Financial Performance - For the three months ended June 30, 2019, the revenue was HK$42,890,000, a slight increase of 0.7% compared to HK$42,592,000 in the same period of 2018[22]. - The gross profit for the same period was HK$3,586,000, down 57.3% from HK$8,390,000 in 2018[22]. - The loss before taxation for the period was HK$4,494,000, compared to a profit of HK$1,694,000 in the same period of 2018[22]. - The net loss for the period was HK$4,417,000, compared to a profit of HK$1,219,000 in the previous year[22]. - For the three months ended June 30, 2019, the company reported a total comprehensive loss of HK$4,410,000, compared to a profit of HK$1,219,000 for the same period in 2018[24]. - The loss attributable to owners of the company for the period was HK$4,265,000, while non-controlling interests accounted for a loss of HK$152,000[24]. - Basic loss per share for the period was HK$0.51, a decrease from earnings of HK$0.21 per share in the previous year[24]. - The Group reported a segment loss before taxation of HK$4,494,000 for the same period, with segment results showing a loss of HK$2,801,000[104]. - The Group recorded a loss before taxation of approximately HK$4.5 million for the Review Period, compared to a profit of approximately HK$1.7 million for the Previous Period[163]. Expenses and Costs - Administrative and operating expenses increased significantly to HK$7,110,000, up 62.1% from HK$4,389,000 in the previous year[22]. - Finance costs increased to HK$110,000, up from HK$31,000 in the previous year[22]. - Depreciation of property, plant, and equipment was HK$1,993,000, significantly higher than HK$259,000 in the prior year[114]. - The loss was primarily due to increased air cargo space costs of approximately HK$5.7 million and legal and compliance costs of approximately HK$1.4 million incurred after the Listing[167]. - Staff costs and benefits increased by approximately HK$1.3 million due to salary raises and additional headcount[167]. Revenue Breakdown - For the three months ended June 30, 2019, external revenue from freight forwarding services was HK$36,716,000, while revenue from warehousing and related value-added services was HK$6,174,000, totaling HK$42,890,000[100]. - Revenue from air freight forwarding and related logistics services amounted to approximately HK$35.2 million, accounting for approximately 82.1% of total revenue, up from approximately 75.1% in the previous period[138]. - Revenue from sea freight forwarding and related logistics services decreased significantly to approximately HK$1.5 million, representing approximately 3.5% of total revenue, down from approximately 10.1% in the previous period[139]. - Revenue from warehousing and related value-added services remained stable at approximately HK$6.2 million, accounting for approximately 14.4% of total revenue[140]. Shareholder Information - Mr. Loy Hak Yu Thomas and Mr. Loy Hak Moon each hold a long position in 481,101,600 shares, representing approximately 57.28% of the Company's issued share capital[180]. - As of June 30, 2019, Ho Tat and Yo Tat each hold 481,101,600 shares, representing approximately 57.28% of the company's issued share capital[189]. - The Directors do not recommend the payment of a quarterly dividend for the Review Period[164]. Compliance and Governance - The Company complied with the corporate governance code provisions from April 1, 2019, to June 30, 2019[169]. - The Company has adopted the GEM Listing Rules as the code of conduct for securities transactions by the Directors[170]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Ng Kam Tsun as the chairman, responsible for overseeing financial reporting and controls[200]. Accounting Policies and Standards - The condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and applicable GEM Listing Rules[35]. - The application of new HKFRSs, including HKFRS 16 "Leases," has been adopted for the first time, with no material impact on financial performance[41][42]. - The accounting policies for the three months ended June 30, 2019, remain consistent with those used for the year ended March 31, 2019[36]. Market Conditions and Future Outlook - The Group's performance was impacted by increased purchase costs for air cargo space and higher legal, compliance, and staff costs[128]. - The logistics industry faced challenges due to trade disputes between the U.S. and China, leading to reduced orders from certain direct shippers[127]. - The management expects a downward trend in the global economic condition, which may significantly affect the Group's performance in FY2020[128].
万励达(08482) - 2020 Q1 - 季度财报