Financial Performance - Revenue for the three months ended June 30, 2019, was HKD 34,223,000, an increase of 13.6% compared to HKD 30,160,000 for the same period in 2018[3] - Other income increased to HKD 96,000 from HKD 45,000, representing a growth of 113.3% year-over-year[3] - The pre-tax loss for the period was HKD 7,519,000, compared to a loss of HKD 6,239,000 in the previous year, representing a deterioration of 20.5%[3] - The total comprehensive loss for the period was HKD 7,519,000, compared to HKD 6,245,000 in the same period last year, indicating an increase of 20.4%[3] - Basic loss per share was HKD 0.94, compared to HKD 0.78 for the same period in 2018, reflecting a decline of 20.5%[3] - The total loss for the three months ended June 30, 2019, increased to approximately HKD 7,519,000 from HKD 6,245,000 for the same period in 2018[30] Cost and Expenses - The cost of materials and consumables used was HKD 11,399,000, up from HKD 10,770,000, indicating an increase of 5.8%[3] - Employee costs rose to HKD 14,892,000 from HKD 12,244,000, reflecting a 21.6% increase[3] - Depreciation expenses surged to HKD 6,149,000 from HKD 1,765,000, marking a significant increase of 248.5%[3] - The cost of materials used increased by approximately 5.6% to about HKD 11,400,000 from HKD 10,800,000, attributed to operations at the new restaurants[25] - Rental and related expenses decreased by approximately 55.1% to about HKD 3,100,000 from HKD 6,900,000, mainly due to new accounting standards[29] Business Operations - The company continues to focus on providing catering services, with no new products or technologies mentioned in the report[7] - The increase in revenue was primarily due to contributions from two new restaurants, "Man Jiang Hong" in Tsim Sha Tsui and "Xin Zhai" in Taipei, generating approximately HKD 4,000,000 and HKD 2,900,000 respectively[24] - Employee costs rose by approximately 22.1% to about HKD 14,900,000 from HKD 12,200,000, mainly due to hiring for the new restaurants[26] - Depreciation expenses surged by approximately 238.9% to about HKD 6,100,000 from HKD 1,800,000, influenced by renovations and the adoption of new accounting standards[28] - The company did not declare any dividends for the three months ended June 30, 2019, consistent with the same period in 2018[17] - The relocation of "Xin Zhai" in Central is expected to benefit the company by reducing competition and attracting new customers, with reopening planned for August 2019[34] Shareholder Information - Mr. Zhu Jia Hui holds 486,720,000 shares, representing approximately 60.84% of the issued share capital[40] - Mr. Zhu Jian Yuan holds 56,640,000 shares, representing approximately 7.08% of the issued share capital[40] - JSS Group, owned by Mr. Zhu Jia Hui, holds 486,720,000 shares, accounting for 60.84% of the company[45] - J & W Group, owned by Mr. Zhu Jian Yuan, holds 56,640,000 shares, accounting for 7.08% of the company[45] Corporate Governance - The company has adopted a code of conduct regarding securities transactions by directors, compliant with GEM Listing Rules[53] - The company confirmed compliance with the corporate governance code as per GEM Listing Rules[54] - No directors or major shareholders were found to have interests in any business that competes directly or indirectly with the company[49] - The company has established an Audit and Risk Management Committee consisting of three independent non-executive directors to oversee compliance with applicable laws and regulations[56] - The Audit and Risk Management Committee is responsible for reviewing the financial reporting process, risk management procedures, and internal control systems[56] - The company confirmed that the unaudited first-quarter results for the three months ended June 30, 2019, were prepared in accordance with applicable accounting principles and regulations[58] - The chairman and CEO, Mr. Zhu Jiafei, holds both positions to ensure effective implementation of the company's business strategies[55] - The board believes that having Mr. Zhu in both roles is in the best interest of the group, given his deep understanding and extensive experience in the business[55] - The board consists of executive directors and independent non-executive directors, ensuring a balance of power and authority[55] - The company is committed to reviewing its governance structure periodically based on current circumstances[55] - The Audit and Risk Management Committee will consider matters related to external auditors and other responsibilities assigned by the board[56] - The company aims to maintain compliance with the corporate governance code while ensuring effective decision-making processes[55] Miscellaneous - As of June 30, 2019, the company had no significant investments held[37] - The company reported that there were no significant contingent liabilities as of June 30, 2019[38] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ended June 30, 2019[48] - The company will publish its reports on the GEM website and its own website for at least seven days from the publication date[60]
TOPSTANDARDCORP(08510) - 2019 Q2 - 季度财报