Financial Performance - Revenue for the three months ended June 30, 2019, was HK$80,281,000, an increase of 40.1% compared to HK$57,300,000 in the same period of 2018[8]. - Gross profit for the same period was HK$5,687,000, a decrease of 6.8% from HK$6,105,000 in 2018[8]. - Profit before taxation for the period was HK$995,000, compared to a loss of HK$114,000 in the previous year[8]. - Profit for the period was HK$879,000, a significant improvement from a loss of HK$382,000 in the same period of 2018[8]. - Total comprehensive income for the period was HK$861,000, compared to a total comprehensive loss of HK$598,000 in 2018[8]. - Basic earnings per share for the period was HK$0.11, compared to a loss per share of HK$0.05 in the previous year[8]. - The Group reported a profit before taxation of HK$1,000,000 for the three months ended June 30, 2019, compared to a loss in the same period of 2018[44]. - For the three months ended June 30, 2019, the profit was approximately HK$0.9 million, compared to a loss of approximately HK$0.4 million for the same period in 2018, mainly due to a decrease in administrative expenses of approximately HK$1.3 million[84][88]. Revenue Breakdown - Revenue from residential properties was HK$71,251,000, up 43.8% from HK$49,559,000 in 2018, while revenue from commercial properties increased by 16.6% to HK$9,030,000 from HK$7,741,000[37]. - Major customer B contributed HK$52,223,000, accounting for over 10% of total revenue, while customer A contributed HK$13,132,000, and customer C's revenue was less than 10% of total revenue[40]. - The Group recognized total revenue of approximately HK$69.0 million during the reporting period, with a new project awarded, Kai Tak KT1K, amounting to approximately HK$200.0 million[57][62]. Expenses and Costs - Administrative expenses decreased to HK$3,317,000 from HK$4,653,000, reflecting a reduction of 28.7%[8]. - Total staff costs for the period were HK$9,041,000, an increase of 9.8% from HK$8,235,000 in 2018[44]. - The cost of sales increased by approximately 45.7% to approximately HK$74.6 million for the three months ended June 30, 2019, up from approximately HK$51.2 million for the same period in 2018[68]. - Gross profit decreased by approximately HK$0.4 million to approximately HK$5.7 million, with the average gross profit margin declining from approximately 10.6% to approximately 7.1%, a decrease of approximately 3.5 percentage points[73]. - Administrative expenses decreased from approximately HK$4.7 million for the three months ended June 30, 2018, to approximately HK$3.3 million for the same period in 2019, primarily due to reduced employee costs[79][88]. - Financing costs increased from approximately HK$0.1 million for the three months ended June 30, 2018, to approximately HK$1.4 million for the same period in 2019, attributed to increased bank borrowings[80]. Taxation and Dividends - The Hong Kong Profits Tax for the period was HK$115,000, calculated at a rate of 16.5% on estimated assessable profits[47]. - No dividends were declared or proposed for the three months ended June 30, 2019, consistent with the previous year[49]. - The income tax expenses decreased by approximately HK$0.2 million from approximately HK$0.3 million for the three months ended June 30, 2018, to approximately HK$0.1 million for the same period in 2019[83][87]. Corporate Structure and Governance - The company operates primarily in the construction and engineering business, with its shares listed on GEM since February 23, 2018[12]. - The company was incorporated in the Cayman Islands on May 25, 2017, and its shares were listed on GEM on February 23, 2018[1]. - The group underwent a reorganization prior to the listing, with Mr. Chow and Mr. Yu holding 83% and 17% of Polyfair HK, respectively[19]. - The entire issued share capital of Polyfair HK was transferred to Polyfair BVI on January 19, 2018, making Polyfair HK wholly owned by Polyfair BVI[21]. - The company has complied with all applicable code provisions set out in the Corporate Governance Code as of June 30, 2019[120]. - The Audit Committee comprises three independent non-executive directors, with Dr. Lung Cheuk Wah as the chairman[122]. - The Company has not identified any competing interests among its directors as of June 30, 2019[110]. Share Capital and Ownership - The authorized share capital of the company is HK$380,000, divided into 38,000,000 shares of HK$0.01 each[20]. - As of June 30, 2019, Mr. Chow Mo Lam held a long position of 600,000,000 shares, representing 75% of the company's shareholding[97][98]. - C.N.Y. Holdings Limited directly holds 600,000,000 shares, representing 75% of the issued capital of the Company[106]. - Mr. Chow Mo Lam owns 83% of C.N.Y. Holdings Limited, while Mr. Yu Lap On owns 17%[108]. - As of June 30, 2019, no other directors or chief executives had interests in the shares or debentures of the Company[101]. Compliance and Internal Controls - The financial statements for the reporting period have not been audited by independent auditors but have been reviewed by the audit committee[26]. - The company has established internal control procedures overseen by the Audit Committee[126]. - The compliance adviser, First Shanghai Capital Limited, has no interests in relation to the Company other than the compliance adviser agreement[121]. - The Company has maintained compliance with the GEM Listing Rules as of the report date[128]. - The Audit Committee's responsibilities include reviewing financial statements and providing advice on financial reporting[126].
宝发控股(08532) - 2020 Q1 - 季度财报