Financial Performance - Revenue for the three months ended June 30, 2020, was HKD 60,320,000, a decrease of 14.5% compared to HKD 70,629,000 for the same period in 2019[5] - Gross profit for the same period was HKD 11,117,000, down 20.1% from HKD 13,922,000 year-on-year[5] - The net profit attributable to owners for the period was HKD 2,556,000, a decline of 16.2% compared to HKD 3,049,000 in the previous year[5] - Basic and diluted earnings per share were HKD 0.63, down from HKD 0.76 in the same quarter of 2019[5] - The company's profit and total comprehensive income decreased by approximately 16.2% to about HKD 2.6 million for the three months ended June 30, 2020, compared to HKD 3.0 million for the same period in 2019[80] - Revenue decreased by approximately 14.6% to about HKD 60.3 million for the three months ended June 30, 2020, down from approximately HKD 70.6 million in the same period of 2019, primarily due to the COVID-19 pandemic[81] - Gross profit decreased by approximately 20.1% to about HKD 11.1 million for the three months ended June 30, 2020, down from approximately HKD 13.9 million in the same period of 2019[83] Cost and Expenses - The cost of sales decreased to HKD 49,203,000 from HKD 56,707,000, reflecting a reduction of 13.3%[5] - Administrative expenses were reduced to HKD 3,433,000 from HKD 4,307,000, a decrease of 20.3%[5] - Selling and distribution expenses decreased from approximately HKD 4.2 million to about HKD 3.6 million, primarily due to rent reductions granted by retail landlords during the COVID-19 pandemic[86] - Administrative expenses decreased from approximately HKD 4.3 million to about HKD 3.4 million, mainly due to a reduction in legal and professional fees[87] - Financing costs decreased to HKD 1,753,000 from HKD 2,422,000, representing a reduction of 27.7%[5] - Financing costs decreased from approximately HKD 2.4 million to about HKD 1.8 million, primarily due to a reduction in trust receipt loans during the period[88] Other Income and Financial Adjustments - Other income increased to HKD 585,000 from HKD 128,000, showing a significant growth of 357.8%[5] - Other income for the three months ended June 30, 2020, included bank interest income of HKD 76,000 and net foreign exchange gains of HKD 519,000[66][67] - Other income increased from approximately HKD 128,000 in the previous year to about HKD 585,000 in the current period, mainly due to government subsidies related to COVID-19[84] Corporate Governance and Compliance - The company is committed to high levels of corporate governance, adhering to the GEM listing rules and corporate governance code[123] - The audit committee, established on December 18, 2017, consists of three independent non-executive directors and has reviewed the unaudited consolidated performance for the period[124] - The audit committee believes that the financial performance complies with applicable accounting standards and GEM listing rules[124] - The company confirmed compliance with the non-competition agreement established on December 18, 2017[121] - All directors have adhered to the securities trading code of conduct during the reporting period[122] Market Strategy and Future Outlook - The company is focused on expanding its market presence and enhancing its product offerings in the wine sector[29] - The company plans to continue monitoring the impact of COVID-19 on its financial condition and operational performance while adjusting its business strategies accordingly[94] Shareholder Information - As of June 30, 2020, the company had a total of 400,000,000 shares issued[99] - Shirz Limited holds 168,000,000 shares, representing 42% of the company's issued share capital[102] - Sunshine Consultancy holds 112,000,000 shares, representing 28% of the company's issued share capital[103] - The controlling shareholder holds a total beneficial interest of 70% in the company[110] Financing and Securities - The company entered into a financing agreement with a maximum financing amount of HKD 110,000,000 and HKD 3,000,000 for credit and overdraft facilities, respectively[109] - No stock options have been granted, exercised, canceled, or lapsed since the adoption of the stock option plan on December 18, 2017[116] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[117] Financial Reporting Standards - The group applied the new Hong Kong Financial Reporting Standards and amendments starting from April 1, 2020, with no significant impact on financial performance or disclosures[40] - The group recognized lease liabilities of HKD 4,412,000 as of April 1, 2019, with current liabilities of HKD 2,211,000 and non-current liabilities of HKD 2,201,000[46][47] - The weighted average incremental borrowing rate applied was 4.7% for the recognition of lease liabilities[48] - The group recognized right-of-use assets of HKD 4,109,000 related to operating leases upon the application of HKFRS 16[51] - The group did not reassess contracts that were not previously identified as leases upon the initial application of HKFRS 16[42] Publication and Location - The report will be published on the GEM website and the company's website for at least seven days from the publication date[125] - The company is located at 26/Floor, AIA Financial Centre, 712 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong[127]
威扬酒业控股(08509) - 2021 Q1 - 季度财报