Financial Performance - Revenue for the nine months ended December 31, 2018, reached approximately HKD 198.5 million, an increase of about HKD 0.6 million or 0.3% compared to HKD 197.9 million for the same period in 2017[10] - Net profit for the nine months ended December 31, 2018, was approximately HKD 2.2 million, a decrease of about HKD 13.0 million or 85.5% from HKD 15.2 million for the same period in 2017, primarily due to IPO-related expenses of approximately HKD 7.3 million[10] - Operating profit, excluding non-recurring IPO expenses, was approximately HKD 9.5 million[10] - Gross profit for the nine months was approximately HKD 134.4 million, compared to HKD 133.9 million for the same period in 2017[11] - The company recorded a pre-tax profit of approximately HKD 3.9 million for the nine months, down from HKD 18.2 million in the previous year[11] - Total comprehensive income for the nine months was approximately HKD 2.2 million, compared to HKD 15.2 million for the same period in 2017[11] - Basic and diluted earnings per share for the nine months were HKD 0.22, down from HKD 2.02 in the previous year[11] Revenue and Costs - The cost of goods sold for the nine months was approximately HKD 64.1 million, slightly up from HKD 63.9 million in the previous year[11] - Administrative expenses increased to approximately HKD 17.2 million from HKD 13.3 million in the previous year[11] - The company reported a decrease in revenue from food sales, which was HKD 1,735,000 for the nine months ended December 31, 2018, down from HKD 1,782,000 in the same period of 2017[20] - The cost of goods sold for the nine months ended December 31, 2018, was approximately HKD 64.1 million, an increase of about HKD 0.2 million or 0.3% from HKD 63.9 million for the same period in 2017[33] - Gross profit for the nine months ended December 31, 2018, was approximately HKD 134.4 million, an increase of about HKD 0.4 million or 0.3% compared to HKD 134.0 million for the same period in 2017, maintaining a gross margin of approximately 67.7%[34] Share Issuance and Equity - The company issued 250,000,000 shares at a price of HKD 0.27 per share, raising a total of HKD 67,500,000, with net proceeds of approximately HKD 39,600,000 intended for future plans[13] - As of December 31, 2018, the total equity was HKD 63,084,000, an increase from HKD 13,611,000 as of December 31, 2017[12] - The company’s registered capital was increased from HKD 380,000 to HKD 15,000,000 through the issuance of additional shares[13] - As of December 31, 2018, the company had a total of 1,000,000,000 shares issued[60] - Mr. Kwan and Ms. Kwan each hold 750,000,000 shares, representing 75% ownership in the company[57] - Future More, a related entity, holds 750,000,000 shares, also representing 75% ownership[62] Corporate Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[16] - The board has adopted and complied with all applicable corporate governance code provisions since the listing date[66] - The audit committee, composed of independent non-executive directors, has reviewed the unaudited consolidated results for the nine months ended December 31, 2018, and found them to comply with applicable accounting standards and GEM Listing Rules[70] - The company has appointed Tongren Financing Limited as its compliance advisor as per GEM Listing Rule 6A.19[69] Business Operations - The company operates primarily in Hong Kong, focusing on providing dining services through chain restaurants[15] - The company continues to operate 11 restaurants under various brands, including "Mr. Steak" and "Bistro Bloom," after closing two locations in 2018[29] - The company decided not to renew the lease for the "Sky Bar" restaurant in Causeway Bay after its lease expired on November 14, 2018, following a review of its recent business performance[28] - The company has not engaged in any significant acquisitions or disposals during the nine months ended December 31, 2018[46] - The company has not disclosed any new product developments or market expansion strategies in the reporting period[58] Taxation and Expenses - The estimated taxable profit for the three months and nine months ended December 31, 2018, was subject to Hong Kong profits tax rates of 8.25% for profits up to HKD 2 million and 16.5% for profits exceeding that amount[23] - The effective tax rate decreased to approximately 15.2% for the nine months ended December 31, 2018, down from 16.3%[43] - Employee costs increased by approximately HKD 3.9 million or 7.4% from HKD 52.6 million to HKD 56.5 million for the nine months ended December 31, 2018[37] - Rental and related expenses remained stable at approximately HKD 41.2 million and HKD 41.6 million for the nine months ended December 31, 2017 and 2018, respectively[39] - Depreciation of property, plant, and equipment remained stable at approximately HKD 4.3 million and HKD 4.0 million for the nine months ended December 31, 2017 and 2018, respectively[38] - Financing costs remained stable at approximately HKD 0.6 million for both periods ended December 31, 2017 and 2018[42] Future Plans - The net proceeds from the IPO amounted to approximately HKD 39.6 million, with only HKD 1.0 million utilized by December 31, 2018[51] - The company plans to expand its restaurant network in strategic locations across Hong Kong, allocating approximately 63.5% of the IPO proceeds for this purpose[51] Ownership and Control - The company has not granted any stock options under the stock option plan since its adoption on March 23, 2018[63] - No securities were repurchased or sold by the company or its subsidiaries during the reporting period[64] - The company has not identified any competition or conflicts of interest involving its directors or major shareholders[65] - The ownership structure includes Mr. Kwan, Ms. Kwan, and other family members as part of a concert party agreement[60] - The chairman and CEO roles are held by the same individual, Mr. Kwan, since 2000, which the board believes is in the best interest of the company[68] Events and Developments - There were no significant events affecting the group from December 31, 2018, to the report date[55]
MS CONCEPT(08447) - 2019 Q3 - 季度财报