to Directors[32]. - Selling and distribution expenses primarily consist of rentals for retail outlets, staff costs, electronic payment charges, and depreciation[25]. - Selling and distribution expenses decreased to HK$19,031,000 for the nine months ended December 31, 2020, down from HK$19,884,000 in the previous year, indicating improved cost management[79]. - Administrative and other expenses for the nine months ended December 31, 2020, were HK$9,632,000, a decrease from HK$10,436,000 in the same period of 2019[79]. Strategic Focus - The Group plans to focus on consolidating its retail network, optimizing product mix, and intensifying cost control to navigate the challenging retail market[16]. - The Group is actively developing smart home and COVID-19 related products, seeking new opportunities in international trading[16]. - The Group aims to maintain steady growth and maximize returns for investors while being responsive to market changes[17]. - The Group's strategic planning will be cautious, with a focus on controlling expenditures to maintain competitiveness[17]. - The Group's core business remains the retail chain in lighting and designer label furniture, which has established a strong market presence in Hong Kong[9]. Shareholder Information - As of December 31, 2020, Time Prestige Ventures Limited holds 210,000,000 shares, representing approximately 46.56% of the total issued shares of the Company[58]. - Ms. Ng Hiu Ying holds 45,000,000 shares, which is approximately 9.98% of the total issued shares, as she is deemed to have an interest in the shares held by her spouse[59]. - The Company has a Share Option Scheme with a total of 40,000,000 shares available for issue, representing about 8.87% of the total number of issued shares, but no options have been granted since its adoption[64]. Financial Position - The total equity as of December 31, 2020, increased to HK$22,612,000 from HK$20,614,000 as of December 31, 2019[82]. - The company reported an income tax expense of HK$807,000 for the nine months ended December 31, 2020, compared to a tax credit of HK$133,000 in the same period of 2019[111]. - The total employee costs for the three months ended December 31, 2020, were HK$4,213,000, marginally higher than HK$4,188,000 in the same period of 2019[108]. - The depreciation expense for property, plant, and equipment for the nine months ended December 31, 2020, was HK$240,000, down from HK$471,000 in the previous year[105]. Compliance and Reporting - The Audit Committee reviewed the unaudited consolidated results for the nine months ended December 31, 2020, and confirmed compliance with applicable accounting standards and GEM Listing Rules[70]. - The company continues to assess the potential impact of new and revised HKFRSs that will be effective in future periods, indicating a proactive approach to compliance and financial reporting[92]. - The company has not adopted new accounting standards that have been issued but are not yet effective, and is currently evaluating their potential impact[98]. - The company’s financial statements are presented in Hong Kong dollars, consistent with its functional currency[96].
壹照明(08222) - 2021 Q3 - 季度财报