Financial Performance - Revenue for the three months ended December 31, 2020, was HK$6,127,000, a decrease of 75.2% compared to HK$24,737,000 in the same period of 2019[13] - Gross profit for the nine months ended December 31, 2020, was HK$9,304,000, down 78.5% from HK$43,369,000 in the previous year[13] - Loss for the period attributable to equity holders of the Company for the three months ended December 31, 2020, was HK$11,715,000, compared to a loss of HK$4,771,000 in the same period of 2019[16] - Loss before tax for the nine months ended December 31, 2020, was HK$23,573,000, significantly higher than a loss of HK$5,121,000 in the previous year[13] - The Company reported a gross loss of HK$4,019,000 for the three months ended December 31, 2020[13] - The net loss for the three months ended December 31, 2020, was HK$14,321,000, compared to a loss of HK$4,936,000 in the same period of 2019, indicating a significant increase in losses[19] - The total comprehensive loss for the period was HK$21,032,000, compared to HK$2,160,000 in the previous year, reflecting a substantial decline in performance[19] - The Company reported a net loss of HK$20,670,000 for the nine months ended December 31, 2020, compared to a loss of HK$9,525,000 for the same period in 2019, indicating a worsening financial situation[22] - The total comprehensive loss for the nine months ended December 31, 2020, was HK$15,309,000, compared to HK$22,773,000 for the same period in 2019, showing a 33% improvement[19] Expenses and Costs - Administrative expenses for the three months ended December 31, 2020, were HK$5,159,000, a decrease of 13.7% from HK$5,982,000 in the same period of 2019[13] - Finance costs for the nine months ended December 31, 2020, were HK$12,215,000, down from HK$21,421,000 in the previous year[13] - Selling and distribution expenses were approximately HK$3.7 million, a decrease of approximately 8.5% from approximately HK$4.0 million in the same period last year[82] - Administrative and other expenses were approximately HK$17.6 million, representing a decrease of approximately 23.9% from approximately HK$23.1 million in the corresponding period last year[85] - The cost of inventories sold for the nine months ended 31 December 2020 was HK$42.749 million, slightly down from HK$43.369 million in the previous year[58] - Depreciation for the nine months ended 31 December 2020 was HK$22.746 million, a slight decrease from HK$22.971 million in the same period last year[58] Equity and Share Capital - As of December 31, 2020, the total equity attributable to equity holders of the Company was HK$191,986,000, down from HK$204,871,000 at the beginning of the period[22] - The Company’s issued share capital remained unchanged at HK$89,807,000 as of December 31, 2020[22] - The issued share capital of the Company as of December 31, 2020, was HK$89,806,929.624, divided into 1,496,782,160 shares of HK$0.06 each[97] - The Company does not recommend the payment of any dividend for the nine months ended December 31, 2020, consistent with the previous year[90] Cash Flow and Current Liabilities - As of December 31, 2020, the Group had cash and cash equivalents amounting to approximately HK$18.4 million, compared to approximately HK$2.1 million as of March 31, 2020[94] - The Group's net current liabilities amounted to approximately HK$135.3 million as of December 31, 2020, down from approximately HK$148.9 million as of March 31, 2020[94] - The current ratio as of December 31, 2020, was approximately 0.27, an increase from approximately 0.15 as of March 31, 2020[94] Risks and Uncertainties - The Company has acknowledged the potential risks associated with investing in small and mid-sized companies listed on the GEM[2] - The legal proceedings regarding the repayment of HK$30,095,357 in convertible bonds are ongoing, creating uncertainty about the Group's ability to continue as a going concern[49] - The Group anticipates facing a number of challenges for the remaining of 2021 due to economic uncertainties from the Novel Coronavirus outbreak and the China-US trade dispute[104] Corporate Governance and Compliance - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2020, and found them compliant with applicable accounting standards[109] - The Company has adopted a code of conduct regarding securities transactions by Directors, with no reported non-compliance during the reporting period[112] - The Company has complied with all Code Provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive[118] Shareholding Structure - As of December 31, 2020, Mr. Ma holds 200,730,224 shares, representing approximately 13.41% of the issued shares[132] - Mr. Ma's spouse has an interest in 22,508,800 shares, accounting for about 1.50% of the issued shares[132] - Zhao Yuebing holds 22,508,800 shares, also representing approximately 1.50% of the issued shares[132] - Lee Shing has an interest in a controlled corporation with 106,893,333 shares, which is about 7.14% of the issued shares[132] - Wang Dong has an interest in a controlled corporation with 86,244,800 shares, equating to approximately 5.76% of the issued shares[135] - Midway International Holdings is a beneficial owner of 86,244,800 shares, representing about 5.76% of the issued shares[135] - Zhou Yong holds 116,666,666 shares, which is approximately 7.79% of the issued shares[135] - Leung Heung Ying has an interest in a controlled corporation with 13,333,333 shares, accounting for about 0.89% of the issued shares[135] - J. Thomson Asset Investment Limited holds 13,333,333 shares, also representing approximately 0.89% of the issued shares[135] - Leung Heung Ying has an interest in 100,317,856 underlying shares, which is about 6.70% of the issued shares[135] Future Outlook and Strategy - The Company is focusing on developing its existing business and exploring investment opportunities to broaden its income stream and enhance profitability[103] - The Company aims to improve its asset scale and quality as well as financial performance over time through organic growth and potential mergers and acquisitions[104] - The Group did not have any significant investment, material acquisition, or disposal of subsidiaries and affiliated companies throughout the Reporting Period[102] - During the reporting period, the Group did not engage in any major investments, significant acquisitions, or sales of subsidiaries[105] - The Company is focused on developing and enhancing its existing business while exploring investment opportunities to expand revenue sources and improve profitability[105] Other Information - The Group's financial statements were prepared on a going concern basis, assuming sufficient working capital for at least the next twelve months from December 31, 2020[49] - The Group's financial risk management policies have not changed significantly for the nine months ended December 31, 2020[37] - The Group did not have any material contingent liabilities as of March 31, 2020, and December 31, 2020[104] - The company maintained a sufficient public float as of the report date[141] - No significant events occurred after December 31, 2020, up to the report date[142]
大唐潼金(08299) - 2021 Q3 - 季度财报