Financial Performance - Revenue for the nine months ended December 31, 2020, was HK$243,996,000, representing a 29.6% increase from HK$188,221,000 in the same period of 2019[9]. - Gross profit for the same period was HK$13,019,000, slightly down from HK$13,840,000, indicating a decrease of 5.9%[9]. - Profit for the period was HK$3,645,000, compared to HK$1,748,000 in 2019, marking a significant increase of 108.5%[9]. - Basic earnings per share increased to HK$0.46 from HK$0.22, reflecting a growth of 109.1%[9]. - Total comprehensive income for the period was HK$3,603,000, compared to HK$1,738,000 in the previous year, an increase of 107.9%[9]. - The total revenue of the Group increased by approximately HK$55.8 million or 29.6%, from approximately HK$188.2 million for the nine months ended 31 December 2019 to approximately HK$244.0 million for the nine months ended 31 December 2020[66]. - Profit for the period increased from approximately HK$1.7 million to approximately HK$3.6 million for the nine months ended 31 December 2020[78]. Revenue Breakdown - Revenue from residential properties significantly increased to HK$178,907,000, up 371.5% from HK$37,860,000 in the previous year[30]. - Revenue from commercial properties decreased to HK$65,089,000, down 56.7% from HK$150,361,000 in the previous year[30]. - Major customers contributing over 10% of total revenue included Customer C2 with HK$142,345,000 and Customer A1 with HK$28,448,000[34]. Expenses and Costs - Administrative expenses decreased to HK$8,495,000 from HK$10,137,000, a reduction of 16.2%[9]. - Finance costs decreased to HK$3,353,000 from HK$4,258,000, a decline of 21.2%[9]. - Total staff costs increased to HK$30,445,000 in 2020 from HK$27,459,000 in 2019, reflecting a rise of approximately 7%[41]. - The cost of services increased to approximately HK$231.0 million for the nine months ended 31 December 2020, representing an increase of approximately 32.5% from approximately HK$174.4 million for the nine months ended 31 December 2019[67]. Other Income and Gains - Other income, gain, and loss increased significantly to HK$2,738,000 from HK$81,000, showing a growth of 3,284.0%[9]. - Other income for the period was HK$2,850,000, compared to no other income reported in the previous year[36]. - Other income, gain and loss increased by approximately HK$2.7 million for the nine months ended December 31, 2020, mainly due to subsidies received under the Employment Support Scheme[69]. Projects and Operations - The Group had ten projects in progress with a total original contract sum of approximately HK$695.1 million, of which HK$222.1 million was recognized as revenue during the reporting period[57]. - Four new projects were awarded during the reporting period, with a total contract sum of approximately HK$318.9 million[57]. - The Group operates a single segment focused on construction services, with all revenue generated from this line of business[26]. - The Group's operations are primarily based in Hong Kong, serving property developers and main contractors in the private sector[31]. Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited but reviewed by the audit committee[20]. - The company has established an Audit Committee comprising three independent non-executive directors to oversee financial reporting and internal control procedures[111]. - The company has complied with all applicable code provisions set out in the Corporate Governance Code[109]. - All Directors confirmed compliance with the required standard of dealings regarding securities transactions for the nine months ended December 31, 2020[101]. Shareholding and Directors - As of December 31, 2020, Mr. Chow Mo Lam holds a long position of 600,000,000 Shares, representing 75% of the Company's shareholding[87]. - The 600,000,000 Shares are directly held by CNY, a BVI company, with Mr. Chow owning 83% and Mr. Yu owning 17%[88]. - Ms. Hau Pak Sui, spouse of Mr. Chow, is deemed to have an interest in the same 600,000,000 Shares, also representing 75%[95]. - No other Directors or chief executives had any interests or short positions in the shares or debentures of the Company as of December 31, 2020[91]. - The executive directors as of the report date include Mr. Chow Mo Lam (Chairman), Mr. Yu Lap On Stephen (CEO), and Mr. Wong Kam Man[119]. Auditor and Financial Review - Deloitte Touche Tohmatsu resigned as the auditor on September 28, 2020, and ZHONGHUI ANDA CPA Limited was appointed as the new auditor[110]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2020, confirming compliance with applicable accounting standards and adequate disclosure[117].
宝发控股(08532) - 2021 Q3 - 季度财报