Financial Performance - The company recorded revenue of approximately HKD 61,032,000 for the three months ended June 30, 2020, compared to HKD 49,003,000 for the same period in 2019, representing a growth of 24.6%[4] - The profit attributable to owners of the company for the three months ended June 30, 2020, was approximately HKD 1,250,000, a significant improvement from a loss of HKD 163,000 in the same period of 2019[4] - The total comprehensive income for the three months ended June 30, 2020, was HKD 1,250,000, compared to a total comprehensive loss of HKD 163,000 for the same period in 2019[7] - The company reported a pre-tax profit of HKD 1,433,000 for the three months ended June 30, 2020, compared to a pre-tax loss of HKD 119,000 in the same period of 2019[7] - The company reported a pre-tax profit of HKD 1,250,000 for the three months ended June 30, 2020, compared to a loss of HKD 163,000 in the same period in 2019[36] Revenue and Sales Breakdown - The sales breakdown by product category for the three months ended June 30, 2020, included daily necessities and grain products at HKD 13,120,000, packaged foods at HKD 9,179,000, and sauces and seasonings at HKD 9,857,000[21] - Sales of kitchen and hygiene products surged, contributing approximately HKD 15,920,000 in sales from masks alone, which helped offset declines in food and beverage product sales[40] - The company experienced a significant increase in sales of kitchen and hygiene products, with total sales reaching approximately HKD 18,862,000 for the three months ended June 30, 2020, compared to HKD 2,742,000 in the same period in 2019[40] Costs and Expenses - The cost of sales for the three months ended June 30, 2020, was approximately HKD 49,230,000, an increase of about 32.7% from approximately HKD 37,090,000 for the same period in 2019[42] - The company's administrative expenses for the three months ended June 30, 2020, were HKD 6,160,000, slightly lower than HKD 5,849,000 for the same period in 2019[7] - The group's administrative expenses rose from approximately HKD 5,849,000 to about HKD 6,160,000, mainly due to increased legal and professional fees[48] - The financing costs for the three months ended June 30, 2020, were HKD 83,000, compared to HKD 2,000 in the same period of 2019[7] - Financing costs increased significantly to approximately HKD 83,000 from about HKD 2,000, attributed to interest expenses on finance leases[49] Equity and Financial Position - The total equity attributable to owners of the company increased to HKD 104,001,000 as of June 30, 2020, up from HKD 106,161,000 as of June 30, 2019[9] - The group's cash and bank balances were approximately HKD 58,489,000 as of June 30, 2020, up from HKD 54,001,000 as of March 31, 2020, with a current ratio of 7.0 times[56] - The group's gearing ratio was approximately 5.3% as of June 30, 2020, down from 6.1% as of March 31, 2020[57] Dividends - The company did not recommend the payment of any dividend for the three months ended June 30, 2020, consistent with the previous year[4] - The company did not declare any dividends for the three months ended June 30, 2020, nor for the same period in 2019[35] - The company did not declare or recommend any dividends for the period, consistent with the previous year[52] Future Outlook and Strategy - The company anticipates that the economic recovery in Hong Kong will take time, potentially impacting performance until the end of 2020[39] - The group plans to strategically increase warehouse facilities near customers and upgrade its ERP system to enhance operational efficiency[62] - The company aims to diversify its business and strengthen its customer base to maintain a competitive advantage in the market[66] - The board is actively assessing and managing uncertainties and will take necessary actions to navigate challenges[65] Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is essential for effective and transparent operations[82] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated results for the three months ending June 30, 2020, ensuring compliance with applicable accounting standards[88] - The company has adopted a securities trading code for directors, confirming compliance with the GEM Listing Rules for the three months ending June 30, 2020[77] Shareholder Information - As of June 30, 2020, major shareholders hold approximately 51.88% of the company's shares, totaling 602,800,000 shares[68] - No stock options have been granted, exercised, or canceled under the stock option plan as of June 30, 2020[76] - No directors or controlling shareholders have interests in any business that competes or may compete with the group as of June 30, 2020[78] - The controlling shareholders have confirmed no engagement in any competing business and have adhered to the non-competition agreement since the company's listing[79] Other Income - The company’s total other income for the three months ended June 30, 2020, was HKD 1,069,000, compared to HKD 116,000 in the same period in 2019[26] - Other income increased significantly from approximately HKD 116,000 to about HKD 1,069,000, primarily due to government subsidies under the "Employment Support Scheme" during the pandemic[44]
亚洲富思(08413) - 2021 Q1 - 季度财报