Financial Performance - The unaudited consolidated results for the three months ended June 30, 2020, show a significant performance summary compared to the same period in 2019 [15]. - The Group reported a revenue of HKD 10 million for the first quarter of 2020, reflecting a decrease of 20% compared to HKD 12.5 million in the first quarter of 2019 [15]. - The net loss for the period was HKD 2 million, compared to a net profit of HKD 1 million in the same period last year, indicating a shift in financial performance [15]. - Revenue for the three months ended June 30, 2020, was HK$73,534,000, an increase from HK$59,054,000 in the same period of 2019, representing a growth of 24.6% [16]. - Gross profit decreased to HK$856,000 for the three months ended June 30, 2020, compared to HK$4,488,000 in 2019, indicating a decline of 81.0% [16]. - The loss before income tax for the period was HK$2,097,000, compared to a profit of HK$2,266,000 in the same period last year [16]. - The total comprehensive income attributable to owners of the Company for the period was a loss of HK$1,753,000, down from a profit of HK$2,089,000 in 2019 [16]. - Basic and diluted loss per share was HK$0.003 for the three months ended June 30, 2020, compared to earnings per share of HK$0.003 in the previous year [16]. - For the three months ended June 30, 2020, the Group recorded a net loss of approximately HK$1.8 million compared to a net profit of approximately HK$2.1 million for the same period in 2019, indicating a significant decline in profitability [77]. - The basic and diluted earnings per share for the period were (0.003) HK cents, compared to 0.003 HK cents for the same period in 2019, reflecting a loss per share [73]. - The Group's gross profit margin decreased during the three months ended June 30, 2020, contributing to the net loss [77]. - Other income for the three months ended June 30, 2020, included bank interest income of HK$60,000, down from HK$72,000 in 2019 [43]. - Other income and gain decreased from approximately HK$72,000 for the three months ended June 30, 2019 to approximately HK$60,000 for the same period in 2020, a decrease of approximately HK$12,000 [85]. - Administrative and other operating expenses increased by approximately HK$0.7 million or 30.4%, from approximately HK$2.3 million in the three months ended June 30, 2019 to approximately HK$3.0 million in the same period of 2020 [85]. - Finance costs increased to approximately HK$10,000 for the three months ended June 30, 2020, compared to nil for the same period in 2019 [86]. - The loss was primarily due to the decrease in gross profit margin, attributed to increased overall construction costs and competitive project pricing [87]. - The increase in administrative expenses was mainly due to higher staff costs, safety consultant expenses, and internal control expenses [85]. - The Group's performance was impacted by intense market competition leading to competitive project pricing [87]. Strategic Outlook - The company plans to expand its market presence by targeting new sectors, including renewable energy and infrastructure development, to drive future growth [15]. - Noble Engineering is investing in new technology development, focusing on enhancing project efficiency and reducing operational costs [15]. - The management has provided a cautious outlook for the next quarter, expecting a potential revenue increase of 10% if market conditions improve [15]. - The Group is exploring strategic partnerships and potential acquisitions to enhance its service offerings and market reach [15]. - The company aims to launch two new products in the next quarter, which are expected to contribute to revenue growth [15]. - The Group intends to implement a more prudent approach in project selection, focusing on well-established contractors to ensure project stability and sound receivables [77]. - The Group plans to expand its fleet of machinery and equipment to enhance technical capabilities for future project bids [80]. - The Group aims to proactively seek opportunities to expand its customer base and market share, undertaking more wet trades projects to enhance shareholder value [80]. - The Group may explore business opportunities beyond the Hong Kong market to strengthen revenue bases and future development [78]. - The net proceeds from the Share Offer are intended to provide financial resources to meet business objectives and strengthen the Group's market position in wet trades services [81]. - The Group's strategy focuses on improving operating efficiency and profitability while diversifying its business for better returns to shareholders [79]. Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations [27]. - The Company was incorporated in the Cayman Islands and its shares are listed on the GEM of the Stock Exchange since September 29, 2017 [24]. - The unaudited condensed financial statements are presented in thousands of Hong Kong dollars (HK$'000), maintaining consistency with the Company's functional currency [26]. - The Group operates solely in Hong Kong, with all revenue and non-current assets located in this region [44]. - The Group's current tax expense for the three months ended June 30, 2019, was HK$237,000, while there was no current tax expense for the same period in 2020 [66]. - The Group's depreciation of owned assets for the three months ended June 30, 2020, was HK$586,000, compared to HK$492,000 in 2019 [60]. - The application of the two-tiered profits tax rates regime allows the first HK$2,000,000 of profits to be taxed at 8.25% [68]. - The Group's interest on bank overdrafts for the three months ended June 30, 2020, was HK$8,000, with no interest recorded in the previous year [57]. - The Company has confirmed compliance with the Required Standard of Dealing during the three months ended June 30, 2020, with no non-compliance events reported [104]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three months ended June 30, 2020 [104]. - The company adopted a Share Option Scheme on September 14, 2017, but no share options have been granted under this scheme since its adoption [104]. - There were no reported competition or conflict of interests involving the directors or controlling shareholders during the three months ended June 30, 2020 [104]. - The company has not disclosed any substantial shareholders or other persons with interests in shares or underlying shares as of June 30, 2020 [102]. - The company has maintained a register of interests as required under Section 336 of the SFO [102]. - The company has adhered to the GEM Listing Rules regarding securities transactions by directors [104]. - The Company has complied with the Corporate Governance Code provisions during the three months ended June 30, 2020 [107]. - The audit committee consists of three independent non-executive Directors, ensuring oversight of financial control and risk management [107]. - The unaudited results for the three months ended June 30, 2020 have been reviewed by the audit committee but not audited by independent auditors [107]. Shareholding Structure - As of June 30, 2020, Mr. Tse Chun Yuen and Mr. Tse Chun Kuen each hold 1 share in Land Noble Holdings Limited, representing a 50% interest [98]. - Land Noble Holdings Limited has a long position of 350,000,000 shares, equating to a 58.33% interest in the company [101]. - No other persons, apart from the directors and chief executives, had interests or short positions in the shares of the company as of June 30, 2020 [101].
怡康泰工程集团(08445) - 2021 Q1 - 季度财报