Financial Performance - For the three months ended July 31, 2022, the company reported a revenue of HKD 43,441,000, a decrease of 17.5% compared to HKD 52,670,000 in the same period last year[6]. - The gross profit for the same period was HKD 15,792,000, down 21.6% from HKD 20,130,000 year-on-year[6]. - The company incurred a loss attributable to shareholders of HKD 5,801,000, compared to a profit of HKD 44,083,000 in the previous year, marking a significant decline[6]. - The company reported a loss before tax of HKD 5,172,000, compared to a profit before tax of HKD 45,769,000 in the same period last year[6]. - Total comprehensive loss for the period was HKD 6,607,000, compared to a total comprehensive income of HKD 44,199,000 in the previous year[9]. - Revenue from customer contracts for scaffolding, fit-out, and other ancillary services was HKD 30,239,000, down from HKD 38,920,000 in the previous year[36]. - The group experienced a significant increase in fair value losses and disposal losses from its securities investment portfolio, amounting to an increase of approximately HKD 14,900,000 compared to the previous year[36]. - The group’s gross profit decreased by approximately HKD 4,300,000 compared to the same period last year[36]. - The company reported a significant decrease in rental income, with no rental income recorded for the current period compared to HKD 67,000 in the previous year[21]. - The asset management business generated revenue of approximately HKD 176,000, a significant decrease from HKD 683,000 in the same period last year[45]. - The lending business recorded revenue of approximately HKD 13,000,000, slightly down from HKD 13,100,000 in the same period last year, with loan amounts ranging from HKD 200,000 to HKD 25,000,000 and interest rates between 7.0% and 40.5%[42]. Expenses and Costs - The operating and administrative expenses were HKD 8,329,000, slightly reduced from HKD 9,328,000 in the previous year[6]. - The company’s financing costs decreased to HKD 1,862,000 from HKD 2,372,000, reflecting improved cost management[6]. - The group’s financing costs for the three months ended July 31, 2022, were HKD 1,862,000, down from HKD 2,372,000 in the previous year[32]. - Operating and administrative expenses reduced from approximately HKD 9,300,000 to about HKD 8,300,000, primarily due to decreased employee costs[51]. - Financing costs decreased from approximately HKD 2,400,000 to about HKD 1,900,000[51]. Strategic Direction and Business Focus - The company continues to focus on its core business areas, including scaffolding, fit-out services, and asset management, as part of its strategic direction[16]. - The group plans to adjust its asset structure and business strategy to enhance resource flexibility in response to economic uncertainties and challenges[50]. - The group aims to revitalize its scaffolding business by focusing on trends such as the decline in bamboo scaffolding usage and increasing competitiveness[50]. - The group will continue to emphasize high-margin and growth-potential business segments, such as the lending business, while adhering to strict cost control policies[50]. - The group is exploring suitable investment opportunities to diversify its business scope and drive overall development[50]. - The group has noted a shift in contractor preferences from bamboo scaffolding to metal scaffolding due to durability and reduced training time for workers[50]. Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[18]. - The company has established a clear audit committee under the board, consisting of three independent non-executive directors, to review financial reports and internal control procedures[78]. - The company has complied with the corporate governance code as outlined in the GEM Listing Rules during the first quarter[77]. - The company has ensured transparency and accountability through strict corporate governance practices, enhancing shareholder and public confidence[77]. - The audit committee reviewed the unaudited condensed consolidated first-quarter results for the three months ending July 31, 2022, and found them compliant with applicable accounting standards and legal requirements[78]. Shareholder Information - The company did not recommend any dividend distribution for the three months ended July 31, 2022[34]. - As of July 31, 2022, the group's equity was approximately HKD 503,000,000, down from HKD 509,600,000 as of April 30, 2022[52]. - Instant Victory Global Limited agreed to sell 1,000 shares of its subsidiary, representing 37.5%, 37.5%, and 25.0% of the total issued share capital, for a total consideration of approximately HKD 530,000[55][56]. - The sale was completed on August 8, 2022, with control transferred to the buyers on the same date[56]. - The company has not experienced any significant events affecting its operations since July 31, 2022[57]. - The 2021 share option plan allows for the issuance of shares up to 30% of the company's issued share capital[58]. - No share options were granted, exercised, canceled, or lapsed as of April 30, 2022[62]. - As of July 31, 2022, the company had a total of 3,320,000 shares held by Dr. Su Ru Cheng, representing approximately 0.05% of the issued share capital[69]. - The company did not establish any arrangements that would allow directors to benefit from purchasing shares or bonds of the company during the reporting period[71]. - No shares or related securities were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending July 31, 2022[72]. - The company has adhered to the GEM Listing Rules regarding the conduct of securities trading by directors during the reporting period[73]. - The company maintains sufficient public float as per the GEM Listing Rules as of the report date[76]. - There were no known interests held by directors or major shareholders in any business that directly or indirectly competes with the company during the reporting period[75].
汇隆控股(08021) - 2023 Q1 - 季度财报