Financial Performance - Revenue for the three months ended June 30, 2021, was HKD 8,495,000, a decrease of 69% compared to HKD 27,454,000 for the same period in 2020[7] - Other income for the same period was HKD 9,241,000, down from HKD 12,715,000 in 2020, reflecting a decline of 27%[7] - The company reported a loss before tax of HKD 2,832,000, compared to a profit of HKD 5,375,000 in the previous year[7] - Basic and diluted loss per share for the period was HKD 0.32, compared to earnings of HKD 0.57 per share in the same quarter of 2020[7] - Total comprehensive loss for the period attributable to owners of the company was HKD 2,781,000, compared to a total comprehensive income of HKD 4,863,000 in the prior year[9] - The consolidated loss before tax for the period was HKD 2,832,000, compared to a profit in the previous year, indicating a significant downturn in financial performance[22] - The company reported a loss attributable to owners of HKD 2,781,000 for the three months ended June 30, 2021, compared to a profit of HKD 4,863,000 in 2020, resulting in a basic loss per share of HKD 0.32[36] Revenue Breakdown - For the three months ended June 30, 2021, the total revenue was HKD 8,495,000, a decrease from HKD 27,454,000 in the same period of 2020, representing a decline of approximately 69%[27] - The revenue from bar operations was HKD 8,375,000, down from HKD 26,480,000 in the previous year, indicating a decrease of about 68%[27] - Revenue from bar operations decreased by 69.3% to approximately HKD 8.4 million compared to HKD 27.4 million in the previous period[41] - Gross profit from bar operations was HKD 6.6 million, down 68.0% from HKD 20.6 million in the previous period, with a stable gross margin of approximately 77.9%[41] - The rental income from investment properties increased to HKD 120,000, compared to HKD 88,000 in the same period last year, reflecting a growth of approximately 36%[27] - Property leasing revenue increased by 36.4% to HKD 120,000 from HKD 88,000 in the previous period[42] Cost Management - Employee costs decreased to HKD 6,916,000 from HKD 10,648,000, a reduction of 35% year-on-year[7] - Employee costs decreased by approximately 34.9% to about HKD 6.9 million from HKD 10.6 million in the previous period, benefiting from cost savings during the closure period[44] - Other operating expenses decreased by approximately 25.2% to about HKD 4.3 million from HKD 5.7 million in the previous period, mainly due to cost savings during the closure period[49] - Depreciation of property, plant, and equipment was HKD 1,814,000, down from HKD 2,339,000, indicating a 22% decrease[7] - Depreciation of property, plant, and equipment decreased by approximately 21.7% to about HKD 1.8 million from HKD 2.3 million in the previous period[45] - Depreciation of right-of-use assets decreased by approximately 35.0% to about HKD 5.0 million from HKD 7.7 million in the previous period[46] Strategic Initiatives - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming quarters[7] - The company plans to open two additional outlets in 2021 to further expand its network, building on the 12 new outlets opened since its listing[39] - The company has resumed operations under the D class operating model since April 29, 2021, and has seen a recovery in revenue compared to pre-COVID-19 levels[39] - The company will closely monitor the ongoing COVID-19 situation and adjust strategies as necessary to mitigate adverse impacts on business operations[39] Corporate Governance - The board of directors has adopted a dividend policy that allows shareholders to share in the company's profits while retaining sufficient liquidity for future growth opportunities[69] - The board will continue to review the dividend policy and will not guarantee any specific amount of dividends in any designated period[70] - The company has confirmed compliance with the GEM Listing Rules regarding the conduct of securities trading by directors[71] - The audit committee, consisting of four independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period[78] Financing and Equity - The company’s total equity as of June 30, 2021, was HKD 24,569,000, down from HKD 70,576,000 a year earlier[9] - The company has outstanding bank financing agreements totaling HKD 77.3 million, with specific performance obligations related to its major shareholder[75] - The financing includes a term loan of HKD 20 million dated June 12, 2019, and a revolving loan, with no fixed term but subject to review until May 15, 2022[75] - The company maintains a minimum tangible net worth of HKD 30 million as part of its financing obligations[75] - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[64]
太平洋酒吧(08432) - 2022 Q1 - 季度财报