Financial Performance - For the three months ended June 30, 2020, the group recorded revenue of approximately HKD 87.1 million, an increase of about HKD 4.6 million or 5.6% compared to HKD 82.5 million for the same period in 2019[3]. - The profit attributable to the owners of the company for the same period was HKD 7.5 million, an increase of approximately HKD 4.4 million from HKD 3.1 million in the prior year, primarily due to increased revenue and gross profit, as well as reduced expenses related to the proposed transfer of listing[4]. - The gross profit for the three months ended June 30, 2020, was HKD 12.4 million, compared to HKD 10.2 million for the same period in 2019, reflecting a gross profit margin improvement[8]. - The group reported a pre-tax profit of HKD 8.9 million for the three months ended June 30, 2020, compared to HKD 4.0 million for the same period in 2019, indicating a significant increase in profitability[8]. - Basic earnings per share for the three months ended June 30, 2020, were HKD 2.68, compared to HKD 1.10 for the same period in 2019, representing a substantial increase[8]. - The company reported a net profit of approximately HKD 7.5 million for the three months ended June 30, 2020, compared to HKD 3.1 million for the same period in 2019, reflecting a significant increase[46]. - Revenue from the main products totaled HKD 87.063 million for the three months ended June 30, 2020, up from HKD 82.472 million in the same period of 2019, indicating a growth of approximately 5.3%[30]. - Revenue from frozen seafood resellers was HKD 82.36 million for the three months ended June 30, 2020, compared to HKD 76.943 million in the same period of 2019, showing an increase of approximately 7.5%[33]. - The cost of goods sold for the three months ended June 30, 2020, was approximately HKD 74.7 million, an increase of about 3.3% from approximately HKD 72.3 million for the same period in 2019, with the increase being lower than the revenue growth[51]. - Gross profit for the three months ended June 30, 2020, was approximately HKD 12.4 million, up about 21.3% from approximately HKD 10.2 million for the same period in 2019, resulting in a gross margin of approximately 14.2%, an increase of about 1.8 percentage points[52]. - Tax expenses increased by approximately HKD 479,000 or 50.7%, from HKD 944,000 for the three months ended June 30, 2019, to HKD 1,423,000 for the same period in 2020, consistent with the estimated taxable profit growth[58]. Shareholder Information - The total equity of the group as of June 30, 2020, was HKD 146.8 million, up from HKD 131.3 million as of June 30, 2019, indicating growth in shareholder value[11]. - Major shareholders include Mr. Chen Jianfeng and Ms. Xie Chunxia, each holding 201,600,000 shares, representing 72% ownership[70]. - The company’s shareholding structure indicates a strong control by Mr. Chen Jianfeng through his wholly-owned entity, Jiaxin Holdings Limited[75]. - The company did not engage in any buying, selling, or redeeming of its listed securities during the three months ending June 30, 2020[79]. - There were no significant shareholders or other individuals with interests in the company's shares that required disclosure under the Securities and Futures Ordinance as of the report date[78]. Dividends and Financial Management - The board of directors did not recommend the payment of dividends for the three months ended June 30, 2020[5]. - The company did not recommend the payment of an interim dividend for the period[41]. - The group’s administrative expenses decreased to HKD 1.9 million for the three months ended June 30, 2020, from HKD 4.0 million in the same period last year, reflecting improved cost management[8]. - Administrative expenses decreased from approximately HKD 4.0 million for the three months ended June 30, 2019, to approximately HKD 1.9 million for the same period in 2020, mainly due to reduced legal and professional fees[56]. - The group's bank borrowings totaled approximately HKD 2.1 million as of June 30, 2020, down from HKD 2.6 million as of March 31, 2020, indicating improved financial stability[65]. Business Operations - The group is engaged in the import and wholesale of frozen seafood products, indicating a focus on the food sector[15]. - The company’s operational activities are classified under a single operating segment focused on the import and wholesale of frozen seafood products[28]. - The company served over 310 customers, primarily frozen seafood resellers and food service providers, supplying more than 100 varieties of frozen seafood products[46]. - The group aims to continue expanding its product portfolio by seeking exclusive agency or sales arrangements with existing and new overseas suppliers[49]. - The group plans to strengthen cost-saving measures in response to anticipated challenges in the Hong Kong economy due to COVID-19[47]. - The company remains cautiously optimistic about its business outlook despite the uncertainties caused by the pandemic[46]. Corporate Governance - The company has maintained compliance with the corporate governance code since its listing on October 19, 2017[86]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ending June 30, 2020, and found them compliant with applicable accounting standards and regulations[89]. - The board of directors consists of executive directors Mr. Chen Jianfeng and Ms. Xie Chunxia, along with independent non-executive directors[89]. - The company has adopted a share option scheme to recognize and reward eligible participants for their contributions, with no options granted, exercised, or expired during the three months ending June 30, 2020[82]. - The company’s compliance advisor confirmed no interests held by the compliance advisor or its associates in the company’s equity as of the report date[85]. - No competition or conflict of interest was reported among directors or major shareholders during the three months ending June 30, 2020[80]. - The company’s total assets were primarily concentrated in identifiable assets, as assessed under the revised accounting standards[24]. - The company is controlled by Mr. Chen Jianfeng, suggesting a centralized management structure[15].
大洋环球控股(08476) - 2021 Q1 - 季度财报