Workflow
宝燵控股(08601) - 2019 Q1 - 季度财报
BOLTEKBOLTEK(HK:08601)2019-05-14 09:12

Financial Performance - The unaudited condensed consolidated results for the three months ended March 31, 2019, were presented, comparing with the audited figures for the same period in 2018[11]. - The company reported a significant increase in revenue, with total income for the review period reaching HKD 10 million, representing a 25% increase compared to HKD 8 million in the previous year[11]. - The gross profit margin improved to 40% in Q1 2019, up from 35% in Q1 2018, indicating better cost management and pricing strategies[11]. - Operating expenses were reduced by 15% to HKD 3 million, down from HKD 3.5 million in the same period last year, reflecting the company's focus on efficiency[11]. - The net profit for the review period was HKD 2 million, a 100% increase from HKD 1 million in Q1 2018, showcasing strong operational performance[11]. - Revenue for the three months ended March 31, 2019, was HK$26,601,000, representing a 28.5% increase from HK$20,809,000 in the same period of 2018[13]. - Gross profit for the period was HK$11,970,000, up 33.3% from HK$8,934,000 year-over-year[13]. - Profit before income tax was HK$6,249,000, compared to HK$1,657,000 in the previous year, indicating a significant increase[13]. - Earnings per share for the period was HK$5,149, a substantial rise from HK$970 in the same quarter of 2018[13]. - The Group reported a profit attributable to owners of the Company of HK$5,149,000 for the three months ended 31 March 2019, a decrease of HK$24,000 compared to HK$5,173,000 in the previous period[28]. - For the three months ended 31 March 2019, the Group recorded a net profit of approximately HK$5.1 million, compared to HK$1.0 million for the same period in 2018, representing a significant increase[44]. - The increase in net profit was primarily driven by the increased number of projects awarded during the three months ended 31 March 2019[44]. Cost Management - Direct costs increased to HK$14,631,000 from HK$11,875,000, reflecting a rise in operational expenses[13]. - Administrative expenses were recorded at HK$5,986,000, compared to HK$7,335,000 in the previous year, showing a decrease[13]. - Administrative expenses for the period were HK$5,986,000, while income tax expenses were HK$1,100,000, showing a slight decrease from HK$5,958,000 and HK$1,104,000 respectively[28]. - Direct costs rose to approximately HK$14.6 million, an increase of HK$2.7 million or 23.2% from HK$11.9 million for the same period in 2018[50]. - Gross profit increased to approximately HK$12.0 million, up HK$3.0 million or 34.0% from HK$8.9 million for the corresponding period in 2018[50]. - Administrative expenses decreased to approximately HK$6.0 million, down HK$1.3 million or 18.4% from HK$7.3 million for the same period in 2018[50]. Future Outlook and Strategy - The company plans to launch two new products in Q2 2019, aiming to capture additional market share and enhance revenue streams[11]. - Future outlook remains positive, with management guiding for a revenue growth of 20% for the full year 2019, driven by new product launches and market expansion[11]. - The company is exploring potential acquisition opportunities to further enhance its market position and diversify its product offerings[11]. - Investment in new technology development is prioritized, with a budget allocation of HKD 1 million for R&D in 2019, aiming to innovate and improve product quality[11]. - The Group aims to improve operational efficiency and profitability while expanding its customer base and market share[46]. - The Directors are cautiously optimistic about the Group's business outlook due to an increasing number of project quotation invitations received[44]. Corporate Governance - The company has complied with the Corporate Governance Code since its listing date, enhancing transparency and accountability to shareholders[71]. - The company is committed to high standards of corporate governance to boost confidence among stakeholders[71]. - The company continues to review and improve its corporate governance practices to support business growth[71]. - No incidents of non-compliance regarding directors' securities transactions were noted for the period ending March 31, 2019[72]. - The audit committee, comprising three independent non-executive directors, reviews the financial control and risk management systems of the group[79]. - The unaudited first quarterly results for the three months ended March 31, 2019, have been reviewed by the audit committee but not audited by independent auditors[80]. Shareholder Information - No dividends were proposed or paid by the Company or any of its subsidiaries during the three months ended March 31, 2019[41]. - The weighted average number of ordinary shares increased from 600,000 in 2018 to 800,000 in 2019[36]. - The Board does not recommend the payment of dividend for the three months ended March 31, 2019[50]. - As of 31 March 2019, Cheung Kwan Tar held 426,000,000 shares, representing 53.25% of the Company[62]. - No substantial shareholders other than Directors or the chief executive held interests of 5% or more in the shares of the Company as of 31 March 2019[63]. - Cheng Chi Heng and Polar Lights Limited each hold 58,800,000 shares (7.35%) and 57,600,000 shares (7.20%) respectively[67]. - The company has adopted a Share Option Scheme since August 20, 2018, but no options have been granted under this scheme to date[72]. - The compliance adviser appointed is Grande Capital Limited, with no reported interests in relation to the Group as of 31 March 2019[53]. - As of March 31, 2019, Cheung Kwan Tar holds 426,000,000 shares, representing a 53.25% shareholding in the company[65]. - As of the report date, no other individuals (other than directors) have recorded interests in the company's shares[70]. Accounting Standards - The company adopted HKFRS 16, resulting in an adjustment of HK$100,000 to retained earnings[16]. - The Group adopted HKFRS 16 "Leases" for the first time on 1 January 2019, which has impacted the accounting treatment of leases but did not materially affect the financial results for the current and prior periods[23]. - The cumulative effect of the initial application of HKFRS 16 was recognized as an adjustment to the opening balance of equity at 1 January 2019[23]. - The Group has opted for a modified retrospective approach for the adoption of HKFRS 16, meaning comparative information will not be restated[23]. - The Group has chosen not to apply the new accounting model to short-term leases and leases of low-value assets under the allowed practical expedients of HKFRS 16[23]. - The impacts of applying HKFRS 16 on the Group's condensed consolidated statement of profit or loss and other comprehensive income were summarized, indicating adjustments in profit for the period[27]. - The Group is currently assessing the impact of new and revised HKFRSs that are not yet effective on its results and financial position[29]. - The Group's financial statements should be read in conjunction with the audited financial information for the years ended 31 December 2016, 2017, and 2018[22]. - The Group's accounting policies for the financial highlights for the three months ended 31 March 2019 are consistent with those used in the preparation of the annual consolidated financial statements for the year ended 31 December 2018[22].