Financial Performance - For the three months ended June 30, 2020, the company reported revenue of HKD 16,251,000, an increase of 5.9% compared to HKD 15,350,000 for the same period in 2019[9] - Gross profit for the same period was HKD 5,462,000, up from HKD 4,863,000 in 2019, reflecting a gross margin improvement[9] - The company recorded a net loss of HKD 186,000 for the three months ended June 30, 2020, a significant improvement from a net loss of HKD 1,998,000 in the prior year[9] - Basic and diluted loss per share was HKD 0.02, compared to HKD 0.21 for the same period in 2019[9] - Other income increased to HKD 591,000 from HKD 393,000 year-over-year, indicating growth in ancillary revenue streams[9] - Total comprehensive loss attributable to owners of the company was HKD 200,000, compared to HKD 1,979,000 in the same period last year, indicating a positive trend[9] - The group reported a loss of approximately HKD 0.2 million for the three months ended June 30, 2020, compared to a loss of HKD 2.0 million for the same period in 2019, indicating a significant reduction in losses[48] Cost Management - General and administrative expenses decreased to HKD 5,335,000 from HKD 6,948,000, showing improved cost management[9] - The total employee costs amounted to HKD 12,368,000, a decrease of 3.6% from HKD 12,827,000 in the same period last year[24] - Financing costs decreased by approximately 35.0%, from approximately HKD 40,000 for the three months ended June 30, 2019, to approximately HKD 26,000 for the three months ended June 30, 2020[46] - Employee costs for the three months ended June 30, 2020, were approximately HKD 12.4 million, slightly down from HKD 12.8 million for the same period in 2019, indicating a decrease of about 3.1%[64] Revenue Sources - The revenue from new property construction was HKD 10,738,000, up 25.6% from HKD 8,551,000 in the previous year[20] - The group's revenue for the three months ended June 30, 2020, was HKD 16,251,000, representing an increase of 5.9% compared to HKD 15,350,000 for the same period in 2019[20] - The group's revenue increased from approximately HKD 15.4 million for the three months ended June 30, 2019, to approximately HKD 16.3 million for the three months ended June 30, 2020, representing a growth of about 5.9%[41] Tax and Impairment - The group incurred a tax expense of HKD 322,000 for the period, compared to HKD 51,000 in the same period last year[28] - The total impairment loss on trade receivables and contract assets was HKD 656,000, significantly higher than HKD 170,000 in the previous year[24] - Income tax expenses increased from approximately HKD 51,000 to approximately HKD 322,000, an increase of about HKD 271,000, primarily due to increased taxable profits from a major subsidiary[47] Operational Focus - The company continues to focus on enhancing operational efficiency and exploring new market opportunities to drive future growth[9] - The financial results reflect the company's resilience amid challenging market conditions, with a strategic emphasis on cost control and revenue generation[9] - The ongoing COVID-19 pandemic has introduced additional uncertainties to the group's operating environment, which may continue to affect its operations and financial status[60] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules, except for a deviation regarding insurance for directors[85] - The compliance advisor and its associates had no interests in the company's securities as of June 30, 2020[83] - The board of directors includes three executive directors and three independent non-executive directors as of the report date[91] - The company has not reported any conflicts of interest involving directors or major shareholders as of June 30, 2020[81] Shareholder Information - The company holds 471,072,000 shares, representing approximately 49.07% of the total issued share capital as of June 30, 2020[67] - The major shareholders, Dr. Chen and Mr. Kwan, each control 49.07% of the company through Wan Nian Property Development Limited[72] Future Plans - The group plans to expand its civil engineering team, with an investment of HKD 6.5 million allocated for this purpose[63] - The company is upgrading its office infrastructure and building information modeling, with an investment of HKD 4.8 million planned[63] Dividends and Share Options - The company did not recommend any dividend for the three months ended June 30, 2020, consistent with the previous year[33] - No share options were granted under the share option scheme during the three months ended June 30, 2020, and there were no unexercised share options as of June 30, 2020[89]
WAC HOLDINGS(08619) - 2021 Q1 - 季度财报