Financial Performance - The Group's revenue for the nine months ended 28 February 2021 was approximately HK$15.4 million, representing a decrease of approximately 63.7% compared to the corresponding period in 2020[16]. - The Group recorded a loss and total comprehensive income of approximately HK$11.3 million for the nine months ended 28 February 2021, compared to a loss of approximately HK$17.6 million for the same period in 2020[17]. - Revenue for the nine months ended February 28, 2021, was HK$3,501,000, a decrease of 71.8% compared to HK$12,422,000 for the same period in 2020[31]. - Loss before income tax expense for the period was HK$7,105,000, compared to a loss of HK$6,379,000 for the same period in 2020[31]. - Total comprehensive loss attributable to owners of the Company for the period was HK$10,865,000, compared to HK$5,878,000 for the same period in 2020[31]. - Basic and diluted loss per share for the period was HK$0.71, compared to HK$0.73 for the same period in 2020[31]. - The accumulated loss as of February 28, 2021, was HK$95,278,000, reflecting an increase from HK$48,709,000 as of June 1, 2019[33]. - The Group's total revenue for the nine months ended February 28, 2021, was HK$15,404,000, a decrease from HK$42,380,000 for the same period in 2020, representing a decline of approximately 63.6%[56]. - Revenue from club and entertainment operations was HK$12,277,000 for the nine months ended February 28, 2021, compared to HK$30,982,000 in the previous year, indicating a decrease of about 60.4%[56]. - Restaurant operations generated revenue of HK$3,127,000 for the nine months ended February 28, 2021, down from HK$5,379,000 in the same period of 2020, reflecting a decline of approximately 42.0%[56]. - For the nine months ended 28 February 2021, the loss attributable to owners of the Company was HK$10.865 million, compared to a loss of HK$16.786 million for the same period in 2020, representing a decrease of approximately 35.5%[76]. Dividends and Share Capital - The Board does not recommend payment of any dividend for the nine months ended 28 February 2021, consistent with the previous period[18]. - No dividends were paid, declared, or proposed during the nine months ended 28 February 2021 and 29 February 2020[74]. - The Company issued ordinary shares amounting to HK$1,600,000 during the period, increasing share capital to HK$9,600,000[33]. Financial Position - The total equity as of February 28, 2021, was HK$(10,419,000), a decrease from HK$15,816,000 as of June 1, 2019[33]. - The Group had net liabilities of approximately HK$13,448,000 as of 28 February 2021[44]. - The Group's financial resources are deemed sufficient to meet its financial obligations as they fall due in the foreseeable future[48]. - The Directors are satisfied that the Group will have sufficient financial resources to meet its obligations in the foreseeable future[46]. Operational Highlights - The Group is primarily engaged in the operation of club, entertainment, and restaurant businesses in Hong Kong[37]. - The Group operates three night clubs and a sports-themed bar, one entertainment studio, and one restaurant under the "Tiger" brand[80]. - The Group's customer base is diversified, with no individual customer exceeding 10% of total revenue during the review period[54]. - The Group's operations are primarily focused on club, entertainment, and restaurant businesses in Hong Kong[52]. Cost Management - Advertising and marketing expenses for the period were HK$2,179,000, a significant reduction compared to HK$4,509,000 for the same period in 2020[31]. - Employee benefits expenses decreased by approximately HK$6.6 million, or approximately 45.8%, from approximately HK$14.4 million for the nine months ended 29 February 2020 to approximately HK$7.8 million for the nine months ended 28 February 2021[109]. - Other expenses decreased by approximately HK$4.5 million, or approximately 37.5%, from approximately HK$12.0 million for the nine months ended February 29, 2020, to approximately HK$7.5 million for the nine months ended February 28, 2021[114][116]. - Finance costs for the nine months ended February 28, 2021, totaled HK$1,144,000, a decrease from HK$1,941,000 in the same period of 2020, representing a reduction of about 41.0%[60]. Future Outlook - The Group expects that after the coronavirus pandemic is under control, revenue generated by the Group will improve[86]. - The Group plans to strengthen its market position by upgrading club facilities, refining business strategies, negotiating with business partners, and enhancing operational efficiency[87]. - The Group is committed to strengthening its core business strategies to improve business performance and operating results[91]. - The management is implementing cost control measures to mitigate the overall impact of COVID-19 on business operations and financial position[176]. Risks and Challenges - The significant decrease in revenue was primarily due to reduced business hours caused by the coronavirus pandemic[97]. - The Group's financial performance reflects the impact of the pandemic on its operations and revenue generation capabilities[97]. - The company expects a significant decrease in sales due to the impact of COVID-19, which may adversely affect financial performance for the year 2021[176]. - The ongoing spread of COVID-19 could negatively affect the tourism industry in Hong Kong, impacting the company's business and financial condition[177]. - The Group is exposed to fluctuations in the commercial real estate market, which may impact rental rates and lease liabilities, affecting financial stability[168]. - Any non-renewal or termination of leases could lead to outlet closures or relocations, resulting in financial strain[168]. Corporate Governance - Throughout the financial period ended February 28, 2021, the company complied with the Corporate Governance Code except for the separation of the roles of Chairman and CEO[197]. - The company did not have a Chairman from February 17, 2021, to February 28, 2021, following the resignation of Mr. Ng Shing Joe Kester[200].
新爱德集团(08412) - 2021 Q3 - 季度财报