Financial Performance - For the three months ended June 30, 2020, the revenue was HK$84,530,000, representing a 97% increase compared to HK$42,890,000 in the same period of 2019[19]. - The gross profit for the same period was HK$11,187,000, compared to HK$3,586,000 in 2019, indicating a significant improvement[21]. - Profit before taxation for the period was HK$4,437,000, a turnaround from a loss of HK$4,494,000 in the previous year[21]. - The profit for the period was HK$4,478,000, compared to a loss of HK$4,417,000 in the corresponding period of 2019[21]. - Total comprehensive income for the period was HK$4,888,000, compared to a total comprehensive expense of HK$4,260,000 in the previous year, reflecting a positive change of approximately 214%[22]. - The basic and diluted earnings per share for the period were HK$0.08, compared to a loss per share of HK$0.51 in the prior year, marking a substantial improvement[22]. - The Group's profit before taxation for the three months ended June 30, 2020, was HK$4,437,000, compared to a loss before taxation of HK$4,494,000 in the same period last year[48][50]. - The Group recorded a profit before taxation of approximately HK$4.4 million for the Review Period, compared to a loss of approximately HK$4.5 million for the Previous Period, primarily due to an increase in gross profit of approximately HK$7.6 million and government subsidies of approximately HK$1.3 million received[115][117]. Revenue Breakdown - For the three months ended June 30, 2020, the Group reported external revenue of HK$84,530,000, an increase from HK$42,890,000 in the same period last year, representing a growth of 97%[48][50]. - Revenue from air freight forwarding and related logistics services amounted to approximately HK$70.0 million, accounting for approximately 82.8% of the Group's total revenue[87]. - Revenue from warehousing and related value-added services was approximately HK$10.8 million, accounting for approximately 12.8% of total revenue[89]. - Revenue from Hong Kong was HK$68,286,000, accounting for 80.8% of total revenue, while revenue from the People's Republic of China and Taiwan contributed HK$2,295,000 and HK$13,949,000 respectively[54]. Expenses and Costs - Marketing expenses remained relatively stable at HK$901,000 compared to HK$891,000 in 2019, indicating controlled spending in this area[21]. - Administrative expenses were HK$6,995,000, slightly higher than HK$6,748,000 in the previous year, reflecting ongoing operational costs[21]. - The cost of services rose by approximately 86.5% from about HK$39.3 million to approximately HK$73.3 million, primarily due to increased acquisition costs of air cargo spaces and higher subcontracting charges[93]. - Administrative expenses increased to approximately HK$7.0 million from approximately HK$6.7 million, mainly due to higher staff costs and legal fees[100]. Impairment and Losses - The company recognized impairment losses on trade receivables of HK$30,000, down from HK$49,000 in 2019, suggesting improved credit management[21]. - The Group confirmed a reversal of impairment losses of HK$0.6 million during the Review Period, compared to HK$0.3 million in the Previous Period, and additional provisions of HK$30,000 for new financial assets[111]. Equity and Shareholder Information - As of June 30, 2020, total equity attributable to owners of the company increased to HK$52,055,000 from HK$47,167,000 at the beginning of the period, representing an increase of approximately 10%[24]. - The company reported an accumulated loss of HK$21,171,000 as of June 30, 2020, down from HK$25,795,000 at the beginning of the period, showing a reduction in losses[24]. - Ho Tat Limited and Yo Tat Limited are beneficial owners, each holding 481,101,600 shares, representing approximately 57.28% of the company's issued share capital[139]. Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting as confirmed by the Board of Directors[4]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with regulatory requirements[33]. - 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[151]. - The report is dated August 13, 2020, indicating the company's ongoing governance structure[160]. Government Support and Subsidies - The company received HK$1,296,000 in subsidies from the Hong Kong Government's Employment Support Scheme during the period[60]. - Other income included HK$1.3 million from the Employment Support Scheme, which was not present in the Previous Period[95]. Market Presence and Strategic Initiatives - The company is primarily involved in freight forwarding and related logistics services, as well as warehousing and related value-added services, highlighting its operational focus[31]. - The Group is exploring river sand shipping services in Southeast Asia, having completed several transactions of delivering sand from Malaysia to the PRC[80]. - New agreements with two large local suppliers for drayage, transportation, and palletisation services have been established to control costs and enhance service quality[82].
万励达(08482) - 2021 Q1 - 季度财报