Financial Performance - Revenue for the three months ended June 30, 2020, was HK$27,850,000, a decrease of 32.9% compared to HK$41,470,000 in the same period of 2019[14] - Gross profit for the same period was HK$10,555,000, down 45.0% from HK$19,207,000 year-on-year[14] - Operating results showed a profit of HK$4,696,000, a decline of 55.1% from HK$8,524,000 in the previous year[14] - Profit before tax increased to HK$1,448,000, up 35.2% from HK$1,070,000 in the same period last year[14] - Profit for the period attributable to equity holders of the Company was a loss of HK$162,000, compared to a loss of HK$1,240,000 in 2019[17] - Total comprehensive income for the period was HK$2,148,000, compared to a comprehensive loss of HK$13,901,000 in the previous year[20] - Non-controlling interest contributed HK$1,309,000 to the total comprehensive income, an increase from HK$816,000 in the same period of 2019[20] - The basic loss per share for the period was HK$0.01, compared to HK$0.08 in the previous year[17] - The company reported other income of HK$356,000, which was not present in the previous year[14] - Administrative expenses decreased to HK$4,883,000, down 45.0% from HK$8,875,000 in the same period of 2019[14] Equity and Liabilities - As of June 30, 2020, the issued share capital was HK$89,807,000 and the share premium was HK$1,842,983,000[23] - The total comprehensive income for the period ended June 30, 2020, was a loss of HK$839,000, compared to a total comprehensive income of HK$2,148,000 for the same period in 2019[23] - The retained losses increased to HK$1,704,318,000 as of June 30, 2020, from HK$1,704,156,000 as of April 1, 2020[23] - The net profit for the period was a loss of HK$162,000, with a non-controlling interest of HK$1,248,000 contributing to the total[23] - The company reported a total equity of HK$239,768,000 as of June 30, 2020, which includes non-controlling interests of HK$34,058,000[23] Financial Position - The Group's net current liabilities increased to approximately HK$157.5 million as of June 30, 2020, compared to HK$148.9 million as of March 31, 2020[71] - The current ratio as of June 30, 2020, was approximately 0.11, down from 0.17 as of March 31, 2020[71] - The gearing ratio was approximately 0.51 as of June 30, 2020, slightly down from 0.52 as of March 31, 2020[71] - As of June 30, 2020, the Group had cash and cash equivalents amounting to approximately HK$3.4 million, up from HK$2.1 million as of March 31, 2020[71] Operational Insights - The decrease in revenue was attributed to the slowdown of gold mining operations due to environmental inspections and the impact of the COVID-19 pandemic[69] - Profit before tax for the three months ended June 30, 2020, was impacted by a cost of inventories sold of HK$17,295,000, down from HK$22,263,000 in 2019, reflecting a reduction of 22.4%[48] - Staff costs, including directors' emoluments, decreased to HK$3,201,000 for the three months ended June 30, 2020, down from HK$5,266,000 in 2019, a reduction of 39.2%[48] - Depreciation expenses for the three months ended June 30, 2020, were HK$7,405,000, slightly down from HK$7,774,000 in 2019, a decrease of 4.7%[48] Corporate Governance - The Company is committed to maintaining high standards of corporate governance to enhance corporate value and safeguard shareholder interests[79] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2020, and found that the results complied with applicable accounting standards and GEM Listing Rules[84] - The Company has adopted a code of conduct regarding securities transactions by Directors that meets the required standards set out in GEM Listing Rules[79] - The Company has complied with all Code Provisions set out in the Corporate Governance Code during the Reporting Period, with some deviations noted[79] Management and Board Structure - The role of the chairman is currently performed by Dr. Li Dahong, while the position of chief executive remains vacant[82] - The Company will continue to review the Board's structure and will appoint a suitable candidate for the chief executive position when identified[82] - The Board comprises of Dr. Li Dahong, Ms. Ma Xiaona, Mr. Guo Wei, Mr. Lam Albert Man Sum, and Mr. Cheng Wai Hung[111] Shareholding and Interests - Mr. Ma holds 200,730,224 shares, representing approximately 13.41% of the issued shares[93] - Zhao Yuebing has an interest in 22,508,800 shares, accounting for 1.50% of the issued shares[93] - Lee Shing has an interest in a controlled corporation with 106,893,333 shares, which is 7.14% of the issued shares[93] - Yong Li Investments Limited, beneficially owned by Lee Shing, holds 106,893,333 shares, representing 7.14% of the issued shares[96] - Wang Dong has an interest in 86,244,800 shares, which is 5.76% of the issued shares[96] - Zhou Yong holds 116,666,666 shares, accounting for 7.79% of the issued shares[96] - J. Thomson Asset Investment Limited has a subscription obligation for 100,317,856 shares, representing 6.70% of the issued shares[96] Legal and Compliance - The Company has made adequate disclosures in accordance with legal requirements and GEM Listing Rules[84] - The Group's financial statements have been prepared under the historical cost convention, with no material effects from recent amendments to HKFRSs[40] - The Group's financial risk management policies have not undergone significant changes during the three months ended June 30, 2020[40] Events and Changes - Ms. Wang Hongyin resigned as an executive director effective August 10, 2020, to focus on other business commitments[111] - There are no significant events occurred from June 30, 2020, to the date of this report[111]
大唐潼金(08299) - 2021 Q1 - 季度财报