Financial Performance - The group's revenue for the three months ended June 30, 2019, was HKD 31,897,000, a decrease of 8.5% compared to HKD 34,874,000 in the same period of 2018[6]. - Other income for the same period was HKD 44,000, down from HKD 118,000, reflecting a decline of 62.7%[6]. - The group reported a loss before tax of HKD 14,765,000, compared to a loss of HKD 949,000 in the previous year, indicating a significant increase in losses[6]. - The basic loss per share for the period was HKD 1.84, compared to HKD 0.18 in the same period last year, representing a substantial increase in loss per share[6]. - Total comprehensive loss for the period amounted to HKD 14,765,000, compared to HKD 1,351,000 in the previous year, marking a significant deterioration in overall financial performance[6]. - The group reported a total revenue of HKD 31,897 thousand for the three months ended June 30, 2019, compared to HKD 34,874 thousand for the same period in 2018, representing a decrease of approximately 8.5%[26]. - The group reported a loss attributable to owners of approximately HKD 14.8 million for the three months ended June 30, 2019, compared to a loss of HKD 1.4 million for the same period in 2018[54]. Revenue Breakdown - Revenue from Chinese cuisine was HKD 11,305 thousand, slightly down from HKD 11,310 thousand in the previous year, indicating a stable performance[26]. - Thai cuisine revenue decreased significantly to HKD 11,405 thousand from HKD 16,710 thousand, reflecting a decline of approximately 31.5%[26]. - Revenue from the "麻酸樂/嫲孫樂" brand was approximately HKD 11.3 million, accounting for 35.4% of total revenue, remaining relatively stable compared to the previous year[39]. - "泰巷" recorded revenue of approximately HKD 11.4 million, representing a decrease of 31.7% year-on-year, accounting for 35.8% of total revenue[39]. Cost and Expenses - The cost of materials and consumables used was HKD 8,468,000, down from HKD 9,757,000, a decrease of 13.2%[6]. - Employee costs increased to HKD 14,969,000 from HKD 13,307,000, reflecting a rise of 12.5%[6]. - Depreciation expenses surged to HKD 7,225,000 from HKD 1,953,000, indicating a significant increase of 269.5%[6]. - Financing costs rose to HKD 599,000 from HKD 98,000, an increase of 510.2%[6]. - Employee costs, including director remuneration, amounted to HKD 14,330,000, an increase from HKD 12,751,000 in the previous year, reflecting a rise of approximately 12.4%[36]. - Employee costs increased by approximately 12.5% to HKD 15.0 million for the three months ended June 30, 2019, due to a higher number of operating restaurants compared to the previous year[51]. Operational Changes - The closure of three restaurants during the period, including two due to poor performance, contributed to the revenue decline[49]. - The group replaced underperforming brands with a single brand, resulting in a daily sales increase of approximately 30% for the newly branded restaurant[49]. - The company plans to open a new "峇峇娘惹" restaurant in Ngau Tau Kok in October 2019, as part of its expansion strategy[44]. - The company has successfully renewed lease agreements for two restaurants in Tiu Keng Leng, indicating a proactive approach to managing operational costs[44]. - The central kitchen, established in 2007, continues to enhance operational efficiency by supplying raw materials and consumables to the restaurants[40]. - The group has formed a joint venture for frozen warehouse operations, with optimistic expectations for increased customer transactions despite underutilization of some warehouse space[42]. Accounting and Compliance - The group recognized right-of-use assets and lease liabilities of HKD 50.6 million upon the adoption of HKFRS 16, effective from April 1, 2019[19]. - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant financial impact on the unaudited consolidated financial statements, except for HKFRS 16[16]. - The group plans to continue evaluating the impact of the new accounting standards on its financial reporting and operations moving forward[19]. - The company has adopted GEM Listing Rules as a code of conduct for directors' securities transactions, confirming compliance during the reporting period[78]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, ensuring compliance with all applicable provisions as of June 30, 2019[81]. Corporate Governance - The Audit Committee was established on January 29, 2018, with responsibilities including recommending the appointment and remuneration of external auditors and reviewing the adequacy of risk management and internal control systems[82]. - The Audit Committee consists of three independent non-executive directors, ensuring independence and objectivity in the audit process[83]. - The unaudited condensed consolidated financial statements for the three months ended June 30, 2019, were reviewed by the Audit Committee and deemed to comply with applicable accounting standards and GEM Listing Rules[83]. - The board of directors includes both executive and independent non-executive members, promoting a balanced governance structure[84]. - The company emphasizes transparency, accountability, fairness, and responsibility in its corporate governance practices[81]. - The financial reporting principles and practices used in preparing financial statements are regularly reviewed by the Audit Committee[83]. - The Audit Committee monitors the integrity of the financial statements and reviews any significant financial reporting issues before submission to the board[83]. - The company is committed to high levels of corporate governance, as evidenced by its adherence to the established code[81]. - The board of directors is composed of a diverse group of individuals, enhancing decision-making and oversight capabilities[84]. Shareholder Information - As of June 30, 2019, MJL holds a beneficial interest of 67.5% in the company's shares, with 540,000,000 shares owned[70]. - Huang Xueqing holds a 31.0% beneficial interest in MJL, while Wang Xiuting holds an 18.7% beneficial interest[72]. - No major shareholders or other individuals have disclosed any interests or positions in the company's shares that require notification under the Securities and Futures Ordinance as of June 30, 2019[73]. - No dividends were recommended for the three months ended June 30, 2019, consistent with the previous year[35]. - No stock options were granted, exercised, expired, or lapsed during the three months ended June 30, 2019, and there are no unexercised stock options under the stock option plan[80]. - The company has not purchased, sold, or redeemed any of its listed securities during the three months ended June 30, 2019[67]. - The company has not engaged in any significant transactions, arrangements, or contracts during the reporting period that would constitute a direct or indirect significant interest for the directors[75]. - No directors or their associates have engaged in any business that competes directly or indirectly with the company during the three months ended June 30, 2019[76]. - The company has appointed Dekean Finance Limited as its compliance advisor, with no interests disclosed in the company's equity[77].
倩碧控股(08367) - 2020 Q1 - 季度财报