Financial Performance - For the three months ended June 30, 2023, the company reported a profit attributable to owners of approximately HKD 3,184,000, compared to a loss of HKD 24,048,000 in the same period last year [64]. - Revenue for the same period was approximately HKD 2,663,000, representing a decrease of about 56.30% compared to the previous fiscal year [59]. - The gross profit for the three months ended June 30, 2023, was approximately HKD 2,542,000, down from HKD 5,983,000 in the previous fiscal year [81]. - The total comprehensive income attributable to owners for the period was approximately HKD 2,717,000, compared to a loss of HKD 27,813,000 in the previous fiscal year [60]. - Basic earnings per share for the period was HKD 0.14, compared to a loss per share of HKD 1.05 in the same period last year [84]. - The actual interest expense on promissory notes for the three months ended June 30, 2023, was HKD 4,421,000, compared to HKD 4,173,000 in the previous year [92]. Revenue Sources and Business Operations - The financial services division's revenue and profit decreased compared to the same period last year due to a cautious approach in lending amid ongoing global uncertainties [12]. - The group primarily engages in lending, securities and futures brokerage, asset management services, property investment, breeding horse investments, and cryptocurrency mining [88]. - The group did not sell any cryptocurrencies during the reporting period, which impacted the revenue from the cryptocurrency segment [97]. - The company plans to resume its investment immigration business, leveraging past experience to diversify revenue sources and expand its client base [44]. - The group has entered the cryptocurrency mining business, believing it will provide long-term and stable income [103]. Cost Management and Expenses - For the three months ended June 30, 2023, the company reported a direct cost increase from approximately HKD 111,000 to approximately HKD 121,000 [8]. - Administrative expenses decreased by 42.48% to approximately HKD 5,252,000, down from HKD 9,131,000 in the same period last year, due to streamlining of the business [78]. - The company experienced insurance claims during the reporting period, which significantly contributed to the profit [52]. Corporate Governance and Shareholder Actions - The company continues to comply with the corporate governance code as per GEM listing rules [35]. - No dividends were declared for the three months ended June 30, 2023, consistent with the previous year [4]. - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2023, consistent with the previous year [82]. - The company has not purchased, sold, or redeemed any shares during the reporting period [46]. - The company and its subsidiaries did not purchase, redeem, or sell any listed securities during the review period [147]. Strategic Initiatives and Future Outlook - The board believes that the restructuring of the horse business division will improve performance and cash flow [11]. - The company is considering strategic alliances to accelerate business development and improve financial conditions [15]. - The group anticipates an improvement in the trading volume and number of IPOs in the Hong Kong stock market due to the easing of COVID-19 measures and the end of interest rate hikes [104]. - The group plans to enhance its capabilities in providing high-quality securities market services to individual and corporate clients [104]. Employee and Operational Metrics - The total number of employees as of June 30, 2023, was 29, down from 42 in the previous year, with total compensation of approximately HKD 4,568,000 [134]. - As of June 30, 2023, there were no stock options granted or exercised under the plan during the three-month period [138]. - The board consists of four executive directors and three independent non-executive directors as of the report date [158]. Financial Position - The net debt of the group as of June 30, 2023, was approximately HKD 29,990,000, down from HKD 32,705,000 as of March 31, 2023 [106]. - Cash and bank balances as of June 30, 2023, were approximately HKD 73,399,000, an increase of about 10.79% from HKD 66,300,000 as of March 31, 2023 [106]. - The group reported other operating income of approximately HKD 10,473,000 due to an insurance claim related to the death of a racehorse [98]. - The company has not established any foreign exchange hedging arrangements, indicating exposure to foreign exchange risk [54].
帝国金融集团(08029) - 2024 Q1 - 季度财报